Prime Minister Mark Carney and other Canadian prime ministers should be required to divest their investment portfolios when they assume office, not just put them in a blind trust, the House of Commons ethics committee recommends in a new report.
In its report made public Thursday morning, the committee said putting assets in a blind trust isn’t good enough, recommending instead “that the Government of Canada amend the Conflict of Interest Act that, for the application of subsection 27(1) the prime minister, as a reporting public office holder, is fully divested from their controlled assets through sale, since placement in a blind trust does not constitute true divestment.”
The committee also wants the law amended to require public disclosure of “high-level holdings categories placed in a blind trust by reporting public office holders (sector/asset class, and whether the holdings are Canadian-market concentrated),” a recommendation that could shed new light on the financial interests of a number of top officials and cabinet ministers.
Wait why would the trust even exist anymore? The whole point is to sell the stocks before he takes office. There would be no need for a trust. He wouldn’t be owning stocks during his time in office.
Is that the disconnect? Is that the Assumption you’ve been operating under? That he would sell his stocks the day before he takes office and buy them again the day after? Cuz that’s not the idea. The idea is he wouldn’t own stocks while in office.
Seems so.
The article isn’t saying he can’t own assets, its saying he must sell his existing assets before taking office.
He’ll still have millions of dollars or whatever it is, it’s not just going to sit there doing nothing. Divesting doesn’t mean it can’t go into a blind trust after which will trade it as they see fit.
The law would need to say something like, the trust can’t own what he previously owned, or can’t purchase any individual stock, or say the PM cannot own any investment assets period.