Advertisement

Ethics commissioner clears Morneau on sale of shares in 2015

Ethics commissioner clears Morneau on sale of shares in 2015
From CBC - January 8, 2018

In one of her final moves as Canada's ethics and conflict of interest commissioner, Mary Dawson found that Bill Morneauand afamily member did not benefit from insider information when they sold shares in his family's pension company,MorneauShepell, in the fall of 2015.

In a letter dated Jan. 5 and addressed to Morneau, Dawson said the income tax increase for Canadians earning more than $200,000 was publicly announced on Nov. 4 and Morneau sold his shares on Nov. 30. The legislation was tabled on Dec. 7.

"The act prohibits the use of insider information obtained in his or her position by a public office holder and that is not available to the public, which, in light of the above [reasons] was not the case in this instance," she said.

Dawson investigated thesale at NDPMP Nathan Cullen's request. Conservative finance critic Pierre Poilievrealso wrote to her office. Poilievre had argued the timing of the sharesale was no coincidence as the share price later took a dip, and he has sought to tiethedepreciation to the tax hike.

She also found that Morneauhad no involvement in the Bank of Canada's decision to renew its Morneau Shepellcontract.

"We have received the letter from the Ethics Commissioner and we are pleased with the outcome," said a spokesperson for Morneau.

Pension bill investigation still pending

Advertisement

Continue reading at CBC »