Thank you, Mr. Chair, and thank you to the witnesses for coming today.
My first question I would first ask of Ms. Cotte. On the question of the staggered boards, you're saying that your organization is not in favour of that. Can you articulate some reasons why boards would choose a staggered board? What kinds of benefits are articulated among boards that do actually choose to have a staggered election versus a one-, two-, or three-year cycle?