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Government Operations committee  As of Q1 of 2022, if we look only at the market value of the solvency deficit—and, again, the solvency deficit looks at—

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  For sure. For Q1 of 2022, it was a deficit of $400 million. That is on a market basis. It is not the three-year average that is calculated only on an annual basis.

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  Yes. Again, that is a product of the volatility of the discount rate and the changes. As you're very well aware, we saw the discount rate reduced for many, many years. It was decreasing. In 2021, those discount rates were increasing. For example, at the end of 2020, our discount rate, I believe, was a -0.1% to calculate the solvency deficit.

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  Specifically, we highlighted and reported, in our 2021 annual report, the revenues and costs related to the pandemic. For 2022, it was a bit more difficult to quantify specifically, because a lot of the information was already included in our base. However, we know that in 2022, we were there to support the safety and well-being of our employees.

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  Absolutely. For Canada Post, as I said, the safety of our employees is paramount—for themselves, the communities they serve and their families. To your point, we probably were the ones footing the bill, I could say, and ensuring we covered their leave. We offered child care leave, elderly care leave and quarantine leave, whether they were isolating or had been in contact.

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  Absolutely. Again, our COO, Manon Fortin, was here in February and perfectly laid out all of the great work, from a service perspective, that our amazing team of 68,000 employees did throughout the pandemic. From a finance perspective, what I can offer is that in 2020, we absolutely did see parcel volumes surge as things essentially shut down.

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  What I can tell you is that we adhere to a stringent request for proposals process for any strategic partnership.

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  Yes, of course. Thank you.

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  It's part of our environmental plan. I believe we have four charging stations at our largest centres, and we plan to install more in the next few years as we implement our leadership plan.

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  I don't have that information on hand, but I would be glad to get back to you on that.

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  Yes, that is part of our plan. We know that Canadians expect more of us. We have an emissions reduction target of 30% by 2030, and we are taking a host of other steps. In fact, we have acquired 740 green vehicles this year. As for the exact cost, I don't have that information on hand, so I'm going to ask my colleague Ms.

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  Currently, we have a very large number of vehicles, 14,000, as you mentioned. Our plan is to replace them gradually with green vehicles as existing vehicles need to be replaced. We also intend to make sure that charging stations are available. First and foremost, they will be available to employees for the vehicles they use.

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  At this point in time, you're right. We did adopt a target of 5% for our procured goods or services from indigenous-owned suppliers and contractors. We disclosed that we are currently at 2.1%. That is compared to 1.2% in 2019. We realize that we still have a lot of work to do to reach 5% of the total procurement, but we are on track.

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  Thank you for your question, Mrs. Vignola. Yes, we launched a postal banking pilot project. It's a new personal loan service called Canada Post MyMoney Loan delivered with TD Bank. I'm not aware of any plans at this time to work with another financial institution. This strategic partnership was launched just recently.

May 31st, 2022Committee meeting

Rindala El-Hage

Government Operations committee  I have to be frank with you. I don't know the details of the request for proposals, so I can't tell you why we selected TD Bank. All I know is that this was a strategic partnership we entered into with TD.

May 31st, 2022Committee meeting

Rindala El-Hage