FINA Committee Meeting

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MINUTES OF PROCEEDINGS

Meeting No. 61

Thursday, March 3, 2011

The Standing Committee on Finance met by videoconference at 8:46 a.m. this day, in Room 8-53, 131 Queen St., the Chair, James Rajotte, presiding.

Members of the Committee present: Kelly Block, Hon. Scott Brison, Robert Carrier, Shelly Glover, Russ Hiebert, Cathy McLeod, Massimo Pacetti, Daniel Paillé, James Rajotte, Paul Szabo and Mike Wallace.

Acting Members present: John Rafferty for Thomas J. Mulcair.

In attendance: Library of Parliament: Mark Mahabir, Analyst ; Brett Stuckey, Analyst.

Witnesses: Mouvement d’éducation et de défense des actionnaires: Louise Champoux-Paillé, Member of the board of directors. As an individual: Walid Hejazi, Associate Professor, University of Toronto. Jarislowsky Fraser Limited: Stephen Jarislowsky, Chairman and Director.

Pursuant to Standing Order 108(2) and the motion adopted by the Committee on Monday, October 4, 2010, the Committee resumed its study of Tax Evasion and Offshore Bank Accounts.

Louise Champoux-Paillé, Walid Hejazi and Stephen Jarislowsky made statements and answered questions.

The Committee proceeded to the consideration of matters related to Committee business.

Scott Brison moved, — That the Committee investigate as soon as possible the implication of the demutualization of property and casualty (P&C) insurance companies; that this study include the following:

• A summary on the issues by the Library of Parliament

• Department of Finance officials present to give statements and answer Finance Committee Members’ questions

• A variety of experts and witnesses for and against the demutualization of property and casualty insurance companies present to give statements and answer Finance Committee Members’ questions

as well as any other witnesses or materials that the Committee deems relevant.

Shelly Glover moved, — That the motion be amended by deleting the word “for and against the”, by adding after the word “witnesses” the following: “regarding issues and concerns surrounding the potential”, by replacing the words “present to give statements and answer Finance Committee Members' questions” with the words “including potential guidelines” and by adding after the word “relevant” the following: “and that the Committee report its findings and recommendations to the House”.

After debate, the question was put on the amendment of Shelly Glover and it was agreed to, by a show of hands: YEAS: 11; NAYS: 0.

The motion, as amended, read as follows:

That the Committee investigate as soon as possible the implication of the demutualization of property and casualty (P&C) insurance companies; that this study include the following:

• A summary on the issues by the Library of Parliament

• Department of Finance officials present to give statements and answer Finance Committee Members’ questions

• A variety of experts and witnesses regarding issues and concerns surrounding the potential demutualization of property and casualty insurance companies, including potential guidelines

as well as any other witnesses or materials that the Committee deems relevant, and that the Committee report its findings and recommendations to the House.

After debate, the question was put on the motion, as amended, and it was agreed to, by a show of hands: YEAS: 11; NAYS: 0.

At 10:44 a.m., the Committee adjourned to the call of the Chair.

Jean-François Pagé
Clerk of the Committee

2011/03/07 11:28 a.m.