OTTAWA — Prime Minister Mark Carney became testy when he was pressed by reporters about his private assets and his potential conflicts of interest with a possible federal election only days away.
On Monday, Carney met with French President Emmanuel Macron in Paris before travelling to the United Kingdom, where he met King Charles III and British Prime Minister Kier Starmer. He took questions from reporters at a news conference in London in the evening.
Carney, for the second time since he was sworn in as prime minister, was asked what assets were put in his blind trust and how he can serve in the role without Canadians being aware of any conflicts of interest he may have after his extensive work in the private sector given that his assets have not yet been made public.
Carney began by saying, like he did the first time, that he considers he went above and beyond in complying with federal ethics rules as soon as he became Liberal leader.
According to the Conflict of Interest Act, a public office holder has 120 days after the day they were appointed to divest their controlled assets, either by selling them in an arm’s-length transaction or placing them in a blind trust. Carney chose the latter.
“I follow the rules of the ethics commissioner. I’m following them well in advance of any of the requirements, as you know,” he told a reporter. “You know that these requirements come into effect in months. We’re talking days after I became prime minister.”
“So, I’m complying with the rules of the ethics commissioner, going through the processes and all these things that are necessary,” he added.
The reporter pushed back, noting that the rules indeed say that those assets should be publicly disclosed within 120 days, and that Canadians are likely to find themselves in an election in just a few days with no clarity on Carney’s potential conflicts of interest.
“What possible conflicts would you have?” shot back Carney to the reporter. “I’m complying with the rules. I’m complying with the rules in advance,” he reiterated.
Another reporter interjected to say that it is “very difficult to believe” that there is no possible conflict of interest given Carney’s extensive work in the private sector.
“Look inside yourself,” he retorted to that reporter. “You start from a prior of conflict and ill will. I have served in the private sector. I have stood up for Canada. I have left my roles in the private sector at a time of crisis for our country. I’m complying with all the rules.”
“Your line of questioning is trying to invent new rules. I’m complying with rules that the Parliament has laid out… and I will continue to comply with those rules.”
The National Post reported that the new prime minister is facing intense scrutiny, including from Bay Street, for his work at Brookfield Asset Management’s head of transition investing, where he financed billions of dollars in net-zero projects around the world.
Despite repeated attempts last week, Brookfield Asset Management and Carney’s transition team have declined to clarify if the new prime minister still possesses any financial assets with Brookfield in the blind trust he recently set up.
As the co-manager of these funds, Carney may be entitled to tens of millions in “carried interest” which are essentially bonuses once the funds come to maturity. He has also been part, until recently, of more than 20 prestigious boards on the international stage.
The Office of the Conflict of Interest and Ethics Commissioner has already been in contact with Carney’s team about his assets but cannot go into the details of what was discussed.
Spokesperson Michael Wrobel said the initial compliance process must be completed within 120 days of Carney’s appointment as prime minister. At the end of that period, a summary of his personal and financial information will be published in the public registry, but the summary may be published sooner if the process if completed faster than that.
According to the Act, Carney should recuse himself from “any discussion, decision, debate or vote on any matter in respect of which he… would be in a conflict of interest.”
The Conservatives have been calling Carney to sell or forfeit his assets, including the carried interest he may be entitled to, if he truly wants to avoid any conflicts of interest.
“If he has nothing to hide, then it’s very easy for him to come forward today and to disclose to Canadians, to finally answer media’s questions about what his financial interests are and what those conflicts of interests are, because that’s what Canadians expect,” said Conservative MP Michael Barrett on Sunday.
National Post
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