Industry committee  I thank the members of the committee. Essentially, all questions and issues concerning the SMEs are a horizontal responsibility of the Department of Industry and other federal departments and agencies. Our role is to conduct an overview of what is going on, but certain responsibilities and decisions fall specifically to other departments and agencies.

Industry committee  I think it's fair to say, when you look at the factors in the act, that clearly some factors are tied to things like the level and nature of economic activity in Canada. This is tied to the extent that there will be more or less economic activity as a result of a potential transaction.

Industry committee  To the extent that one of the factors would be changed, they are in statute, so it would require a legislative change.

Industry committee  The section that actually talks about the duties and powers of the minister is section 5. To the extent that there's an acquisition of control by a non-Canadian of a Canadian company, the minister, under the act, has to be informed. Now, there are two parts to the act: notifications versus reviews.

Industry committee  An acquisition of control.

Industry committee  I was wondering if I could just add that the obligation under the Investment Canada Act is for the investor who wishes to acquire a Canadian business to inform the minister of this potential transaction.

Industry committee  Do you want to speak to the benchmarking?

Industry committee  There is no weighting. There are no weights attributed to any of the factors. It is in the minister's discretion to review the specifics of a given transaction, to establish which of these factors apply to the given transaction. Ultimately, it is based on the information provided to him by the director, which, as I said earlier, means the plans, the undertakings, the representations, and the outcome of consultations with the province and other federal department, to establish whether or not the transaction is to be of net benefit to Canada.

Industry committee  I'm not sure I fully get your question. I'm sorry.

Industry committee  I will answer by saying that paragraph 20(e) clearly says that, for the minister, one of the factors is “the compatibility of the investment with national industrial, economic and cultural policies, taking into consideration industrial, economic and cultural policy objectives enunciated by the government or legislature of any province likely to be significantly affected by the investment”.

Industry committee  On this one as well, I would be tempted to turn to Pierre, who knows the FIRA legislation very well.

Industry committee  I will say that in terms of the net benefit determination, the factors are set in the act. The transaction that is subject to review will be reviewed using the six factors in the act. The six factors are the following: effect of the investment on the level and nature of economic activity in Canada; the degree and significance of participation by Canadians in the Canadian business; the effect of the investment on productivity, industrial efficiency, technological development, product innovation, and product variety in Canada; the effect of the investment on competition, and on this, as I mentioned earlier, we consult with the Competition Bureau; the compatibility of the investment with national industrial, economic, and cultural policies that are in place; and whether or not it contributes to Canada's ability to compete in world markets.

Industry committee  I understand your question very well. The last time an independent committee reviewed the Canada Investment Act, certain recommendations were made to the government by that group regarding the provisions for disclosing information and offering more transparency. Some of them were proposed by the government, including starting to publish an annual report.

Industry committee  No. Allow me to quote the number again.

Industry committee  In 2010 there were 16 reviews, worth, in aggregate, $16.1 billion.