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.
12:25 p.m.
Assistant General Counsel, Law Branch, Air Canada
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.
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
It was. We're very proud.
12:25 p.m.
Conservative
12:25 p.m.
Assistant General Counsel, Law Branch, Air Canada
It's the third year.
12:25 p.m.
Director, Government Relations, Air Canada
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
Shareholders. We reinvest some, so it's everybody.
12:25 p.m.
Conservative
12:25 p.m.
Assistant General Counsel, Law Branch, Air Canada
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
12:25 p.m.
Assistant General Counsel, Law Branch, Air Canada
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
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.
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
They're getting in a better position, that's for sure, yes.
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
That is the position we're taking today and even—
12:25 p.m.
Conservative
