According to the Investigative Journalism Foundation, Prime Minister Mark Carney's investment portfolio comprises 567 entities, with only three being Canadian firms.

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.

Among his stocks, 91% are in U.S.-headquartered companies.

Prime Minister Carney’s conflict-of-interest screen categorizes firms based on those he managed (like Brookfield Asset Management, where he was board chair), Brookfield portfolio companies that are federal lobbyists, and Brookfield-associated companies identified by the ethics commissioner where Carney had no official role or financial interest.

Carney claims the screen would “prevent … preferential treatment” to those companies in his official duties; however, his 567-entity “blind” trust was not subject to a “screen”.

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Of eight controlled assets in Carney’s “blind” trust, five are Canadian; the remaining three—Stripe, Cultivo Land, and Watershed Technology—are American.

Only three Canadian firms—Canadian Natural Resources, Canadian Pacific Kansas City, and Lululemon Athletica, Inc.—are among these third-party managed investments.

In addition, most of Carney’s past management roles were also American, with only two Canadian entities out of 25 screened: Brookfield Renewable Partners and Entropy (a Brookfield strategic investment). 

IJF learned that of 74 Brookfield-related entities screened by the Office of the Conflict of Interest and Ethics Commissioner, nine are Canadian, 19 are UK (mostly renewable energy), and 22 are American.

Of 673 entities included in the July 11 ethics disclosure, 81% (550) are U.S.-owned, making the U.S. the most common country by headquarters. Holdings include Airbnb, Microsoft, and Wells Fargo.

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—two weeks after he left Brookfield Asset Management as chair.

One expert told the IJF that exposure of Carney’s corporate ties is “not necessarily unethical or against ethics policy, but it could draw political scrutiny.”

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.

An ethics screen was applied to Mark Carney to avoid conflicts, as is standard practice by the Conflict of Interest Commissioner. Brookfield Infrastructure CEO Sam Pollack lobbied him May 6, contradicting this claim.

“I have stood up for Canada,” Carney said March 17. “I have left my roles in the private sector at a time of crisis for our country. I am complying with all the rules.”

Prime Minister Carney’s American-dominated investments reflect a trend of weak domestic investment, an issue that has gained renewed attention amid rising trade uncertainty. 

Notably, Canada backpedaled most U.S. counter-tariffs in an April 16 mid-election notice, which entered into effect after the election on May 7. 

Carney has repeatedly emphasized that Canada’s relationship with the U.S. is evolving. He advocated for expanding trade beyond the U.S. to foster economic growth and safeguard national sovereignty.

Irish companies are the second-largest group after the U.S., with 11 firms (2%), followed by the U.K. with six companies (1%). Carney renounced his Irish and U.K. citizenships, prior to becoming prime minister in March.

Democracy Watch’s Cory Conacher stated that Carney's private holdings, particularly Brookfield's global interests, could compromise domestic policy, international relations, and moral authority.

The prime minister holds nearly $10 million in unexercised Brookfield Asset Management stock options as of December 31. His Brookfield stock options, unsellable for years, tie him to corporate interests.