Thank you.
Mr. Phillipson, we all understand the principle behind universities as centres of excellence. The concern I have, or that I've heard expressed, is that sometimes it's at the expense of smaller universities. So you would have the same university—U of T or UBC—receiving funds, and the more funds it receives, the greater the gap between that university and smaller universities, for instance.
Can you tell us on what basis you provide your grants and how you ensure an equitable distribution of funds?