Pierre Karl Peladeau has confirmed he will not sell his controlling interest in Quebecor under any circumstances.
The media mogul and Parti Quebecois MNA made the statement Wednesday on the eve of a vote to alter the ethical rules for MNAs.
On Tuesday CAQ leader Francois Legault tabled a motion that would forbid MNAs from owning media companies, with a recorded vote taking place Thursday following two hours of blustery debate Wedneday afternoon.
The ethics commissioner has said Peladeau, who owns a controlling stake in the Quebecor media empire, will not be able to vote on the motion since it concerns him.
Peladeau is outraged by the debate.
"A motion put forward by Francois Legault targets me personally," said Peladeau, who said he is putting himself at arm's length of his company.
"If I become a candidate and if the members of the Parti Quebecois choose me as party leader and leader of the Opposition, I can assure you I will put my shares in Quebecor in a blind trust even though the law does not oblige me to do so," he said.
Before he became a candidate Peladeau gave up day-to-day control in his media empire, and in March Peladeau promised he would put his shares in a blind trust -- something he has yet to do.
However as analysts and critics have pointed out the trust will be anything but blind, since Peladeau specifically wants the trust to retain control of his Quebecor shares.
"I am proud of the legacy given to me by my father," said Peladeau. "I want to leave this birthright to my own children."
Normally the people placed in control of a blind trust are given full power to do whatever they wish with the assets it holds, including selling them, but there is precedent for Canadian politicians to put assets in trusts that have specific instructions.
The most famous example would be former Federal Finance Minister, later Prime Minister Paul Martin, who placed control of his family's shipping company in a trust while he was in office.
Quebec's ethics commissioner met with Peladeau last spring, and Jacques St-Laurent said it was unprecedented for a MNA to control such a large company.
However St-Laurent gave his approval to the multi-millionaire putting his shares in a trust, but added that companies owned in part by MNAs are not allowed to do business with the government, and that Peladeau would have to recuse himself from any vote that concerned Quebecor, Videotron, or TVA.
Critics say the difference between Peladeau's assets and other politicians owning companies is the nature of the business itself.
Legault said a blind trust is not enough.
"He must sell his shares. This is a unique situation," said Legault. “A blind trust - the words say it - it should be blind but Mr. Peladeau said clearly this morning that he would like to transfer his shares to his children… a blind trust should be where you're blind and you don't decide.”
Liberal house leader Jean-Marc Fournier agreed.
"It's not a question about Mister Peladeau by the fact that he's an individual, but at the fact that he's the owner of a communication empire," said Fournier.
"It's a new challenge for our institution and we've got to talk about this democratic challenge and in that sense how should we act to protect our democracy, our institution."
While the Parti Quebecois has chosen a date to select its new leader, Peladeau said he has yet to decide if he wants the job, even though polls have routinely given him a considerable edge in public opinion.
Potential PQ leadership rival Jean-Francois Lisee said PKP’s move to place his shares in a blind trust is a good first step, but he will need to go further.
“Now he has eight months to find a solution –a permanent solution – to the problem of ownership and to the appearance of conflict of interest that this brings,” he said, suggesting he could divide Quebecor by selling off the television and newspaper portions of the company and remain in control of Videotron.
“If he wants to find a solution he will find it,” he said.
