Conservatives are demanding transparency from Prime Minister Mark Carney as questions swirl over his potential multi-million dollar stock options from his time at Brookfield Asset Management Ltd.
Opposition Ethics Critic Michael Barrett renewed calls on Tuesday for Carney to disclose his assets, claiming that the newly sworn-in prime minister is likely raking in millions from his former asset firm.
Barrett said these assets could place Carney in a conflict of interest as he implements federal policy.
“We know from media reports that Mark Carney was very likely owed future bonus payments from the multi-billion dollar Brookfield funds that he personally set up and that he managed,” Barrett said. “These bonus payments are directly tied to the performance of investments that he made at Brookfield.”
As first reported by Bloomberg, Carney held $6.8 million in Brookfield Stock options before quitting the company to run in the Liberal leadership race. However, the company’s annual filings do not indicate how much of that money has been paid out to him.
Barrett notes that he is likely still owed money for these stock options and that his dealings as prime minister could influence the value of those assets, potentially remaining hidden before the end of the next general election.
“He raised the money from international billionaires and made the investments,” Barrett said. “They can’t simply just sell these assets as they would in a regular stock portfolio. These Brookfield funds are locked in with long-term contracts. So Canadians need to know what benefit Mr. Carney stands to gain from funds like those?”
He noted that Brookfield has invested billions into green energy projects and infrastructure – something Carney’s policies, including carbon taxes and negotiations with foreign countries, are likely to influence.
“Which companies and industries did Brookfield and Carney bet against wanting certain sectors to succeed over others, and perhaps most importantly, which countries did Brookfield and Carney bet on and which did they bet against?” he said.
He noted that Brookfield’s reported assets in the U.S. increased by 23% and declined in Canada by 4% since Carney became chair of the company in 2020.
He said Carney’s recent false denial that he had nothing to do with Brookfield’s headquarters moving to New York after Trump began threatening tariffs against Canada demonstrated his untrustworthiness and personal motivations.
Neither Carney nor Brookfield responded to True North’s requests to comment.
During a press conference in the U.K. on Monday, Carney lashed out after reporters grilled him on his potential conflicts of interest. He interrupted one reporter, saying, “What possible conflict would (I) have?” and outright denied that he had any conflicts of interest.
Carney also rejected requests for him to disclose what assets went into his blind trust, accusing reporters of “trying to invent new rules” that would have him disclose those assets before the 120-day requirement he has to do so.
“How can somebody claim to have no conflicts when just last week, he told the commissioner he has so many conflicts that he needs a ‘full and robust plan’ to manage them all,” Barrett said.
Barrett called on Carney to disclose which assets he had invested with Brookfield before putting them into a blind trust and to reveal what was in his “robust and full” conflict of interest management plan.
The ethics commissioner is set to evaluate Carney’s assets and advise the prime minister on which assets he ought to recuse himself of, divest from and disclose to Canadians.
Barrett argued the time it takes for the commissioner to develop such advice Carney is already conducting national meetings, setting national policy, and making decisions including signing orders to lower the carbon tax to zero. He added that Canadians have a right to know how Carney personally benefits from those decisions.
“Are we simply to be satisfied as Canadians that someone can be the prime minister of this country and be the only public office holder in Canada who doesn’t have that public disclosure,” he said. “Not only is Mr. Carney the Prime Minister, but he is currently Canada’s least transparent public office holder.”
Barrett said Carney had ample time to disclose his conflicts of interest while running in the Liberal leadership race. He noted the several times on the campaign trail Carney told falsehoods to Canadians and the lack of transparency he’s had with media.
“Mr. Carney continues to make decisions, set policy for this country and even projecting into the future after the election. It’s basic transparency. It’s incumbent on a prime minister, and he should do that,” Barrett said. “Especially when he’s leading a party that includes a cabinet who have members who have been found guilty of breaking the very law that he claims to hold so important.”