I'll start and go back to the point about the provincial systems that have taken on comply or explain. The TSX would be notable, and it applies to most of corporate Canada.
I can't speak to how they would view how this is unfolding in what they have put in place. I certainly acknowledge the statistics and the points you are raising in terms of the progress made so far. I would say that obviously it's not finished and it needs to improve in terms of the trends.
The United Kingdom and Australia are jurisdictions we looked at that have implemented comply or explain. In the U.K.'s case, they had a doubling of representation of women on boards and in senior management. Australia actually exceeded that, coming close to tripling representation. I see no particular reason why the Canadian corporate community wouldn't be able to meet or exceed this sort of progress.
The minister has also made it very clear, and has done so publicly, that there is a loop-back in this mechanism, which is that all these filings will come back to the director of Corporations Canada so that we can analyze and look at the improvements and reflect on whether or not more needs to be done. The minister has been open to that possibility.
As for a penalty, there is no penalty structure, other than bringing more transparency to the matter, bringing formality to it, making it something that corporations have to do and take account of, and then obviously providing a feedback loop to the public so that we can evaluate whether we are making progress and decide on the next steps.