NDP seeks to make premier’s personal wealth an issue

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This article was published 13/04/2023 (939 days ago), so information in it may no longer be current.

Manitoba New Democrats went after Premier Heather Stefanson for her personal wealth Thursday, demanding to know about her standing in an investment fund that requires a minimum $5-million input.

“Regular Manitobans are struggling with the cost of groceries and gas, but not the premier,” St. James MLA Adrien Sala said.

“We’re now learning the premier of our province has invested at least $5 million with an exclusive management firm,” he said during question period. “Will the premier tell the house how much she has invested in this private company?”

Manitoba conflict of interest legislation requires elected members to disclose assets and the disposal of such assets, but there is no requirement to disclose their value.

After failing to disclose the sale of three properties by McDonald Grain Co. Ltd. (Stefanson was listed as a director) in 2016 and 2019 for a total of $31 million — a Court of King’s Bench judge later ruled it an “inadvertent” breach of the legislation — Sala told the house the premier should be more forthcoming about her investments.

The premier didn’t answer questions in the house about having an interest in Manitou Investment Management Ltd. Instead, she left it to deputy premier Cliff Cullen to respond to the Opposition.

“There’s nothing to see here and nothing in these allegations,” Cullen countered.

In a prepared statement later in the day, Stefanson’s press secretary said: “The NDP claims are incorrect and misleading,” and “(NDP Leader) Wab Kinew is a millionaire and he doesn’t want Manitobans to know.”

An NDP news release Thursday pointed to Toronto-based Manitou’s claims of creating high returns on investment, increasing client portfolios by $250 million in 2021, and returning $55 million to clients to fund “lifestyle expenses.”

According to the Portfolio Management Association of Canada, private individuals are required to invest a minimum $5 million to be a client of Manitou Investment Management Ltd. The premier’s office said she has invested nowhere near $5 million with the firm, and the so-called minimum $5 million is a “guideline.”

Institutions require a minimum investment of $10 million.

Under new conflict of interest legislation that will take effect after this year’s election, Manitoba MLAs and cabinet ministers will be required to disclose their liabilities, as well as their interests and assets.

Information about the specific value of assets and liabilities or other details beyond what is reasonably necessary to determine the existence of a conflict is not required to be disclosed, under the new act.

Ministers must review such information with the newly renamed ethics commissioner.

carol.sanders@freepress.mb.ca