Mr. Speaker, we still have here another related and very substantial question. This pension fund, the CSL, has a huge surplus. As my colleague from St. Albert indicated it will be distributed imminently. In other words the surplus will be dealt with. According to the rules proposed under Bill S-3 and other regulations that affect it, the Superintendent of Financial Institutions oversees the distribution of the surplus.
The problem arises in that it requires a vote of the beneficiaries of the pension fund to agree to how the surplus is divided. If they do not agree the surplus will not be divided. It will stay with the company. However, if they agree by vote it can be distributed. Presumably some of it at least will go to the beneficiaries, the previous employees of the organization.
If two-thirds of them vote in favour the superintendent who is appointed by the Minister of Finance will oversee it. If fewer than two-thirds vote in favour of it but at least 50% do so it has to go to an arbitrator. Who appoints the arbitrator? Lo and behold, it is the Superintendent of Financial Institutions.
It is at times like this that I really miss the ability to use visual aids after my 31 years of teaching. I would love to draw this as a chart: finance minister appoints the superintendent who in turn appoints the arbitrator. This is a direct line to the Minister of Finance. Let us say the people decide they will split it 50:50. There is a pension surplus of over $110 million as I understand it, which means that he stands personally to gain $55 million if that happens. It is under the direct control of the Minister of Finance through the Superintendent of Financial Institutions.
That is a question which demands an answer. I sure would like to hear the response of the parliamentary secretary to that.