I think different investors will have different objectives. A commercial bank may have a different objective from a pension fund or a private individual in a community where they have a tie to the social objective. For example, they live in the community where they were hoping to reduce recidivism, or they're an employer or a pension fund in a community where they would like to see perhaps a reduction in the unemployment rate or an increase in the skills level of potential employees. So I think it depends on the specific objectives.
What I do believe, though, is that the added potential value can be a very powerful tool if they are aligned with the social outcome and they are a stakeholder in it. They do want the outcome to be positive because they are a participant in the community and they're trying to return to the community as well as the financial return.
I think it would be healthy for Canada to have a potential social impact bond—remembering that social impact bonds are just one tool of social finance—where there's a real level of commercial due diligence between the investor and the service provider, where they have a chance to review and assess the provider to understand their capability in delivering these services, get a high level of confidence, and so require a potentially lower level of return. That would increase value to taxpayers.