Our experience is that the only way to elevate ethical conduct and ethical standards is by transparency and shining the light of day on the activities. There's no real assurance that your activities will be transparent. It will be self-policing by somebody who answers to you. Your underling will in fact be the ethical watchdog to make sure you don't cross any barriers, but you're his boss.
Would you also agree that your first loyalty, as the country's most senior public office holder, in a sense has to be the best interests of Canadians, and not the best interests of the company you came from?