Thank you very much, Mr. Emerson.
I want to thank you and your entire team for the excellent work you have done, and all the time you have spent in preparing this report. The members of the committee have very much looked forward to having you here so that they could discuss it with you.
I have a clarification for the members with us today. We are dealing with two topics this morning. There is no precise order. We will have two hours with Mr. Emerson. Feel free to move from one topic to the other; that is not a problem. That is what we agreed with the clerk here. There will be no second round of opening remarks this morning. We want a dialogue with Mr. Emerson in the two hours in which we are fortunate enough to have him with us.
For the first round of questions, I give the floor to Kelly Block.