Transport committee  Well, the CIB is an investor. Different from other forms of government, we invest our money, and we charge interest. The way we get paid back is that we get our money back with interest. Across all of our portfolio of investments, we size our loans to get projects to happen, to m

Transport committee  Thank you, Mr. Chair. Thank you, ladies and gentlemen of the committee. My name is Ehren Cory and I am the CEO of the Canada Infrastructure Bank, or CIB. To answer the committee’s questions, I’m joined by Frédéric Duguay, our general counsel and corporate secretary, and by Sash

Transport committee  That's right. Mr. Chair, as a firm doing investments across the country, and across transit, transportation, ports, transmission lines and clean power, we wouldn't possibly be able to have all of the expertise across all of our geographies, across all of the sectors in this coun

Transport committee  Of the three of them, the first two were not. They were done under invitation, but the third was single-sourced. As we started to outline in our response, I think the reason why is fairly apparent. It was in April and May 2020. It was immediately in the aftermath of the shutdow

Transport committee  None of us were there, and none of us, in the time we've been here, have engaged McKinsey for any work.

Transport committee  That is correct. As you point out, none of us came directly from there. If you listened to Mr. Robins' opening statement, you'll note that he can't get rid of me. He joined McKinsey in 2011. I interviewed him at the time. We worked together. When I went in for Infrastructure Ont

Transport committee  Exactly. I would only add this to say it's always worth remembering that, as a loan, we are also getting paid back. Even the $9.7 billion is repaid with interest now. The benefit that we're providing, to be clear, and why we're a public institution is that we're taking longer ter

Transport committee  Sure. We do have an internal audit function, which Mr. Duguay leads on our behalf, so I will definitely have him comment in a moment. To answer your question, there are two things. One, we have financial auditors. So our financial statements are audited and we have third party

Transport committee  I'm sorry, Mr. Chair, just one clarification. What do you mean by “in these contracts”?

Transport committee  Okay. Thank you for clarifying. As Mr. Duguay outlined in some of his responses, and I would say briefly, we are satisfied. I think that in the early work around investment criteria and getting a place started, as Mr. Duguay said, it was incredibly important to create some gua

Transport committee  Thank you. I appreciate the question. I think it ties back to an earlier discussion we were having about infrastructure and its time frame. Many of our projects that we've invested in are four- and five-year construction cycles. The other thing worth noting is, when the CIB was

Transport committee  Thank you for the question. I will start answering it, and then turn it over to Mr. Duguay. The first two contracts were both procured at a time when the CIB was, as I mentioned earlier, one employee. I say that only as context. They were both procured under the procurement rul

Transport committee  That's exactly my understanding. Frédéric can clarify.

Transport committee  So you could say that there were one or two employees.

Transport committee  There was an invitational process where they went out and spoke to a number of consulting firms. That is my understanding of the materials. You may have a chance to speak with them at some point, I understand, and talk to them about this. From what I understand, to the member's q