Government Operations committee  Okay.

Government Operations committee  I'm not sure our risk matrix is private. I'm not sure we'd have an issue sharing that.

Government Operations committee  No, that's not right. We manage the real estate portfolio on behalf of the province. Lots of those projects are traditional. We have a mandate to deliver commercial transactions, the bulk of which would be P3s.

Government Operations committee  I absolutely am. Infrastructure Ontario was set up to do just that, to make sure this method of delivering projects was used only in appropriate circumstances. We have a board of private citizens to whom we have to bring this analysis before we proceed with any RFQ. They take that very seriously.

Government Operations committee  I haven't actually looked at his analysis, so I don't want to comment on it specifically. As I said in my remarks, every one of our projects has been looked at generally by an accounting firm to confirm the way we've looked at it and that there is value for money. It is correct that the heart of the rationale for public-private partnerships is the risk transfer.

Government Operations committee  I guess I'd say yes, there was a problem, in that they didn't transfer the risk the way a P3 does. In some ways we're making this distinction as if they're completely different beasts. They are different contracts, so yes, there was a problem. I think there's also a problem of incentives.

Government Operations committee  As you know, the Canadian pension funds are some of the biggest investors globally in infrastructure. They're being imitated by others, so CPP, OMERS, and the teachers are leaders in infrastructure investment. That's at the equity level. From a debt perspective, those institutions and the life insurance companies are large investors in Canadian infrastructure projects.

Government Operations committee  We have practices similar to those of the mayor. We're constantly updating the market and the public through press releases. Our value-for-money reports are posted on our website. RFP and project documents are also posted on our website. We have a constant stream of information.

Government Operations committee  I'm happy to see the discussion has moved away from the concept that P3s are about financing and accessing sources of capital, that the government can't afford to do things, so the private sector is going to do them. We're still paying for the hospitals we're building. We're paying for them over a longer period of time.

Government Operations committee  Thank you, Mr. Chair. I appreciate this opportunity to share with you information about Ontario's approach to investing in infrastructure using AFPs, or P3s. AFP is the terminology we use in Ontario at IO. IO is a crown agency of the government. It was created in 2005 to manage major projects on behalf of the government.

Government Operations committee  We're going to reverse here; Drew is going to start.