Mr. Michael Culhane:

I suppose that is a comment that I made in terms of looking at the historical development of the college and how it evolved over time. In terms of looking at the college now, with the current corporate governance focus, one would say that what happened in the college is not acceptable. The college was set up with those arrangements. That developed over time so I am just trying to draw on the point that if one looks at the historical development of the college from today's corporate governance eyes, it certainly is not acceptable. However, to give people a reasonable chance to defend their reputations, one has to reflect that they were operating under a regime which, by today's corporate governance practices, is not acceptable.