Transport Committee on Dec. 14th, 2010

[Joseph Galimberti]

Just to be clear, we've committed to getting back to you as much as we can. Obviously, if there is confidentiality in the contract between us and Aveos, then we can't unilaterally breach that contract here today. That just fundamentally doesn't work. If it is possible for us to disclose exactly the information you've requested, then we will, in very short order.

[Dennis Bevington, NDP, Western Arctic, NT]

If the information we're looking for is part of an act of Parliament and fundamental to your own charter, surely that's public information.

[Joseph Galimberti]

Well, no, you're asking.... We are here on behalf of Air Canada, and we have told you on behalf of Air Canada that we are compliant today with the act and it is our intention to remain compliant going forward.

[Dennis Bevington, NDP, Western Arctic, NT]

No, I appreciate that--

[Joseph Galimberti]

As to our relationship with Aveos, which is not immediately on the table, we will confirm with Aveos as much as we can, and review those contracts, and see if it is possible to share further information. But the contracts that are contemplated between us and Aveos are commercial arrangements and not something that is structural to the company.

[Dennis Bevington, NDP, Western Arctic, NT]

But the information we're looking for is not about the nature of your commercial agreements with Aveos, but the nature of their relationship to this act, to this act right here.

[Louise-Hélène Sénécal]

Okay, maybe--

[Dennis Bevington, NDP, Western Arctic, NT]

We're not interested in your commercial relationship. We're interested in—

[Joseph Galimberti]

But you are.

[The Chair, Conservative, Merv Tweed]

I think I will have to intervene here.

[Joseph Galimberti]

As concisely as I can say it, Air Canada is compliant. We intend to remain compliant. You've had Transport Canada come before you to tell you what their impression of compliance is and to confirm that we're compliant.

As to the specifics of our relationship with Aveos—and you are asking a fundamental question about the contract we maintain with that company—we have told the committee that we will go back to that company and, as quickly as we can, determine whether we're capable of sharing that information. If we are, then we will share it.

[The Chair, Conservative, Merv Tweed]

Thank you.

Mr. Jean.

[Brian Jean, Conservative, Fort McMurray—Athabasca, AB]

Thank you.

First of all, I want to let you know you've answered all my questions. I appreciate you coming here today and doing that.

We've established already that Air Canada is owned by shareholders, of which 75% are Canadians. Yes?

[A voice]

Yes.

[Louise-Hélène Sénécal]

At least.

[Joseph Galimberti]

At a minimum.

[Brian Jean, Conservative, Fort McMurray—Athabasca, AB]

Yes, at least.

Have we established an approximate worth of Air Canada? What's it worth? If you were going to give that to me tomorrow...?

[Louise-Hélène Sénécal]

Over--

[Brian Jean, Conservative, Fort McMurray—Athabasca, AB]

Four billion dollars?

[Louise-Hélène Sénécal]

Well, it depends. Worth can be calculated in different ways.

[Brian Jean, Conservative, Fort McMurray—Athabasca, AB]

I only have two minutes, so just approximately.

[Louise-Hélène Sénécal]

Many billions.

[Brian Jean, Conservative, Fort McMurray—Athabasca, AB]

It's many billions. A lot of money, owned by Canadians--

[Louise-Hélène Sénécal]

Yes.

[Brian Jean, Conservative, Fort McMurray—Athabasca, AB]

My parents had some land in one of the South American countries. They nationalized, and that's pretty much exactly what the coalition is suggesting here today, with new legislation to come forward. I saw the price of my parents' land in South America drop considerably as a result of government restriction, of nationalization, right? That in essence is what is being proposed. If, as a government and as Parliament, we were going to restrict Air Canada's ability to operate in a competitive environment, what would happen to your share price? What would happen to that $5 billion or $10 billion?