The case
TheTrump Organization informed last week that President Donald Trump was going to hand over the daily management of his multi-billion-dollar real estate, hotel, golf, media and licensing portfolio to his children when taking up office at the White House, thereby repeating an arrangement Trump had made during his first term. An ethics expert pointed out that this still posed conflicts.
The commentary
According to the information published, all of the president’s investments, assets and business interests remain in a trust managed by his children, and Trump is not going to form part of or be appointed to any boards, nor is he going to be involved in any day-to-day decision-making.
“In his role as outside Ethics Advisor, Attorney William A. Burck, global co-chair of law firm Quinn Emanuel LLP, is going to assist The Trump Organization in the development, implementation and maintenance of internal ethics policies, procedures and controls designed to avoid any perceived conflicts of interest,” the Trump Organization informed in a statement. “Mr. Burck is also going to oversee the review of material transactions to ensure full compliance with ethical standards.”
The Trump Organization also stated that the company “will not enter into any new material transactions or contracts with a foreign government, except for Ordinary Course Transactions.” It was pointed out that Trump would have limited access to the Trump Organization’s financial information and that all profits from foreign government patronage, through hotels and similar businesses, would be donated to the US Treasury.
The President’s investments will be independently managed by outside institutions.