Finance committee  This will certainly reassure them. In my opinion, it will above all demonstrate the importance of the work of parliamentarians, who are elected in particular to defend the common good and the middle class and to strike a fair balance. We want companies and workers to make money.

Finance committee  As I said, Bill C‑228 is the result of work and consensus. This was also the case last year for the one presented by Ms. Gill, but I will focus on this one. We spent three years meeting with you in Ottawa. I won't name them, but some parties were extremely concerned that we were initially going to come before the banks.

Finance committee  The current laws allow companies not to fund pension plans, and everyone accepts that. We wish that wasn't the case, but that's the current situation. We know from the start that there is a shortage of money in the pension scheme. When there is a bankruptcy, it's hard to tell pensioners that, under current laws, it's okay not to pay them what they are owed.

Finance committee  Your understanding of the situation is perfect. At least, with this bill, we will improve the chances of retirees, their surviving spouses and active workers to get more money in the event of a wind-up process. This is not a guarantee, because in some cases the pension plan deficit may be greater than the company's assets, but let me repeat that we are at least greatly improving the chances of recovery for retired workers and their surviving spouses.

Finance committee  Thank you very much, Mr. Chair. Good evening to all the members of the committee, and thank you for your attention. The United Steelworkers union represents 225,000 workers across Canada, 60,000 in the province of Quebec alone. In 2017, 2018 and 2019, the USW met with more than 250 members of Parliament and senators to raise awareness of the need to amend the Companies' Creditors Arrangement Act and the Bankruptcy and Insolvency Act.