Former manager of HR giant says he will put assets in blind trust if needed
When you are the former president of a giant HR management firm, and you neither divest your shares from the company nor put them in a blind trust when you join government as finance minister, that creates a gaping conflict of interest.
Liberal Minister Bill Morneau on Tuesday said he had sought the advice of Ethics Commissioner Mary Dawson, amid accusations by the political opposition he was using his position, specifically reforming taxes, to favour wealthy Canadians like himself.
Morneau insisted he had disclosed all of his holdings to Parliament’s ethics commission in 2015 when he got elected, the Toronto Star reported. “What I’ve done so far is exactly what the ethics commissioner suggested I should do to ensure that I’m free from conflict of interest.”
Still, he said: “Should the ethics commissioner recommend to me in future, that I would have a blind trust as an alternative, I would be happy to do that.”
Morneau’s 2.07 million shares in Morneau Shepell is now worth $43 million, according to the Globe and Mail. His wife is heir to the McCain food empire and owns a real estate holding company in France.
“I think Canadians deserve to know what financial interests their finance minister has,” Pierre Poilievre, a Conservative MP and shadow finance minister, said.
“Basic rules of transparency require that every-day Canadians know whether their minister of finance is operating in the public interest or in some private interest.”
In an emailed statement to the Star, Morneau said: “I have great respect and confidence in the professional and confidential advice the ethics commissioner provides those of us who choose public life,” he said.
Duff Conacher, co-founder of the advocacy group Democracy Watch, said that a blind trust would offer no guarantees that Morneau — or any elected official — can operate without conflicts of interest. He called blind trusts “a sham” because they don’t absolve a politician of the knowledge of the shares they own or investments they’ve previously made.
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Liberal Minister Bill Morneau on Tuesday said he had sought the advice of Ethics Commissioner Mary Dawson, amid accusations by the political opposition he was using his position, specifically reforming taxes, to favour wealthy Canadians like himself.
Morneau insisted he had disclosed all of his holdings to Parliament’s ethics commission in 2015 when he got elected, the Toronto Star reported. “What I’ve done so far is exactly what the ethics commissioner suggested I should do to ensure that I’m free from conflict of interest.”
Still, he said: “Should the ethics commissioner recommend to me in future, that I would have a blind trust as an alternative, I would be happy to do that.”
Morneau’s 2.07 million shares in Morneau Shepell is now worth $43 million, according to the Globe and Mail. His wife is heir to the McCain food empire and owns a real estate holding company in France.
“I think Canadians deserve to know what financial interests their finance minister has,” Pierre Poilievre, a Conservative MP and shadow finance minister, said.
“Basic rules of transparency require that every-day Canadians know whether their minister of finance is operating in the public interest or in some private interest.”
In an emailed statement to the Star, Morneau said: “I have great respect and confidence in the professional and confidential advice the ethics commissioner provides those of us who choose public life,” he said.
Duff Conacher, co-founder of the advocacy group Democracy Watch, said that a blind trust would offer no guarantees that Morneau — or any elected official — can operate without conflicts of interest. He called blind trusts “a sham” because they don’t absolve a politician of the knowledge of the shares they own or investments they’ve previously made.
Related stories:
Morneau Shepell announces acquisition
Liberal party makes promise on flexible working