A democracy watchdog warns Prime Minister Mark Carney's extensive private investments, including in Brookfield and over 550 other companies, create an unsolvable conflict of interest.

Carney holds millions in shares across 606 public corporations, including federal contractors, earns book royalties, and declared a record 80 corporate conflicts from his prior role as Brookfield Asset Management chair until January 16.

“It was very unethical for Mark Carney to hide his investments in more than 560 companies for the past four months,” Cory Conacher of Democracy Watch told The Bureau, adding media coverage “failed to cover the conflicts of interest, especially regarding Brookfield.”

Carney's portfolio reveals he 'doesn't believe in investing in Canada,' says Ezra Levant

On yesterday’s episode of The @EzraLevant Show, Ezra Levant examined Prime Minister Mark Carney’s newly released conflict of interest disclosure—a nearly 16-page document detailing… pic.twitter.com/SMMuGCYPNo

— Rebel News (@RebelNewsOnline) July 16, 2025

Conacher warned that Mark Carney’s private holdings risk tainting domestic policy, international relationships, and moral authority, citing Brookfield's business interests around the world.

“This will weaken the government's actions concerning other countries, including countries like China that interfere in Canadian politics and threaten Canada's interests in many ways,” he said.

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The Bureau uncovered Brookfield had over $3 billion in politically sensitive assets tied to Chinese state-affiliated real estate and energy, as well as an offshore banking presence linked to Beijing's foreign influence operations.

The Bureau also investigated Carney's political and business ties in February 2025, revealing ethical conflicts in Ottawa related to global trade, China, and pro-Beijing Western business elites.

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

Disclosures, unveiled July 11, show Carney must recuse himself from decisions involving approximately 100 companies due to conflicts of interest, yet many remain in his "blind trust" investment portfolio. 

Ethics Commissioner filings, spanning 16 pages, detailed extensive stock holdings, predominantly blue-chip American firms, including oil, railway, retail, credit card, airline, and pharmaceutical companies,  according to Blacklock’s.

Democracy Watch states Mark Carney's "blind" trust isn't truly blind as he knows its contents, selects the trustee, can block sales, and gets updates. “... he owns stock options in Brookfield that he can’t sell for years, guaranteeing he stays tethered to these corporate interests.”

On Monday, the watchdog urged Carney to divest his shares and stock options, arguing Ottawa’s "screen" — meant to shield the prime minister from conflicted business decisions — actually "allows him to participate in, and hides his participation in, almost all decisions that affect his investments."

The democracy watchdog referenced the 1987 Parker Commission on conflicts of interest, stating that blind trusts should be banned as ineffective “shams.”

Poilievre rips into Mark Carney for making "false statements" about his purported conflicts of interest and finances.

The Conservative leader calls for Carney to explain himself and place his funds into a truly blind trust. pic.twitter.com/c86OvArWN0

— Rebel News (@RebelNewsOnline) July 14, 2025

Prime Minister Carney claimed a "screen" would prevent preferential treatment, but NorthRiver Midstream lobbied him April 30, and he met Brookfield Infrastructure CEO Sam Pollack May 6, contradicting this claim.

Furthermore, Carney’s election pledges align with major Brookfield investments, including Westinghouse (nuclear), Modulaire (pre-fab homes), and Compass Data Centers/Data4 (AI), all financially benefiting him.

The prime minister holds nearly $10 million in unexercised Brookfield Asset Management stock options as of December 31.

“Canada’s Prime Minister cannot be trusted to make decisions on housing, energy, or AI when his decisions, or those of his Ministers and civil servants, could boost his own future payouts from Brookfield,” Conservative Leader Pierre Poilievre told reporters on Monday.

“Even if he’s not making decisions directly about those companies, broader policy initiatives that advance these sectors will directly benefit his future earnings.” 

Pierre Poilievre holds Mark Carney to account for “selling out” Canada to U.S. President Donald Trump.

“He did it while he was Trudeau’s economic advisor.”

Carney announced financier Brookfield would move its headquarters from Canada to New York City—just days after Trump’s… pic.twitter.com/FDdOhikVhQ

— Rebel News (@RebelNewsOnline) March 2, 2025

The Conservative Party demanded Carney explain why he hid his assets until recently and "sell his holdings so a trustee can invest the cash in a truly blind trust.” Carney did not disclose prior investments, as legally required, until becoming prime minister on March 14.

Opposition MPs have proposed amendments to the Conflict of Interest Act to require all party leadership candidates to be compelled to disclose their assets. 

“I have stood up for Canada,” Carney said three days later. “I have left my roles in the private sector at a time of crisis for our country. I am complying with all the rules.”

His holdings include 574 separate stocks, 91% in U.S.-headquartered companies. Days after then-U.S. President-elect Donald Trump threatened Canada with tariffs, Brookfield announced last October 31 it would relocate to New York.

Carney urged relocation to broaden stock indexes and open the firm to more investors. It came to fruition January 27.