Industry Committee on May 1st, 2023

[Rick Perkins, Conservative, South Shore—St. Margarets, NS]

—and that's an issue. In the world we live in today, with the assets being tangible and intangible, that's an area. Because ministers have not used the powers they have in the past, do you not think we need to be more prescriptive in the act of what absolutely has to go through, since the government hasn't always used the tools at its disposal?

[Jim Balsillie]

Well, there's a place for prescription, but also when you pull it out into an expert agency, you tend to get somebody who's quite accountable to that and takes it through a very specific lens.

It's very difficult when you're a minister who's trying to juggle many things and trying to promote things, but also to regulate. It's a difficult place to put yourself in. I would argue, don't put—

[Rick Perkins, Conservative, South Shore—St. Margarets, NS]

They have all these departments on it—a lot more than we do in the opposition—to go through these things.

Recommendation 8 of the industry committee report from the last Parliament said the other area that we should look at—that isn't included in the act now—is when a Canadian company or asset is acquired by a foreign entity that's not hostile to Canada, and then that company is ultimately bought by a hostile player. Lots of jurisdictions have the ability to go back and look at that asset and demand that it be devolved as part of that acquisition.

What are your views on that?

I'd like to hear from Dr. Burton as well, but let's start with Mr. Balsillie.

[Jim Balsillie]

Yes, of course, if the deal changes the circumstances of the original one, we have to have a lens to look after ourselves in a difficult world.

[Dr. Charles Burton]

I absolutely agree with Mr. Balsillie on this point.

I think that is part of the Chinese strategy, to evade our regulations, to come in through different kinds of maybe sneaky means to get in there. I think there are lots of examples of this kind of thing, particularly in third world nations.

[Rick Perkins, Conservative, South Shore—St. Margarets, NS]

Could you share with us some of the other jurisdictions? Also, in your opening remarks you referred to some examples that we should be considering. Could you actually table those examples with the committee?

[Dr. Charles Burton]

Yes, I will.

[Rick Perkins, Conservative, South Shore—St. Margarets, NS]

Thank you.

[The Chair, Liberal, Joël Lightbound]

Thank you very much, Mr. Perkins.

That concludes the two hours we have for this meeting.

Thank you to all of our witnesses today for sharing their perspectives. It's much appreciated.

I'd also like to thank the interpreters, support staff, analysts and clerks. Lastly, I'd like to thank you, esteemed colleagues.

This meeting is adjourned.