Mr. Sorley McCaughey:

That is the global context, but if it takes a crisis of this proportion to highlight what are the grave injustices that have been happening for years, that is to be welcomed. However, it highlighted the degree of secrecy and opacity multinational corporations enjoy and on which they depend and that the activities of multinational companies in each jurisdiction in which they operate are not known to investors, regulators or governments alike. It took a request from the United States Senate to Apple to get the information that came to light and which was so dramatic. We have been calling for a long time for a country-by-country reporting requirement that will provide such information on a country-by-country basis. This would go some way towards addressing the profit shifting in which multinationals engage and perhaps would have shed an early light on the kind of activities in which Apple was engaged.