Transport committee  Mr. Chair, our board of directors has adopted a code of conduct for directors that includes our procedures for conflicts of interest. That's also publicly available on our website. Upon Ms. Méthot's appointment—and I would say upon the appointment of all directors who are appointed to the board of directors—she would have to complete a director and officer questionnaire to disclose material interests.

Transport committee  I think we're speaking about two different things. There's a conflict of interest on a project where a director may have a conflict. They have a conflict where it's direct because they sit on the board of directors of an entity that we may provide a loan to. It may be indirect or perceived if they may have a close family member or a close friend that is related to that particular project.

Transport committee  Our processes are robust such that directors are required to disclose all of their interests to boards that they serve on and in respect to their private interests. We are robust in our procedures in managing those conflicts.

Transport committee  In accordance with our act, our directors are appointed by the Governor in Council. That follows the open and transparent director selection process that is used across agencies of government and Crown corporations.

Transport committee  We will send you the answer to this question.

Transport committee  Thank you. The question includes different elements. Let me respond first to the general question regarding procurement, legal services and technical services. Let’s start with legal services. When an investment goes through our investment process and we’re coming to the start of the negotiation phase, legal drafting and due diligence for the project, that’s when we determine if we need to call upon our internal expertise.

Transport committee  You are entirely correct. When it comes to the connector project, for example, I think the CIB became involved starting in 2019. In 2021, we gave our approval for our $655 million investment. Important negotiations occurred over several months…

Transport committee  —not only with third parties, but also to ensure due diligence.

Transport committee  As previously reported, Mr. Chair, for the B.C. Transit zero-emissions project that Mr. Cory is referring to, those costs are close to $85,000, in total, for legal expenses and also technical advisory expenses. On the Whapmagoostui project, as previously reported to Parliament, those costs total about $185,000, again, between legal expenses and due diligence and technical expenses as well.

Transport committee  Thank you, Mr. Cory. Essentially, we have these types of fees in all projects, especially large-scale ones like at the Lake Erie connector project. Totalling $1.7 billion, this project was highly complex because it included a Canadian law component, but also an American law component.

Transport committee  —and they recuse themselves from discussion and voting.

Transport committee  The only thing I would add to what Mr. Cory said is that the internal auditors on an annual basis develop a risk-based audit plan that is informed and approved by the finance and audit committee of the board. That risk-based audit plan is informed by the highest areas of risk with respect to not only governance but also compliance.

Transport committee  As a federal Crown corporation, the CIB is subject to annual audits by the Auditor General of Canada. We also have a joint external auditor, who is recommended by the board and deployed by the Governor in Council. Jointly with the Office of the Auditor General they audit our annual financial statements.

Transport committee  I'd like to clarify what Mr. Cory said. At the time, essentially, the chair of the board of directors was serving in both that role and the role of interim president and CEO, because the first president and CEO of the infrastructure bank didn't take up his duties until June 2018.

Transport committee  The only thing I would say, Mr. Chair, as stated by Mr. Cory, is that all of our directors are subject to the Conflict of Interest Act, so they are subject to those duties. At the CIB we take the management of conflicts with respect to any personal relationships or professional affiliations any director may have very seriously.