Finance committee  Again, because of the large scale of these projects, they obviously require a huge amount of capital, and to bridge that gap, that's where our specialized investment and project development team comes in to figure out what is the optimization of the capital in that structure, to make sure these projects can be delivered in a financially efficient way.

Finance committee  I'm sorry, are you referring to the 10 projects that we had specifically—

Finance committee  I see.

Finance committee  I'm sorry, that's just for the year-to-date fiscal Q3, December 2019. Last year, our full year fiscal expenses were about $11.4 million, the last fiscal year ending March 2019.

Finance committee  Just to back up on that question, it's important to note to the committee that our CEO's base salary is disclosed via the OIC appointment, and that is disclosed on the OIC website. In addition, to give people the colour around our transparency, we do disclose in our annual report, under our key management personnel notes to the financials on an aggregate basis, total compensation paid to the executive team as well as the board of directors.

Finance committee  Again, all of our disclosures around compensation appear in our notes to the financial statements, but I cannot comment on the specific terms of any one individual's employment agreement.

Finance committee  Right now we are in compliance with all of our disclosure requirements for all financial aspects of our cost structure at the bank in accordance with current Treasury Board and Financial Administration Act guidelines. Obviously, the Auditor General, along with the private sector auditor, BDO, audits us on an annual basis and goes through all of the HR matters.

Finance committee  In our notes to the disclosures to the financial statements, once our annual report is submitted, which will be shortly, those notes to the financial statements will disclose, again on an aggregate basis, the compensation of the executive team as well as the board of directors.

Finance committee  Maybe I'll also preface that to give you a little view on the number of people we've had along the way. On March 31, 2019, we had 35 people. Now we're roughly at about 50 people. In the last fiscal year, our turnover rate was just about 17%. We had the two departures of executives and then a small number of people at the more junior levels.

Finance committee  Yes, that is a fair point. I can walk through the independence of our investment process if the committee would like to hear about that.

Finance committee  I can take that question. We can divide up the appropriations between two parts. There are capital appropriations, which are amounts that are funded for investments. As of the end of Q3 of the 2019-20 fiscal year, which is the last set of financials we have published, that totals just over a billion dollars.

Finance committee  To clarify, if I'm understanding the question correctly, we would provide a part of the financing, whether it's structured as a loan or equity with interest, but then private sector investors would invest alongside us. They may come in at a different level, and obviously potentially it could be at a different amount or at a different rate, but all those monies collectively, generally from a structural perspective, would go into a special purpose entity that's been established to ring-fence a specific project in order to ensure that all the returns and economics are captured.

Finance committee  I understand. Our portion of the financing, whatever CIB is participating in, does come from government, and it does come from the taxpayer. Any funds provided by third party investors are done through those institutions. Again, generally those funds are then collectively put into a special structure or financing vehicle to deliver the project.

Finance committee  I can start. John, if you want to, jump in at any time. We need to make sure we articulate well the idea of risk transfer. A big part of bringing in private sector capital is that they take on a number of the risks associated with any given project, as a result of taking on this financing.

Finance committee  There are a number of projects that the CIB has in its current pipeline. I'd say they're all at various stages of assessment. I could give you a hard number, but it's a blend of different deals that are at different stages at this time point in time. There are certainly many.