Critics say Carney’s bid shows need for stricter disclosure rules

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OTTAWA — Opposition parties are pushing for stricter financial disclosure rules, warning that Liberal leadership candidate Mark Carney could become prime minister before revealing his assets or potential conflicts of interest.

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The former central banker spent years in global finance, serving as chair of Brookfield Asset Management until last month, but has never been elected to federal office. Conservative and NDP leaders argue that the current rules were not designed for this situation, leaving gaps in transparency around Carney’s bid for the Liberal leadership — and for the position of prime minister.

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“To restore trust and accountability, the Act must be reformed to require all leadership candidates to publicly disclose their business holdings, directorships, and financial interests at the outset of their campaigns,” said Matthew Green, the NDP’s ethics critic.

Green called on Carney to exceed the Act’s requirements.

“Show Canadians where your money is,” said Green, the MP for Hamilton Centre.

Under the Conflict of Interest Act, elected officials must move all financial holdings to a blind trust, ensuring they have no control over the funds. They are also required to publicly disclose certain assets within 120 days of taking office.

However, the law does not require public disclosure of stocks, bonds and foreign currency holdings, which are instead reported privately to the conflict of interest commissioner within 60 days of taking office.

Because Carney has never run for and won a federal MP seat, he has not been subject to these rules.

When asked why he has not proactively shared details about his financial interests, Carney said, “I’m in the middle of a leadership campaign.”

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“I will be subject to all the conflict of interest rules and the ethics rules. I will happily comply with all of them, it’s a straightforward process. That will begin as soon as this process ends if I’m selected as leader of the Liberal Party,” said Carney, speaking to reporters after the Liberal leadership debate on Feb. 25.

MP Michael Barrett, the Conservative ethics critic, said that Canadian voters face “an unprecedented situation.”

“It is clear that we should consider whether leadership contenders in party races should be subject to the same ethics disclosure as sitting Parliamentarians,” he said in a statement.

“This becomes especially important when the current governing party is holding a leadership race, as the winner immediately becomes the prime minister.”

Both parties have pointed to Carney’s relationship with Brookfield as deserving closer scrutiny.

Responding to Green and Barrett’s remarks, Carney’s spokesman, Liam Roche, said, “Mr. Carney has always adhered to the highest standards of integrity and professionalism in his various roles in the public and private sector and while running for the leadership of the Liberal Party of Canada.

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“He is committed to complying with all applicable ethics rules and guidelines to ensure that his previous experience does not create any real or perceived conflicts,” Roche continued.

National Post’s initial review of some of Carney’s speaking engagements, cross-referenced with his board memberships, offers insight into activities he would be privately required to report to the ethics commissioner if he wins the leadership race.

Carney has said that he resigned from “all his positions” on Jan. 15., because, he said, “he is all in for Canada.” He named Brookfield, Bloomberg and his position as U.N. Special Envoy on Climate Action and Finance.

Under the Conflict of Interest Act, if he won the leadership race, he would be required to privately disclose all his professional, philanthropic, charitable, political and non-commercial activities over the previous two years, whether or not they continue.

His list of board memberships could include multinationals like Stripe Inc., a financial services company; positions on Harvard University’s Board of Overseers and Oxford University’s Blavatnik School of Government’s International Advisory Board (he studied economics at both universities); the Rideau Hall Foundation, which supports the governor general of Canada; and Chatham House, a British foreign affairs think tank.

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He would be required to privately disclose any income from at least 14 speeches he gave in 2024 to groups around the world, from China and Brazil. More than half were given in Canada, several were by Zoom, and a few were at organizations devoted to sustainable finance where he was or has been on the board.

Carney also gave another six speeches for which he did not charge speaking fees.

When asked how much Carney received in speaking fees, Roche, his spokesman, did not directly respond.

“As a globally recognized economist and sustainability leader, Mark previously delivered unpaid or paid remarks on economic ideas and a wide range of issues derived from his experience,” he wrote.

When asked about potential conflicts related to his board memberships and speaking engagements, Jennifer Quaid, a law professor at University of Ottawa specializing in corporate accountability and competition, explained that these do not put Carney or any political candidate into a conflict of interest. The regulations only apply if a candidate is elected.

“You just don’t want [an elected official] to be in a position to be on two sides,” she said.

National Post
psonntag@postmedia.com

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