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THE BUSINESS OF POLITICS
If you want to change the world, go into politics.
If you want to make some money, well, politics can be good for that
too. Egypt’s parliamentary elections, more than ever, are about
money. Public service has taken a back seat to big business. Tycoons,
magnates and monopolists are reckoned to account for about 100 of
the candidates vying for the 444 elected seats in the lower house
of parliament. In Cairo alone, multi-millionaires competed in half
of the capital’s 25 districts. In some districts, they even
ran against each other.
It shouldn’t come as any surprise that so many candidates are
wealthy businessmen. Candidates must pay their campaign team, spend
lavishly on propaganda, and – in some cases – dole out
gifts of cash, appliances or roast chickens to encourage constituents
to vote their conscience. All told, a candidate’s personal
campaign contributions can run in the millions.
So what would prompt a multi-millionaire to abandon the security
of private life, fork out a princely sum and expose their reputation
to a potential smear campaign? Certainly the benefits of joining
the ruling oligarchy: easy access to bank loans, opportunities to
purchase undervalued state properties and the prospect of influencing
economic policies that benefit their business interests. And, of
course, parliamentary immunity – protection from prosecution
against the crooked tactics some of these businessmen have used
to attain their wealth, or augment it.
Immunity or not, that parliamentarians are permitted to carry on
their business activities while in office leaves open the door to
abuse. The parliament is a public trust. Allowing MPs to carry out
unrestricted business and commercial activity creates the possibility
that they will occupy their time tending to their business interests
rather than the public interest. But more seriously, it creates
a potential conflict of interest between the MPs’ business
activities and official duties.
Many western countries, such as Canada and the UK, restrict or tightly
regulate the business activities of elected public officials. Egypt
might consider doing the same, as it already does with cabinet members.
This could be implemented in several ways, the most drastic being
to require elected MPs to divest all business interests, liquidate
their shareholdings and resign from all corporate positions. This
would avoid conflict of interest, but it would practically guarantee
that no businessmen would ever consider running for office.
Let’s be clear. Having businessmen in parliament is not a bad
thing. In fact, we want them in parliament. The practical business
and management experience they bring is just what the country needs,
and they are more likely to push through economic reform and privatization.
But given their growing prevalence in government, it may be time
to consider establishing blind trusts for their shareholdings and
making their business activities public record and subject to third
party approval. This would help ensure that the businessmen seeking
office work in the public’s interest, not their own.
CAM MCGRATH
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