This week, I changed much of the tech behind this site. If you see anything that looks like a bug, please let me know!

Evidence of meeting #44 for Transport, Infrastructure and Communities in the 40th Parliament, 3rd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was aveos.

A recording is available from Parliament.

On the agenda

MPs speaking

Also speaking

Louise-Hélène Sénécal  Assistant General Counsel, Law Branch, Air Canada
Michel Bissonnette  Senior Director, Engines and Airframe Maintenance, Air Canada
Joseph Galimberti  Director, Government Relations, Air Canada

12:25 p.m.

Assistant General Counsel, Law Branch, Air Canada

Louise-Hélène Sénécal

I don't know. I'm sorry.

12:25 p.m.

Conservative

Brian Jean Conservative Fort McMurray—Athabasca, AB

That's okay. You said earlier that the price might go down on Air Canada.

On October 8, 2009, it dropped 18%, and everybody was saying...an analyst by the name of Chris Murray suggested to trade. Of course, in those days, a year ago, it was trading I think at $1.76, and today it's at $3.76. So I guess he made a bit of a mistake on that one.

12:25 p.m.

Assistant General Counsel, Law Branch, Air Canada

12:25 p.m.

Conservative

Brian Jean Conservative Fort McMurray—Athabasca, AB

Is Air Canada still...? I think it was voted best airline in North America.

12:25 p.m.

Assistant General Counsel, Law Branch, Air Canada

Louise-Hélène Sénécal

It was. We're very proud.

12:25 p.m.

Conservative

Brian Jean Conservative Fort McMurray—Athabasca, AB

How many years in a row?

12:25 p.m.

Assistant General Counsel, Law Branch, Air Canada

Louise-Hélène Sénécal

It's the third year.

12:25 p.m.

Director, Government Relations, Air Canada

Joseph Galimberti

It's the third year in the last five.

12:25 p.m.

Conservative

Brian Jean Conservative Fort McMurray—Athabasca, AB

Three out of five voted best airline in North America. Very impressive.

Who gets the benefit of Air Canada's profits?

12:25 p.m.

Assistant General Counsel, Law Branch, Air Canada

Louise-Hélène Sénécal

Shareholders. We reinvest some, so it's everybody.

12:25 p.m.

Conservative

Brian Jean Conservative Fort McMurray—Athabasca, AB

I don't remember getting my cheque.

12:25 p.m.

Assistant General Counsel, Law Branch, Air Canada

Louise-Hélène Sénécal

But if you look at the price of your ticket today and look at the price of your ticket 10 years ago, you will not see a big difference.

12:25 p.m.

Conservative

Brian Jean Conservative Fort McMurray—Athabasca, AB

In price. So even though—

12:25 p.m.

Assistant General Counsel, Law Branch, Air Canada

Louise-Hélène Sénécal

Notwithstanding that fuel has gone through the roof.

12:25 p.m.

Conservative

Brian Jean Conservative Fort McMurray—Athabasca, AB

That was going to be my point: we've seen quite an increase in input costs, haven't we?

12:25 p.m.

Director, Government Relations, Air Canada

Joseph Galimberti

Yes. We also support a large defined-benefit pension plan that is certainly worth noting as a legacy of our crown corporation days. It's the same pension the government employee receives.

12:25 p.m.

Conservative

Brian Jean Conservative Fort McMurray—Athabasca, AB

I understand if the price goes up a dollar on the share, it adds a net value of $100 million, or something like that, to Air Canada's value—

12:25 p.m.

Assistant General Counsel, Law Branch, Air Canada

12:25 p.m.

Conservative

Brian Jean Conservative Fort McMurray—Athabasca, AB

—which translates to 75% of the ownership. Of course, it's Canadian, so with an increase of a dollar, a lot of Canadians are getting rich all of a sudden, right?

12:25 p.m.

Assistant General Counsel, Law Branch, Air Canada

Louise-Hélène Sénécal

They're getting in a better position, that's for sure, yes.

12:25 p.m.

Director, Government Relations, Air Canada

12:25 p.m.

Conservative

Brian Jean Conservative Fort McMurray—Athabasca, AB

And as far as you're concerned, Air Canada complies with the act?

12:25 p.m.

Assistant General Counsel, Law Branch, Air Canada

Louise-Hélène Sénécal

That is the position we're taking today and even—

12:25 p.m.

Conservative

Brian Jean Conservative Fort McMurray—Athabasca, AB

Has anybody challenged you on that before?

12:25 p.m.

Bloc

Michel Guimond Bloc Montmorency—Charlevoix—Haute-Côte-Nord, QC

Monsieur Guimond.