Ontario Tory leader to put business assets in trust

TORONTO — Ontario’s newly minted opposition leader met his Progressive Conservative caucus at the province’s legislature Tuesday, saying he will place his business holdings in a trust as he takes the party reins.

Doug Ford, who won the party leadership after a chaotic sixweek race, arrived at Queen’s Park on Tuesday to applause from Tory legislators. He said he will meet with J. David Wake, Ontario’s integrity commissioner, over the next couple of days to make the appropriate arrangements for his business, repeating a promise he had made during the leadership contest.

Under the provincial rules, Ford must meet with the integrity watchdog no later than 60 days after his election as party leader and complete a private declaration of his and his spouses’ assets and liabilities.

While he’s not currently required to place his business holdings — the family-run Deco Label company — in trust, that would change if he is elected premier on June 7. According to the Member’s Integrity Act, Ford would be required to select an arm’slength trustee to oversee the company. The trustee, and terms of the trust, must be approved by the commissioner. The trustee will then provide regular written reports with limited financial information to Ford. Meanwhile, Ford also said his election platform, which is still in development, will include a balanced budget.