Thank you for the question.
There are multiple potential impacts. I'll start with a point of reference on why we were created. We were created because the Canada pension plan was literally going bankrupt. In 1995, independently, the chief actuary produced a report saying that, by 2014, we were going to run out of money. One of the solutions was to create an entity that would expose the fund not currently needed to global capital markets. That means we have to engage all around world, with a wide variety of investment partners and portfolio companies. Even though we are a public-purpose organization, it is 100% expressed commercially.
The very root of what we do is dependent on confidentiality and non-disclosure agreements. That information being made accessible for our competitors could be very damaging. It could also lead to less trust in us, as a partner, because of the sensitive nature. That's the first thing.
The other one is—and we can use Canada as an example—the world has changed in terms of what is seen as a patient, engaged and productive investor going into a foreign nation. Even Canada treats sovereign wealth funds differently than it would treat a purely commercial organization. As an example, when we enter the U.S., we are dependent on the special, unique status we have as an independent pension fund.