I think you can tell us a little bit about it, about how that actually plays out in the Canadian context.

Well, look, as we were just saying, poison pills, shareholder rights plans, they actually have quite a limited utility here in Canada because of being a very friendly jurisdiction for hostile bids and for proxy battles.

We need to do more than that.

Companies need to be taking a look at their board lineup.

They need to be taking a look at their management lineup.

They need to be taking a look at their businesses, thinking, what is it that I need to maybe hive off right now in an environment like this? Is there a discount being applied to my US business and can I be spinning it out? I'll tell you, there's a lot of folks looking at those structures right now in Canada as defensive measures.

There's a lot of folks looking very carefully at capital allocation.

How do boards start to look at some of these defensive mechanisms and potentially poison pills, knowing that the business judgment rule is there, but maybe it's not there to protect them as much as they thought?