Canada’s highest office scrambles to manage all of Carney’s conflicts of interest

The former central banker turned prime minister faces controversy over his business ties as officials attempt to address conflicts of interest, with concerns over ethical safeguards for recent legislation fast-tracking industrial projects.

 

The Canadian Press / Adrian Wyld

Prime Minister Mark Carney’s private business ties are under scrutiny as federal officials scramble to “manage all the conflicts” linked to his and his wife’s financial interests.

Deputy Privy Council Clerk Christiane Fox revealed this effort during recent testimony, admitting close collaboration with the PM’s Office to address Carney’s declared conflicts as reported by Blacklock’s.

Details, however, remain scarce.

Before securing the Liberal leadership on January 15, Carney held high-profile roles at Bloomberg L.P., Goldman Sachs, Brookfield Asset Management, and Stripe.com.

His wife, Diana, served as a senior advisor for Eurasia Group and Terramera Inc., the latter receiving $3.2 million in federal agriculture grants.

Mark Carney’s role as chair of Brookfield Asset Management raises serious financial questions, especially since he held $9.8 million in stock options. Brookfield is not only the largest landlord in Toronto, but also owns Westinghouse Electric Canada, a federal contractor, raising further financial red flags.

At the Commons transport committee, Conservative MP Shannon Stubbs pressed cabinet on Bill C-5, which allows Carney’s team to fast-track industrial projects “in the national interest.” When Stubbs inquired about ethical safeguards for the PM, silence followed.

Intergovernmental Affairs Minister Dominic LeBlanc deflected, citing the Ethics Commissioner, and Fox reiterated that conflicts are being managed.

“I just wanted to say quite clearly that at the Privy Council Office we are working very closely with the Prime Minister’s Office to manage all of the conflicts that he has declared, and that is operationalized within communications between the Privy Council Office and the Prime Minister’s Office,” she said. “That would relate to anything including this bill.”

Stubbs pointed out that the ministers responsible for handling the potential conflicts seemed uninformed.

Carney’s response to questions about his investments has been dismissive. On March 17, he told reporters, “I am complying with the rules,” brushing off concerns with, “Look inside yourself,” as he was pressed by CBC’s Rosemary Barton.

He accused journalists of assuming “conflict and ill will,” framing his private sector exit as a sacrifice for Canada.

“Your line of questioning is trying to invent new rules,” he snapped.

Canadians deserve better than deflections. With Carney’s extensive corporate ties and a bill granting broad project approval powers, transparency is non-negotiable. The PM must address these concerns head-on, not hide behind vague and empty assurances. Ethical governance demands clarity, and trust is earned through openness, not rhetoric.

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Tamara Ugolini

Senior Editor

Tamara Ugolini is an informed choice advocate turned journalist whose journey into motherhood sparked her passion for parental rights and the importance of true informed consent. She critically examines the shortcomings of "Big Policy" and its impact on individuals, while challenging mainstream narratives to empower others in their decision-making.

COMMENTS

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  • Fran g
    commented 2025-07-07 18:49:24 -0400
    Marx Carnage, I believe, lives in a fantasy, where he believes he is better than anyone else. He, in his own mind, is above any questions from pee ons. He is truly a phycopath, sociopath, monster unfortunately running our Canada. This will never be his Canada.
  • Bernhard Jatzeck
    commented 2025-06-19 21:01:39 -0400
    There will be a lot of lumpy carpets in Ottawa pretty soon……