Q & A

Operator:

Thank you. Merci. First question, bloom berg news. Line open.

Reporter:

Hi, Prime Minister. I have a question regarding Leif. Companies will have to publish how their business ties into the government sustainability objects and will oil and gas companies be able to fulfill this requirement given the commitment to Canada’s co2 emissions.

Prime Minister Trudeau’s we’ve seen many oil and gas companies make commitments already around net zero by 2050, around understanding that we need to do better in terms of reducing emissions both as a country and as a sector. That’s why we’re expecting them to put forward a frame within which they will demonstrate their commitments to reducing emissions and fighting climate change.

Interpreter:

We expect everyone to do their share to counter kylie change and we’ve already seen a number of companies in the oil sector present plans to achieve net zero by 2050 and fight climate change by lowering their emissions. and we expect any company that accesses this funding to demonstrate that they’re going do that and be part of the solution.

Reporter:

and another key part of these conditions are limitations on executive pay. But what mechanisms are you concretely and pragmatically going to put in place to ensure the appropriate level of executives pay that comes out of funds and what is the right amount in your opinion?

Prime Minister Trudeau:

We will be sharing the details to come. But the principle is very clear – if a company wants to access this public financing, this taxpayer funded financing for large employers in order to protect employees across the country, the money has to go to support those employers and not high-paid executives. That is a condition that they will have to abide by if they want to access this fnlsing. Ok.

Interpreter:

We expect the assistance provided by taxpayers to these large companies to help workers, not senior executives. So, we expect any company that wants to access this financing and this assistance to make clear commitments not to give more money to executives.

Operator:

Thank you. Merci.

Reporter:

Interpreter:

Good morning, Prime Minister. I’d like to come back about to what you said about Saturday, where you said you were quite concerned about citizens in Montreal with respect to the easing of the lockdown. Can you tell us exactly what you’re concerned about? well, I think there is every reason to be concerned right across the country. People are worried about their parents and grandparents who are in long-term care homes. As Prime Minister, I’m concerned about the whole country and that is why we’re taking unprecedented measures to protect canadian and invest in the economy. As a quebecer and M.P. for Papineau in montreal, I AM obviously feeling a responsibility and a concern for other citizens. and I’m not only concerned but I want to work collaboratively with the different levels of government and we’re working very well with the legault government to ensure that we – that we will be able to protect quebecers and all Canadians in this pandemic.

Prime Minister Trudeau:

I think as, we all are, there are things to be concerned about these days. Canadians across the country are worried for their families, for their loved ones, for their communities. As Prime Minister, I’m worried about people across the country. As a member of parliament for Papineau and a quebecer, I’m also worried action My fellow quebecers and the citizens in My riding. That is why it is so important we continue to work with the Quebec government on our shared goal of ensuring that people get through this as best we possibly can and we will continue to work hand in hand Quebec government on exactly that. Rep follow-up?

Reporter:

Interpreter:

My question had to do with easing the lockdown. As a national leader, are you 100% comfortable with what is happening in sgheb for example, the re-opening of schools starting today. Well, I think it is very important to follow the principles that we set out and ensure that, at every step, we have enough protection in place and an ability to respond if there is a resurgence of COVID-19. So, of course, I fully respect Quebec in terms of its choices and we will be working with them to ensure that whatever decisions they make on re-opening will be as safe as possible by providing more P.P.E. and ensuring there is sufficient testing ability and we’ll be there as a partner if they need us.

Prime Minister Trudeau:

As we move forward, the role of the federal government will be to support provinces in the re-opening plans. We will be there to help them make sure that there are enough testing for their levels, that there is more P.P.E. Arriving, that we’re putting in place measures to follow the guidelines agreed to by all provinces in the federal government on necessary prerequisites to opening.

Thank you. Operator, next question.

Operator:

Thank you. Merci. Next question, huffing ton post. Line open.

Reporter:

Good morning, Prime Minister. Thanks. Do you believe the provinces and territories are currently testing enough people for COVID-19?

Prime Minister Trudeau:

I think we need to do more testing across the country. Last week we hit our one millionth test for Canadians, but there is a lot more to do. We know that as the economy starts to re-open, it is going to be more important to ensure that we have strong testing protocols across the country. We need to increase the numbers. We’ve managed to support the provinces on obtaining reagents, on obtaining equipment for it. We need to see more lab capacity opening up, which many provinces have already done in turning to universities and private labs. There’s lots more to do on testing and we need to make sure we’re working on that all together.

Interpreter:

I think it’s really necessary to do more testing. We carried out our one millionth test last week, but we need to do more. This is a critical part of re-opening the economy. So as a federal government, we will be there to support the provinces and territories so that they can carry out even more testing and I think that is absolutely essential for the future steps to succeed.

Reporter:

Thank you. As we begin to re-open the economy and ease restrictions, should testing be available to all who want it?

Prime Minister Trudeau’s I think as we’ve seen throughout this situation, there are very different factors in different situations on the ground across the country. The situation in Prince Edward Island is very different than the situation in British Columbia, which is different from Nunavut and different from Ontario or Quebec. Obviously every jurisdiction needs to make determinations about what the right and maximal level of testing will need. But we’re there to encourage them as a government to do as much as they possibly can and make sure that we’re helping them access the material needed to do just that.

Thank you, operator.

Operator:

Merci. Thank you.

Reporter:

Interpreter:

Yes, Mr. Trudeau. Today in Quebec, primary day cares and schools are opening up. The government believes that the work environment is safe for them. But there are teachers and educators who are refusing to go back to work. Do you think that those individuals should be able to receive the CERB? well, that is a very important question and I think we do have to ensure that, in Canada, all across the country, people are able to work safely when they go back. That is what we are working on now with the province of Quebec, to ensure that they have not only the necessary rules in place that they will establish, but also that they can re-assure people. I know that people are concerned right across the country. As we start to ease the lockdown. and I think it is very important for employers to be able to re-assure their workers that they can work safely. Follow-up? yes, but Mr. Trudeau, with all due represent, you’re not really answering the question. There are more and more provincial premiers who are concerned about the affect of the CERB and people’s ability to go back to work. Brian pallister and Mr. He gaults have said things of that nature. Can you guarantee that ottawa will not provide the CERB to workers who could go back to work, but who are refusing to do so? the cerbb is there to support people who cannot work because of COVID-19 and the priority right now is to protect people and to protect their families. The CERB exist in order to protect those individuals and it is the responsibility of the provinces to ensure that their return to work is safe. We will be there to help them, but the important thing in this circumstance is to ensure that families have the necessary support and that people are safe.

Prime Minister Trudeau’s I think it is extremely important to remember that we’re still very much in an emergency phase right now, where most of the economy is in extreme slowdown right now because we have to make sure that we’re preventing the spread of COVID-19. The Canada emergency response benefit is there to ensure that people can stay safe and support their families at the same time. As people look at going back to work, I will be the responsibility of the employers to demonstrate that situations are safe for people to return to work. The role of the federal government is to support the provinces and other employers in that work. But it’s also our role to make sure that families and people are supported, to be able to stay safe during this pandemic.

Reporter:

Hi, Prime Minister. Tom parry with CBC. In your opening address, you talked about this new loan programme and tax avoidance and tax evasion. I get that’s you don’t want to give a loan to a companies that breaking the law to evade taxes, but on tax avoidance, what if you open up the books of a company applying for a loan and you find out they’ve been doing everything they can to pay as little tax as possible. Do they get a loan?

Prime Minister Trudeau:

I think Canadians expect companies that get support from public dollars to have been responsible around paying their fair share of taxes. Certainly if we see situations where someone is engaged in aggressive tax avoidance, we will be putting in conditions or working out a way with them to ensure that they pay their fair share of, thats. – of taxes.

Interpreter:

I think everyone expects large companies to pay their fair share of taxes and if looking at the details of their financial statements we see that they haven’t paid their fair share of tax to Canada, we will demand that they make changes in order to receive that public funding.

Reporter:

You also said in your opening address that a lot of oil and gas companies have signed on to net zero requirements. Are you trying to freeze out companies that have not made those kinds of commitments?

Prime Minister Trudeau:

On the contrary. I think people around the world in financial markets have seen that managing risk is extremely important. We’re seeing it with COVID-19 and before we invest in a company, it is appropriate to look at their risk met investigation strategies are. People will be asking what they are for pandemics as they invest in companies going forward. We also know that climate change represents a significant risk to company’s both line as well. So, it is perfectly natural for an investor, including public investors like the government of Canada, to be asking people how they are going to manage the risk of climate change in the coming years.

Reporter:

On today’s announcement, strict limits on bonuses and share buybacks is not the same as stopping them. What specific safeguards will be in place to ensure companies don’t take advantage?

Prime Minister Trudeau:

We will be working very closely with different companies across different sectors to determine if right frame that is right for their industry and business. But Canadians expect that if we’re putting public dollars to support financing for companies, that the money goes to support workers. That is the air approach with the large employers emergency financing facility. We need to support workers and that’s not shareholders with dividends, that is not executive bonuses. That is ensuring that everything they’re doing is protecting workers, their pensions, their collective bargaining and continued operation of this company in the country.

Reporter:

If there aren’t safeguards in place, will you consider putting some in place?

Prime Minister Trudeau:

That is part and parcel of the discussions that we’ll have before implementing the Leif programme. We need make sure that the money is going to support workers every step of the way.

Interpreter:

We have to ensure that the money we’re giving to these larger corporations will be helping employees, not the executives, not investors, but the workers and we will be introducing measures to ensure that we are there to support workers, their pensions, respect for their collective agreements and all those aspects because those companies employ millions of Canadians and they will have to abide by those rules to access this funding.

Reporter:

Hi, Prime Minister. How much is the government willing to spend on these cheques to these major companies and is the government taking on too much nrifk this type time of a pandemic when we don’t know how long it will go on for?

Prime Minister Trudeau’s I think the significant risk is that we see long-term damage to the canadian economy. That we see significant large companies that employ millions of Canadians, lose their – lose their existence. Stop functioning because of this pandemic and millions of Canadians lose their jobs. We need to make sure that we are supporting these employers so Canadians can continue to have jobs once we bounce back from this pandemic. Of course, we would much prefer that people look to the private credit markets to get the bridge and loanens ifing they need. But we will be there as a lender of last resort to ensure that those companies do continue to employ the Canadians across the country who depend on those jobs. But there will be significant conditions around that as well.

Interpreter:

Our priority in this situation is always to ensure that we’re there to support workers who are working in many different businesses right across the country. So the important thing is to prevent these companies from failing, which would cause serious damage to the Canadian economy. Of course, we would prefer that these companies find private financing. If they cannot find it because of the pandemic, we will be there to support them during these difficult times.

Reporter:

South Korea saw an outbreak related to a night club there. Obviously we still don’t have outbreaks here but it shows they can happen and they decided to postpone opening schools. Today schools outside of Montreal are now opening in Quebec. Are you willing to put any pressure on premiers across the country to tell them to slow down right now, given how you said we’re still in an emergency phase?

Prime Minister Trudeau’s I think we’re all feeling pressure from Canadians to get this right and we understand that the sacrifices we’ve all made for the past two months of staying home, of self-isolating, of keeping two metre’s distance, of not seeing parents and grandparents could all go up in smoke if we move too quickly on re-opening or given jurisdictions make the wrong decisions. That’s because being cautious and gradual and individual slenl essential for how we move forward on the gradual re-opening and that is why Canadians across the country are looking very carefully at all orders of government and the decisions they make and will be held to account if re-opening happens too quickly and Canadians have to lock down once again in a few weeks because people were overeager to get the economy going. We have to get that balance right and that means being cautious and we will continue to be pushing for caution as we move progressively towards re-opening the economy.

Reporter:

Interpreter:

Good morning, Mr. Trudeau. Today you are offering loans and guaranteed loans. Now is this the final measure that will be there for a large company? and how long can a government support an economy so considerably? for how long can that happen? well, we’re in a very difficult situation now. and we just don’t have any previous experience to rely on. So we know exactly how things will work. So we have to make the best decisions possible and as we’ve been doing from the outset, we’ve been announcing new programmes. and if there’s a need to extend them or shorten them or adjust them. We will do that. At every step of the way, we are guided by two principles. First of all, keeping Canadians healthy and safe. Second, allowing the Canadian economy to bounce back and fire up again in the coming days. But, of course, we have to take our time and adjust as things evolve and this is a major announcement we’re making today to support large employers and we may have other announcements to make, further steps along the way. But all the time we’re trying to maximize the impact of the measures that we already announce sod we can begin to start up the economy again and so that the government can do less and less as we move forward.

Prime Minister Trudeau:

Throughout this pandemic, we’ve been guided by two strong principles. One is protect the health and safety of Canadians. and second, and second in order of importance, is ensure this our economy is able to bounce back quickly and strongly once all this is over. That means doing things strongly right now to support people, but also make sure that there is an economy to come back to once we do start re-opening and life starts to get back to normal. So what we’ve announced today with the large employer emergency spns financing facility, the leif, will be a significant help to significant employers across the country. There may be more steps we have to take. We don’t know what the next possible steps are that we’re going to need. We’re going stay open and flexible to adjusting the programmes we put forward, to stretching them out, to kons– condensing them, to combining them. We’re figuring out what works best. If something doesn’t work great, we’ll pull it back and tweak it and pull it out in a different way. We’re in an a unprecedented situation. But every step of the way, we will do what is necessary to protect Canadians and to ensure that we have an economy to go back to.

Reporter:

Interpreter:

I’m trying to understand where you are in terms of your projections of the kind of assistance that will be needed. You have announced billions of dollars that has been given to companies. But today these are loan guarantees that will have to be paid back s. . is this because you think we’re coming to the end of our ability to bring out billions of dollars every other day? no. This announcement is part of a gradual series of measures, which are there to help companies and employers – employees that have lost their job. We wanted to put money directly into people’s pockets. Now for small businesses, we provided loans under very positive conditions that cost practically nothing to help them out. Now mid-sized companies, they require a bit more in terms of the size of those loans and for large companies, that funding will cost even more. Because they have access to a level of credit that workers and individuals and small businesses do not. So, we’re providing loans to these large companies because our priority is to help as many individuals and workers as possible in this country. and we expect the large companies to be able to get along as much as possible through the financial markets they already have access to. Merci.