Thank you, madam.
Following the controversy surrounding the expenses of the former President of the Royal Canadian Mint, the board of directors in place before my arrival decided to commission two studies, one by Price Waterhouse and the other by Osler, a Toronto law firm. The Osler report addresses processes and rules concerning expenses. In overall terms, the report found that the rules in effect during Mr. Dingwall's time at the Royal Canadian Mint were very strict relative to those in effect in the private sector. All of Mr. Dingwall's expenses had to be approved by the Vice-President for Finance.
However, since the Royal Canadian Mint is a public institution and it is very important that it enjoy public support, the board of directors decided to change the rules in order to increase control. Now, for the president to be able to travel outside the country, the chairman of the board himself must approve the request.
Second, all the President's expenses must be approved not by the Vice-President for Finance, although Mr. Neville is highly competent, but by the Chair of the Audit Committee.
Lastly, the board of directors decided that the President, all vice-presidents and all members of the board had to submit their reports and post them on the Internet.
I think you're right to be very attentive and prudent and to ask us to take very special measures in order to maintain public support.
And, in closing, I must tell you that I'm not a member of a golf club.