The issue about governance is really important, that we try to understand that we have airports that are major drivers of economic growth in this country. We need a strong and financially viable airport system to make this thing work. I think it's important that we have a way in which we can in fact sustain the current state of the airports. More importantly, we need to invest in airports and have airports become key vehicles in terms of growth and sustainability of the Canadian economy.
If I look at other models around the world in terms of how airports are financed and have been able to sustain growth and invest in infrastructure, there has been a significant amount of private money put into the system, whether it's share capital or concessions. We even have large Canadian funds, such as pension plans like the Ontario Teachers' Pension Plan, that are major investors in European and Asian airports. They're basically there to support growth and invest in airports.
We don't have such a vehicle in Canada. The vehicle in Canada for airports is debt-based and user-pay. I think we need another vehicle within the airport environment in order to grow the airport structure we have and to renew the airports.
The other thing is on smaller airports. We have hundreds of smaller airports. The problem with the smaller airports we have is that there is no real funding mechanism in the airport infrastructure to renew that infrastructure base, that capital base we have in smaller airports. That's where the other governance model needs to have some way of looking at how we in fact invest in smaller airport infrastructure to maintain viability and improve their infrastructure.