Mr. Lobb, thank you so much for those comments. I'm in agreement, and I must say in viewing Tuesday's session I saw you put forth the idea to the minister of mandatory policies as a precondition to listing. I have to say I hadn't actually thought about that. I thought that this was a very interesting and creative idea. I think these are the sorts of ideas that we now need to generate in the conversation I'm suggesting we have as this bill goes forward.
I think you've identified a real frailty of the disclosure-based model; it does, at the end of the day, allow for an explanation as to why the prescribed conduct is not being followed. Now it could be that there is a reasonable explanation, and because of that possibility we then leave it to market forces to come in and enforce, and to shareholders to advocate, for example.
No. It's insufficient that we don't have a policy. We need one, but I think what we're seeing with the OSC and the CSA statistics, so far, is that things are not going as well as we would hope, so your skepticism is certainly warranted.