Definition of blind trust in English:

blind trust

noun

North american
  • A financial arrangement in which a person in public office gives the administration of private business interests to an independent trust in order to prevent conflict of interest. Under the trust, the owner does not know how the assets are managed.

    • ‘He had resigned from the company board when he took up his new cabinet post, but had put 12 shares - 3 percent of the company - that he had bought in the firm for £15,000 into a blind trust for his sons.’
    • ‘Mr Blair, backed by Cabinet Secretary Sir Andrew Turnbull, this week decided that although the properties were purchased through a blind trust set up to protect him from any conflict of interest, he had not breached the code.’
    • ‘Senator Frist's office points out that he voluntarily put this into a blind trust to try to deal with that in recent years.’
    • ‘A blind trust is meant to prevent politicians having specific knowledge of their own investments so that there can be no accusations of undue influence on government policy.’
    • ‘This becomes even more difficult when a newly elected official must put their personal assets into a blind trust for others to manage.’
    • ‘Of course, those in office set themselves up in blind trusts to ensure they have no direct doings with their financial affairs while in office.’
    • ‘The government has always denied this, insisting that funding for the office was supplied through a blind trust, whose trustees alone knew the origins of all donations.’
    • ‘When he was elected four years ago, he put all his business interests into a blind trust - and he'll take them back in a little less than two months.’
    • ‘The first is to have officers put his private holdings in a blind trust or to divest them.’
    • ‘Putting financial assets in a blind trust ensures the MP cannot be guilty of any conflict of interest because he does not see specific details of his investments.’
    • ‘At present, he has a blind trust and is not aware of the investments in the trust.’
    • ‘Unable to find a buyer for the CBA, Thomas placed the the league in a blind trust upon joining the Pacers.’
    • ‘Selig is a partial owner of the Milwaukee Brewers; his share of the team is in a blind trust while he's commissioner.’
    • ‘You could give as much as you wanted to as many politicians as you liked, but the money would go through a blind trust administered by the government.’
    • ‘Many politicians with business interests opt to put their investments in blind trusts while in office, but because Bloomberg's stake is so large and not in public stock, a blind trust wouldn't solve the problem.’
    • ‘Frist reported blind trusts valued at between $6.5 million and $31 million.’
    • ‘Yetming said Public Affairs Minister Dr Lenny Saith, when he was a minister during a previous PNM administration, put a company which owned a mall into a blind trust managed by Scotia Trust.’
    • ‘Selig qualifies - he's a fellow lord, the former owner of the Brewers whose stake in the team is in a blind trust.’
    • ‘In an attempt to defuse a political row over what was claimed to be the Blairs' breach of the rules governing Ministers' blind trusts, No 10 issued a letter from Sir Andrew to Shadow Deputy Prime Minister David Davis.’
    • ‘As well as outlining plans for the blind trust, the ministers reiterated warnings that they were considering banning food advertising targeted at children.’