Hello, everyone.
I'd like to start by saying that we believe the Investment Canada Act is legislation that is absolutely essential in any nation, no matter how democratic, but that it clearly does not go far enough. This act is the final link in a chain of provisions that should be much longer than it is. It's the culmination of a whole suite of measures, two of which are primarily aimed at protecting head offices in this country.
The two measures I'm referring to are multiple voting shares and the 66% takeover threshold. Everyone knows that under Quebec and Canadian law, when a company has a Canadian charter, it can't be acquired unless two-thirds of its shareholders vote in favour. This means that a takeover bid can be blocked by a shareholder who holds 40% of the shares but isn't a controlling shareholder, as is the case with Saputo.
The other measure is multiple voting shares. With multiple voting shares, it's possible for one shareholder, whether minority or otherwise, to hold the majority of a company's voting rights, which means—