Mr. Speaker, I wish to address the first grouping. I must apologize, I was told by the opposition that they had more than one speaker on the motion. If I could, I would like to deal with Motions Nos. 1 through 4, specifically on clause 8.
Motions Nos. 1 to 3 propose either the removal or sunsetting after five years of the 15 per cent individual ownership restriction and the stipulation that CN's headquarters remain in Montreal.
The government chose to include a 15 per cent individual ownership restriction in the bill for a very specific purpose. Since the public share issue of CN will be the largest in Canadian history and likely could not be absorbed wholly by Canadian investors, access to foreign markets will be essential for the success of this deal. Any form of foreign ownership restriction would be viewed negatively by foreign investors and could result in a significantly reduced demand for CN shares, even jeopardizing the government's ability to sell 100 per cent of the crown corporation.
However, in order to ensure that no individual, Canadian or otherwise, would be able to attain control of CN, the government decided to include a 15 per cent individual ownership restriction. This is a balanced approach which would allow investors to buy a substantial piece of the company and have some influence over its future direction without enabling them to take it over. Since this is not expected to impact on the value of the CN shares, there is no call for either removing or sunsetting the stipulation.
With respect to CN's headquarters, it has always been located in Montreal and there is no reason to expect that to change. Indicating that it will remain there sends a message of stability and consistency with past practice to the workforce and investors. It has absolutely nothing to do with politics but everything to do with good business.