Clerk of the Privy Council Michael Sabia, a senior aide managing Prime Minister Mark Carney's conflict-of-interest screen, was informed early on in his new role that he owned shares in Brookfield Corporation, he told MPs on Wednesday. Unlike Carney, who continues to hold his Brookfield assets in a blind trust, Sabia divested immediately.

The senior public servant made the revelation while testifying before the House of Commons ethics committee's review of the Conflict of Interest Act, in response to questions from Bloc Québécois MP Luc Thériault, the committee's vice-chair.

Sabia is one of two senior public servants, along with Carney's chief of staff, Marc-André Blanchard, authorized to administer Prime Minister Mark Carney's extensive conflict-of-interest screen. Blanchard is scheduled to testify before the committee Thursday afternoon.

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Carney's conflicts at committee - John Brassard poses an excellent question of Michael Sabia. Michael Sabia, the Clerk of the Privy Council, and Marc-André Blanchard, Carney's Chief of Staff are responsible for Carney's conflict of interest screen.

"When a person runs for prime… pic.twitter.com/LfiEWw5ygp

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Sabia's assets have been in a “blind trust” since he became CEO of Quebec's pension fund in 2009, he testified yesterday. He became Privy Council clerk last July and was informed by the ethics commissioner on Sept. 24 that he held Brookfield investments.

Sabia told MPs he decided to divest his shares just 15 minutes after learning he owned them to "better manage" Carney's conflict-of-interest screen. He stated that not divesting "would have raised questions in my own mind about can I actually function in that role?"

When MPs questioned why Carney hadn't divested his Brookfield interests, Sabia responded that the rigorous screening process is why such screens exist, comparing it to private sector standards.

Carney's extensive business ties and potential conflicts of interest have been closely scrutinized since he announced his Liberal leadership bid. He placed all assets except personal real estate into a blind trust, claiming he exceeded legal requirements.

BREAKING: NorthRiver Midstream lobbied Mark Carney on April 30, and he met with Brookfield Infrastructure CEO Sam Pollock on May 6, despite both interactions conflicting with his ethics screen.https://t.co/pm4lUJQrer

— Rebel News Canada (@RebelNews_CA) July 14, 2025

Conservatives insist Carney must divest his assets. Asked by committee chair John Brassard if divestment was necessary for the "highest office of the land" to maintain Canadian confidence, Sabia replied, “To be blunt, I don’t think it’s that simple.”

Sabia also revealed that Carney's potential conflicts have been flagged only 13 times since the screen was applied in July. Notably, Carney met with NorthRiver Midstream lobbyists and Brookfield Infrastructure CEO Sam Pollack soon after the screen's supposed implementation.

Duff Conacher, co-founder of Democracy Watch, argues that "huge loopholes" in current legislation would hypothetically allow Carney to intervene in general industry decisions, like tax credits, which could still benefit Brookfield-owned businesses.

Carney has close corporate ties, holding nearly $10 million in unexercised, unsellable stock options as of December 31. 

His election promises also align with major, financially beneficial Brookfield investments. The Prime Minister has conflicts requiring recusal from decisions involving 103 companies, including Brookfield. His holdings include 574 separate stocks, 91% in U.S. companies.

"If it were going to be taxed in Canada, he wouldn't need to funnel it through Bermuda": Poilievre rips Carney for his business moving its money to a notorious tax haven.

That tax revenue should be funding "our schools and hospitals," the Conservative leader says. pic.twitter.com/AMzb9huzHe

— Rebel News (@RebelNewsOnline) March 26, 2025

For months, Conservative MPs have demanded information on Carney's Brookfield investments, a request the Liberals continue to evade. 

On May 28, MP Michael Barrett questioned if Carney's blind trust investments originated from offshore tax havens. House leader Steven MacKinnon stated the Prime Minister followed all rules. 

On November 7, MP Michael Cooper stated that Brookfield executives, linked to the Prime Minister, were "tantamount to contempt of Parliament" for defying a parliamentary order. Carney's parliamentary secretaries, MPs Rachel Bendayan and Kody Blois, responded in his absence by deflecting with recent job numbers.

A month-long parliamentary inquiry into Carney's stock dealings is underway with a report due November 28. This follows Conservatives demanding, and receiving incomplete, records of all meetings between Carney and Brookfield investors during his New York and London travels (September 21-28).