No, it is not complex. It is pretty straightforward. I would submit the people of Canada have signed the bargaining agreements and employ these individuals. It is the Government of Canada representing the people of Canada that is ultimately responsible for it.
The issue of the surplus is key just because of the size of it, it being a $30 billion impact. If I thought for one minute we would take the $30 billion out of this fund and simply spread it around and spend it, that would be irresponsible. That is not what we are talking about. This is an unprecedented opportunity for the government to show leadership in fiscal responsibility again.
It would follow on the last budget and the one before and the takeover in 1993 when the government put the country of Canada, along with the tremendous help and sacrifices of Canadians, on the route to fiscal responsibility by eliminating the deficit and starting to pay down the debt.
They can say all they want about disagreeing with government policies. They can say all they want about criticizing the direction or philosophy of the government. They cannot dispute that since 1993 the overdraft in the country has been eliminated and the debt is starting to be paid down.
While it is an important part of the whole issue surrounding these pension amendments, the primary purpose is to establish something that once again members opposite, notably the New Democrats and the Reform, should be supporting, that is a public sector pension investment board.
An argument has gone on and on at various levels of government about who will control the money. Who will make the decision about where it is to be invested and how much it returns? This is an absolute breath of fresh air because the board will operate at arm's length from the government, something I would have thought we would have heard cheers about from members opposite.
It will be arm's length from employees and pensioners. No member of parliament will be allowed to sit on it. That is the way it should be. There should be no conflicts or perceived conflicts in the establishment of such a board. There will be 12 qualified directors to be appointed by the government. I do not know who else would appoint them.
Ultimately at the end of the day it is the government that is responsible, that is liable for anything which goes wrong, and there is no question it is the government's responsibility to ensure that there are 12 competent, highly qualified individuals on that board.
It will require quarterly or annual financial statements to be provided to the ministers responsible for the funds. An annual report will be tabled in the House, I say to the chair of the public accounts committee, which is something he is always calling for. There will be an opportunity to debate that report. We can refer it to committee. There is no question the accountability is there.
I mention particularly for members of the New Democratic Party mandatory advisory committees for each of the three major plans with at least half the committee members to be employees and pensioners shall be established.
That is saying there is an opportunity for co-management, an opportunity for input. I am sure the New Democrats would rather turn it over unilaterally to the union. I understand that position. That would be once again consistent with the philosophy of that party, but that is not the position the government wishes to take.