Evidence of meeting #147 for Public Accounts in the 44th Parliament, 1st session. (The original version is on Parliament’s site, as are the minutes.) The winning word was sdtc.
A video is available from Parliament.
Liberal
Jean Yip Liberal Scarborough—Agincourt, ON
Thirty-two is quite a number.
Does that include apparent and potential?
Founder and managing partner, Cycle Capital Management, As an Individual
Yes, that includes potential conflicts.
That is our process because it is a very important part of our work. When we review a file, we could be influenced or subject to influence. Even though we funded practically none of those files, that's why I always recused myself. I have always said that. We want this to be very clear. It is federal money, taxpayer dollars, and we want to be as honest as possible. That is also why I recused myself each time.
That list of files is in fact compiled by our specialists using a database called Salesforce. It is a highly sophisticated database that allows us to tell you when we received a file and when we closed it. That is all well documented, and over the years.
Liberal
Jean Yip Liberal Scarborough—Agincourt, ON
In your opening statement, you mentioned someone was intimidating you and leaving threatening messages.
Who did that, and what is that all about?
Founder and managing partner, Cycle Capital Management, As an Individual
I have to apologize because I will be a bit emotional.
It is very difficult to read false information about us on social media and to see people's reaction. Friends and family had to get a lot of support. That is why Mr. Groleau is with me today.
I have spent my life fighting climate change. I am an engineer. I studied atmospheric physics. My master's thesis was on the first ecosystems on earth. I am a committed environmentalist. That is also why I know Mr. Steven Guilbeault, not because he is the minister but because he climbed the CN Tower. I myself am an activist.
It was very difficult to see my career being tarnished, something I have devoted myself to wholeheartedly. I got my family and friends involved. I built one of the largest venture capital groups for climate change technologies.
We are recognized around the world. We have attracted billions of investment dollars in Canada because we are credible and professional. I found that very difficult, and I was even scared. I actually had a security system installed at my home.
Conservative
The Chair Conservative John Williamson
Thank you very much.
I'm afraid that is the time.
Ms. Sinclair-Desgagné, you have the floor for six minutes.
Founder and managing partner, Cycle Capital Management, As an Individual
Hello, Ms. Sinclair-Desgagné.
Bloc
Nathalie Sinclair-Desgagné Bloc Terrebonne, QC
You were one of the longest-serving board members, if I am not mistaken.
Is that correct?
Founder and managing partner, Cycle Capital Management, As an Individual
I'm sorry; I don't know.
Founder and managing partner, Cycle Capital Management, As an Individual
Okay. I didn't know.
Bloc
Nathalie Sinclair-Desgagné Bloc Terrebonne, QC
If I am not mistaken, you were a member of the project review committee.
Founder and managing partner, Cycle Capital Management, As an Individual
Yes, I was indeed part of the project review committee.
Bloc
Nathalie Sinclair-Desgagné Bloc Terrebonne, QC
So that is the committee that carefully reviews projects and then forwards them to the board for final approval.
Is that right?
Founder and managing partner, Cycle Capital Management, As an Individual
That's right.
Bloc
Nathalie Sinclair-Desgagné Bloc Terrebonne, QC
As part of that project review committee, do you look at the details of each project, which would be hundreds of pages of documents for each project?
Founder and managing partner, Cycle Capital Management, As an Individual
I have served on many boards in my life and many committees of that type. It was a time-consuming process. We worked on the process a great deal and I read the project documents. It could take from 40 to 50 hours per session, and I gave my opinion on each project.
I should point out, however, that the people from SDTC did very thorough work in that process. We did not see all the projects. We saw the ones that the management team and the evaluation team submitted to the project review committee, and we sometimes asked for additional work if it was not satisfactory.
I would add that I did not chair that committee, but rather was a regular member.
Founder and managing partner, Cycle Capital Management, As an Individual
I'm sorry, but I don't remember. There were perhaps seven or eight members.
Bloc
Founder and managing partner, Cycle Capital Management, As an Individual
It was a small number, a sub-group.
Bloc
Nathalie Sinclair-Desgagné Bloc Terrebonne, QC
Okay.
You said that outside opinions were very important. For each project, there was an outside opinion on the technical aspect, the scientific aspect that is, which you can understand, of course.
There was also an outside opinion on the financial aspects, wasn't there?
Founder and managing partner, Cycle Capital Management, As an Individual
There were various aspects: intellectual property, the technical aspect—
Bloc
Nathalie Sinclair-Desgagné Bloc Terrebonne, QC
Yes, but there were two outside opinions from consultants, for example—
Founder and managing partner, Cycle Capital Management, As an Individual
Yes, and in some cases there were three.