Yes, we work closely with a number of SOEs that have invested here. I think it's important to note that the subsidiaries that establish in Canada in most cases report up through publicly listed companies on the New York Stock Exchange or the Stock Exchange of Hong Kong and, in some cases, the Shanghai Stock Exchange.
From my observation of them, they are operating as truly commercial entities. Any sort of influence from headquarters implied by the notion that the state is running these companies is not something that the executives here in Canada would think about on a daily basis, if ever. They're really looking at these questions: Is the market big enough? Are we following the regulations? Are we reporting back to the regulatory authorities the way we think we should?
I think when it comes to expectations of SOE investment in Canada, we need to make it very clear what we expect, especially with regard to management teams and things like that. I see examples like the oil sands companies, which have kept very local management teams, a very low percentage of expatriates. They've continued to make capital investments in the oil sands even during a very difficult economic period, because they really want to do the right thing and they want to be good corporate citizens in Canada.
I guess I would caution about a separate regulatory regime. Perhaps the issue is to assuage the concerns of Canadians or Canadian officials. Are there things you can require them to provide you that show they are following the rules?
I'll turn it over to Hugh for more comment.