Residency is an interesting issue. It hasn't been a particularly hot topic for the investors we deal with. However, I would say this. At SHARE we certainly consider the impact of reduced residency, which definitely has its benefits. We sent a lot of companies--just before the CBCA amendments were done--up to the Yukon, where there were very low requirements, and suddenly there were all these Yukon-incorporating companies.
When the residency requirements are higher, it's certainly true that companies have to widen their pool of candidates and consider people they didn't go to school with, perhaps, and there is an impetus on people who are promising and who think they could do a good job of that. They know a bunch of Americans aren't going to come in and beat them out, so why not get educated and try to become someone who can serve in that capacity? So the upside of flexibility is matched by the downside of “we won't grow our own”. It's really a tough call, and people's decisions tend to rely on the experience they've had with it.