Marginal note:Summary statement
26. (1) A reporting public office holder shall, within 120 days after the day on which he or she is appointed, sign a summary statement containing the information required under subsection (2) and provide it to the Commissioner.
(2) The summary statement must contain the following:
(a) for each controlled asset of the reporting public officer holder, and for each asset of the reporting public office holder that the Commissioner has ordered divested under section 30, a description of the asset and the method used to divest it;
(b) for each matter in respect of which the Commissioner has ordered a reporting public office holder to recuse himself or herself under section 30, a description of the matter and information regarding the process to be put in place by the reporting public office holder and others to effect the recusal; and
(c) for any other matter in respect of which the Commissioner has issued an order to the reporting public office holder under section 30, a description of the matter and the order, and the steps taken to comply with the order.
Marginal note:Divestment on appointment
27. (1) Subject to subsections (9) and (10), a reporting public office holder shall, within 120 days after the day on which he or she is appointed as a reporting public office holder, divest each of his or her controlled assets by doing one of the following:
(a) selling it in an arm’s-length transaction; or
(b) placing it in a blind trust that meets the requirements of subsection (4).
Marginal note:Divestment of gift or bequest
(2) Subject to subsections (9) and (10), a reporting public office holder shall, within 120 days after the day on which he or she receives controlled assets by way of gift or testamentary disposition or in any other way over which the reporting public office holder has no control, divest the controlled assets in the manner required by subsection (1).
Marginal note:Prohibition on blind management agreement
(3) For greater certainty, a reporting public office holder may not divest his or her controlled assets by any measure other than one referred to in subsection (1), including by placing them in a blind management agreement.
Marginal note:Blind trust requirements
(4) The terms of a blind trust must provide that
(a) the assets to be placed in trust shall be registered to the trustee unless they are in a registered retirement savings plan account;
(b) the reporting public office holder shall not have any power of management or control over the trust assets;
(c) the trustee shall not seek or accept any instruction or advice from the reporting public office holder concerning the management or the administration of the assets;
(d) the assets placed in the trust shall be listed on a schedule attached to the instrument or contract establishing the trust;
(e) the term of any trust shall be for as long as the reporting public office holder who establishes the trust continues to hold his or her office, or until the trust assets have been depleted;
(f) the trustee shall deliver the trust assets to the reporting public office holder when the trust is terminated;
(g) the trustee shall not provide information about the trust, including its composition, to the reporting public office holder, except for information that is required by law to be filed by the reporting public office holder and periodic reports on the overall value of the trust;
(h) the reporting public office holder may receive any income earned by the trust, and add to or withdraw from the capital funds in the trust;
(i) the trustee shall be at arm’s length from the reporting public office holder and the Commissioner is to be satisfied that an arm’s length relationship exists;
(j) the trustee must be
(i) a public trustee,
(ii) a public company, including a trust company or investment company, that is known to be qualified to perform the duties of a trustee, or
(iii) an individual who may perform trustee duties in the normal course of his or her work; and
(k) the trustee shall provide the Commissioner, on every anniversary of the trust, a written annual report verifying as to accuracy the nature and market value of the trust, a reconciliation of the trust property, the net income of the trust for the preceding year, and the fees of the trustee, if any.
Marginal note:General investment instructions
(5) Despite subsection (4), general investment instructions may be included in a blind trust instrument or contract but only with the prior approval of the Commissioner. The instructions may provide for proportions to be invested in various categories of risk, but may not be industry-specific, except if there are legislative restrictions on the type of assets that a public office holder may own.
Marginal note:No oral instructions
(6) For greater certainty, no oral investment instructions may be given with respect to a blind trust contract or instrument.
Marginal note:Confirmation of sale or trust
(7) A reporting public office holder shall provide to the Commissioner a confirmation of sale or a copy of any contract or instrument establishing the trust in respect of any controlled asset divested under subsection (1).
Marginal note:Information confidential
(8) Unless otherwise required by law, the Commissioner shall keep confidential all information provided by a reporting public office holder relating to a divestment under subsection (1), except the fact that a sale has taken place or that a trust exists.
(9) Subject to the approval of the Commissioner, a reporting public office holder is not required to divest controlled assets that are given as security to a lending institution.
Marginal note:Assets of minimal value
(10) A reporting public office holder who is not a minister of the Crown, a minister of state or a parliamentary secretary is not required to divest controlled assets if, in the opinion of the Commissioner, the assets are of such minimal value that they do not constitute any risk of conflict of interest in relation to the reporting public office holder’s official duties and responsibilities.
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