Carney admits to potential conflicts of interest with Brookfield

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OTTAWA – Prime Minister Mark Carney said Tuesday he is expected to withdraw from potential conflicts of interest related to his past work at Brookfield Asset Management.

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At a press conference held by Iqaluit, who promised to increase military presence in the Arctic, he hoped that the Ethics Commissioner would create “screens” to ensure he avoided conflicts of interest in the PM’s duties.

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“What happened was that there was some screens with the Ethics Commissioner about certain issues, and it was an ongoing process,” Carney said.

“I have a lot of respect for the system, and these screens are exposed as they are developed.”

Carney initially struggled to understand the questions asked by French and answered them in the same language, but said “obviously” that if the government decides to “hare a significant impact on Brookfield”, he hopes the on-screen conflict of interest screens will work for him.

Asked why he didn’t proactively disclose his assets, Carney added that it was a question for the Ethics Commissioner.

Carney’s explanation on Tuesday went against the debris shown the previous day when he was questioned about his becoming a liberal leader and any potential conflict of interest that could arise.

Carney questioned the questioning line on Monday and his exchange with two female journalists, eventually telling one of them to “look at” himself.

“You started with the fact that you were conflicting and getting sick,” he told reporters. “I used to work in the private sector.

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Carney did follow the rules. The day he was elected as a freelance leader, his team said he placed all his assets in a blind trust except for “personal real estate.” He only needs to do so within 120 days of appointing the Prime Minister.

The Ethics Commissioner is expected to publish a summary of his personal and financial information and make it available to the public within that time frame.

But conservatives expect Carney to surpass the current rules. Michael Barrett, a party’s moral critic, said Carney should reveal his assets and conflicts of interest before the election begins, which may be only a few days away.

“Obviously, Mark Carney thinks Canadians shouldn’t know before voting, and obviously, he thinks the answer to this question is below him,” he said.

“The question is, when he is asked, why is he so defensive?”

Carney said he might follow a similar path to former Prime Minister Paul Martin.

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Martin, a multimillionaire who owns Canadian steamship routes, joined the cabinet and placed his assets in a “blind trust.” Ultimately, he continued to work to avoid some decisions from the government to avoid conflict with his business interests as prime minister.

However, the conservatives also compared with Prime Minister Stephen Harper’s former chief of staff, Nigel Wright, who had to adhere to similar screens to prevent him from participating in discussions or decisions related to Onex Corp.

Wright worked with the Ethics Commissioner for months before a satisfactory solution was reached. According to Harper’s aides there at the time, any potential conflict of interest was first marked by the Privy Council office. An employee in Harper’s office will then have to ensure that Wright withdraws himself from these discussions. So far, Brookfield and Carney have declined to say whether he still owns Brookfield assets, but judging from Tuesday’s comments, he still does so.

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Carney is entitled to 209,300 stock options, $35.13 per person and $40.07 per person, with the market value of more than $6.8 million as of December 31, 2024. These options have an expiration date of 2033 or 2034.

But that compensation may pale than the funds he has entitled to be the head of transition investments for three Brookfield Asset Management’s largest funds.

In this position, he has raised billions of dollars for some of the world’s largest funds focused on clean energy transitions, including renewable energy, business transformation, carbon capture and storage, renewable natural gas, and nuclear power around the world.

As co-manager of these funds, he is entitled to tens of millions of “carrying interests”, which is actually a performance bonus.

Barrett wondered that it is possible for Carney to withdraw his decisions from areas related to clean technology and net zero projects, a range of areas regulated by the federal government or may be affected by decisions he could make.

State Post
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