The New Democratic Party’s citizens’ services critic Doug Routley yesterday asked minister Ben Stewart about his shares in Telus Corporation, a company with which his company has large contracts.
“I’d like to ask about shares held by the minister in Telus Corp. and whether he's concerned about a conflict of interest, given the outsourcing contracts the ministry has with Telus,” Routley asked during debate of the citizens’ services ministry’s budget estimates.
The Tyee reported that Stewart’s financial disclosure when he became a candidate said he owned shares in Telus. The company holds about $375 million worth of contracts through Stewart’s ministry and received $70 million from the provincial government last year.
“I’m not quite certain how the issue about declarations that were made during the recent election pertain to the estimates of this House,” said Stewart. “I think that that’s probably a matter better asked of the Conflict-of-Interest Commissioner.”
Asked outside the committee room about the shares, Stewart told The Tyee he no longer knows whether or not he owns shares in Telus. “To be honest I’ve signed everything over in a blind trust as required by the conflict commissioner,” he said. “It was pretty well an instruction I got from him.”
Stewart can find out the total value of his stock portfolio whenever he wants, he said, but not what's in it. “The trustee and the broker I've been using are the only two who know exactly what’s there. Whether we own shares or we don’t is another matter. I can’t tell you the answer.”
Andrew MacLeod is The Tyee’s Legislative Bureau Chief in Victoria. Reach him here.
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MGS
2 years ago
How convenient
I can know but I don't know!
freebear
2 years ago
I knew before the election, but now, a few short months later
I don't know!
Is this the high calibre citizen representative that the raise in MLA salaries has attracted?
Well done!
blackie
2 years ago
This is a story?
I don't get it. What's the story here? He's required on election (appointment to cabinet?) to put his holdings in a blind trust. He did. A blind trust is called a blind trust because you're not supposed to know what happens to your share holdings. What else could he say?
Would also be interesting to know how many shares he had at the time of declaration. How come that info is missing? It might at least suggest whether or not this guy was a big player.
Andrew MacLeod
2 years ago
Blackie
Before a provincial election all candidates are required to file a financial disclosure under the Financial Disclosure Act. Like other candidates, Stewart did that. I reported on those disclosures a couple weeks ago: http://thetyee.ca/News/2009/09/10/CampbellHoldings/
Once elected, MLAs also file a disclosure under the Members' Conflict of Interest Act. It is a separate piece of legislation, but with similar reporting requirements to the Financial Disclosure Act.
There is no requirement under either act for MLAs or cabinet ministers to put their stock portfolios in a blind trust. A few, however, have chosen to do that in consultation with the conflict of interest commissioner. Campbell started doing that a few years ago after questions were raised about his ownership of Alcan stock. Stewart, whose disclosure showed he held a relatively diverse portfolio compared to other MLAs, says he will be going that route too.
Nor does either act require MLAs to disclose how many shares of a company they own. I agree it would be a useful thing to know.
I hope that helps . . .
blackie
2 years ago
thanks, Andrew
It helps. I read the previous stpry, and it is useful and important to publicly disclose all that information. Knowledge is power, or so the saying goes.
But there's an underlying thread -- and you can see it in some of the comments -- that this is somehow shady. I'd be hard pressed to come up with any publicly-traded Canadian company that isn't operating somewhere, somehow, either with government contracts or in a business sector that is regulated by the government in some fashion.
With that in mind, what Canadian shares could these folks possibly own that wouldn't be connected somewhere to the government's activities? That's why complete disclosure and/or blind trusts are useful.
What worries me is that there will be some who think anyone who runs for office should divest themselves of everything they own to rid themselves of any potential conflict of interest. That's a rather steep price to pay when seeking a job that might last only four years or so. I hope that's not where this is all supposed to lead, because if it does the talent pool for elected officials will be very shallow in deed.
freebear
2 years ago
So why higher pay if MLA's have $
to buy stocks!
It just illustrates that MLA's are not a representation of the populace.
Seems only people with money (e.g stock shares), and a willingness to join a political party which is beholden to its supporters - big business.
Carole Taylor's TD Bank appointment is a good example of returning the favour!
freebear
2 years ago
Or Big Labour !
A lose lose proposition!
G West
2 years ago
They should have to sell their shares
Disclose their holdings before they first run for election and, if successful, immediately divest themselves of any holdings.
If they don't like it then they shouldn't be holding down an exorbitant salary and a gold plated pension.
So, no, I have no sympathy for any of these clods - they're meant to be doing the public's business - and NOTHING ELSE.
If they want to be entrepreneurs or capitalists then stay the hell out of politics.
Telus is especially bad because of the company's increasing profile as a contractor with government contracts.
Stewart is, simply, disingenuous and the legislation is a farce.
That’s what I’d have them do – and soon.
You can't have two masters and when you're elected to Parliament here or in Ottawa the question of who these people work for is unequivocal.
zalm
2 years ago
Hear hear!
It's not like there's NOTHING else to invest in....
Be responsible and trade ETFs, if you don't like too much risk, or take GICs if you like even less. Trade futures if you don't like the returns you're getting, and rights and warrants if you're really into chances, Government of Ontario Bonds are always a safe bet and can trade at premiums, and if you want more return, try dividend stocks, especially on FTSE, Bourse or NYSE. Buy and sell mortgages, invest in Ponzi schemes, rent out a property in India or arbitrage Russian currency - there's lots of ways to make money that don't have the appearance of a conflict of interest.
_________________________
John Q. Public: There are so many ways for you to make money, Minister, why do you have to take the underhanded way? This is just sheer laziness, or underhanded greed. Your choice, Minister...
Stewart: My choice?
John Q. Public: Yes, Minister...