Pierre Karl Péladeau gives trustees some power over Quebecor shares
PQ leader stops short of putting shares in blind trust
Parti Québécois leader Pierre Karl Péladeau is handing over control of his shares in Quebecor, but not the power to sell them.
Péladeau announced Thursday on his Facebook page that he is giving three people administrative power over his shares as long as he is leader of the party.
The Liberal government and Coalition Avenir Québec have repeatedly called on Péladeau to go one step further and place his shares in a blind trust, which would give a trustee complete power to avoid potential conflicts of interest.
Under the new arrangement, Péladeau remains the owner of his shares.
Previously, Péladeau said he would instruct trustees not to sell his Quebecor shares because he wants to leave them to his children.
A PQ official says the new management agreement conforms with his past statements on the subject. It is unclear what else is in the agreement and what other instructions the administrators must follow.
Péladeau indicated on his Facebook page that the move is conditional on approval by the CRTC and Industry Canada.
The three administrators will include Claude Béland, the former president and director general of Mouvement Desjardins, lawyer James. A Woods and businessman André P. Brosseau.
The Liberal government says the move does not go far enough.
"Mr. Péladeau's initiative confirms our fears. Instead of a real blind trust and complete protection from risks of interference, Mr. Péladeau has created a hoax," a spokesperson for the Liberal government wrote in a statement.
Coalition Avenir Québec MNA François Bonnardel calls the move a "smokescreen."
"Mr. Péladeau hopes that with this [agreement] he will say to all Quebecers, 'I hope to be the next premier but I'm still the shareholder for all of Quebecor.' It cannot work," Bonnardel said.
Here is Péladeau's Facebook post making the announcement: