Mark Carney, leader of the Liberal Party of Canada, speaks after being named the winner at the Liberal leadership event in Ottawa on March 9.Justin Tang/The Canadian Press
Prime Minister Mark Carney says he is working with Canada’s Ethics Commissioner to set up conflict-of-interest screens that would require him to recuse himself from government decisions that could affect companies he served while in the private sector.
Mr. Carney’s wealth and financial holdings have come under scrutiny from opposition parties and news media. He has repeatedly declined to reveal the value of his assets, and other details about them. Mr. Carney’s team has said he placed all of his financial holdings in a blind trust after becoming Prime Minister, with the exception of cash and real estate.
In a testy exchange with reporters Monday in London at the tail end of a brief official tour of Britain and France, Mr. Carney said he had complied with ethics rules and did not have any potential conflicts of interest. He brushed aside reporters’ requests that he publicly declare his financial holdings.
But on Tuesday in Iqaluit, where he stopped on his return flight from Britain, the Prime Minister said he is discussing setting up conflict-of-interest screens with Ethics Commissioner Konrad von Finckenstein.
Mr. Carney said the screens would be similar to those set up by former prime minister Paul Martin, who owned Canada Steamship Lines and was not allowed to make decisions affecting the shipping company. A screen was likewise created for Trade Minister Dominic LeBlanc; it requires that he recuse himself from any dealings with the wealthy Irving family of New Brunswick, of which he is a close friend.
“It is probably that there will be some screens established, as was the case for Paul Martin when he was prime minister. We have made proposals on that already,” Mr. Carney told reporters. “What happens is there is a discussion with the Ethics Commissioner for certain screens around certain issues and that is a process that is under way.”
The Prime Minister did not say what companies the conflict-of-interest screens would touch upon. Mr. Carney held top positions with major Canadian and U.S. corporations before he resigned to run for the Liberal leadership in January, including chair of Brookfield Asset Management. Brookfield is one of the world’s largest investment management companies, with almost US$1-trillion in assets.
The former Bank of Canada and Bank of England governor also headed transition investing for three Brookfield funds amounting to $27.8-billion and chaired the board of Bloomberg L.P., the media and financial data company controlled by billionaire Michael Bloomberg. In addition, he was on the board of payments processor Stripe Inc., and on an advisory board for investment giant PIMCO.
His role at Brookfield Asset Management was likely his largest source of income.
Brookfield has not published Mr. Carney’s exact compensation. In a securities filing this week, Brookfield said Mr. Carney and two other executives who serve on the Brookfield Asset Management board made a combined US$4-million in base salaries and US$3.5-million in cash bonuses in 2024.
According to Canadian share-ownership records, Mr. Carney has 41,357 of what are called deferred share units, each of which represents a Brookfield share, and 503,049 stock options. (Stock options give executives the right to purchase company shares at a set exercise price for an extended period. But options are only usable if the market price is above the exercise price.)
Based on Brookfield’s closing price Tuesday, the units are worth $2.9-million and the options have potential profits of about $8.4-million, for a total of $11.3-million.
Stock-ownership records filed with Canadian securities regulators do not indicate Mr. Carney sold the shares or used any of the options before he ceased to be a Brookfield Asset Management employee Jan. 16.
The Conflict of Interest Act says divestment can take one of two forms: selling the controlled assets in an arm’s-length transaction or placing them in a blind trust.
Last week, a spokesperson for Mr. Carney said the Prime Minister does not currently own anything outside of the blind trust other than cash and real estate. Audrey Champoux said he “delivered a full and robust conflict-of-interest management plan” to Mr. von Finckenstein. No details were provided as to what potential conflicts of interest the plan would address.
Individuals subject to the Conflict of Interest Act have up to 60 days after taking office to make a confidential report to the Ethics Commissioner laying out their liabilities, sources of income, charitable work and any other information requested by the commissioner.
There is also a 120-day deadline to publicly declare assets and outside activities.
The confidential report to be filed within 60 days must include a description of an individual’s direct and contingent liabilities, a breakdown of all sources of income over the past 12 months, their charitable work over the past two years and “any other information” the commissioner considers necessary.
Conservative Leader Pierre Poilievre has said Canadians will not know what potential conflicts of interest exist until after the next election. Mr. Carney is expected to trigger a federal election this week for either April 28 or May 5.
Conservative MP and ethics critic Michael Barrett held a news conference Tuesday to once again press Mr. Carney to provide more clarity as to how his assets and potential conflicts of interest are being managed.
He said the conflict-of-interest screen management plan must be publicly released because Brookfield has extensive investments in wide sectors of the Canadian economy.
“So, what sectors is he potentially conflicted on? Will the Canadian people know what files the Ethics Commissioner deems him too conflicted on in advance of the election?” Mr. Barrett asked. “The only people blind to Carney’s assets and conflicts are Canadians.”
As well, the disclosure should list any carried interest, stock options or deferred compensation that the Prime Minister may hold in the blind trust, Mr. Barrett said.
With a report from David Milstead