Parliament’s ethics watchdogs are escalating pressure on Prime Minister Mark Carney to divest his substantial corporate holdings, as MPs move to tighten federal conflict-of-interest rules they say are not only outdated, but dangerously permissive.

The House of Commons Ethics Committee called for sweeping reforms to the Conflict of Interest Act on Friday, urging Parliament to eliminate what Conservatives have labelled the “Carney loophole,” as first reported by Blacklock’s.

MPs take another step to force @MarkJCarney to sell vast stock portfolio with proposal to rewrite ethics law & plug what Conservatives call "Carney loophole."  https://t.co/9cdJMtzyEo #cdnpoli @JohnBrassardCPC pic.twitter.com/ky9sKn11A4

— Blacklock's Reporter (@mindingottawa) December 1, 2025

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The proposed revisions would broaden disclosure requirements, restrict blind trusts, regulate assets held in tax havens, and significantly increase penalties for non-compliance. Notably, the committee also recommends extending the Act to cover political party leaders and leadership candidates; something Carney skirted entirely during his own leadership bid, allowing him to rise from corporate executive to Prime Minister without facing the level of scrutiny such positions would demand under the revised rules.

Committee chair and Conservative MP John Brassard raised alarm over the Prime Minister’s refusal to divest from his extensive corporate interests in a sharply worded Supplementary Opinion.

“Conservatives have serious concerns about the Prime Minister’s unprecedented corporate and shareholding interests,” Brassard wrote, adding that Carney “chose not” to arrange divestment despite available options—choices Brassard says leave “serious, ongoing ethical concerns” hanging over Carney’s tenure.

EXCLUSIVE: I went to Bermuda to find the money Mark Carney hid from the CRA

Until a few weeks ago, Mark Carney was the chairman of Brookfield Asset Management, a massive corporation that manages more than a trillion dollars. It truly spans the globe — just like Carney himself,… pic.twitter.com/a0h3PpKgjb

— Rebel News (@RebelNewsOnline) May 9, 2025

Carney assumed office with approximately $9.8 million in stock options tied to Brookfield Corporation, as well as additional shares in several Brookfield subsidiaries, affiliates, and beneficiary companies, which also hold federal contracts.

Brookfield COO Justin Beber appeared before the committee last month, where he underscored the conglomerate’s vast reach, testifying: “We have over 2,000 businesses that we own as part of our funds and our investment strategy.”

That prompted pointed questioning from Conservative MP Jacques Gourde, who asked whether federal budget decisions could influence Brookfield operations. Beber replied that he was “not close to every single portfolio company,” which, again, emphasizes the firm’s vast scale and influence.

Carney previously chaired Brookfield Asset Management until January 16, when he left to pursue the Liberal leadership. Yet, he did not disclose his full asset portfolio until July 11, months after securing both his party’s leadership and the April 28 general election victory.

Opposition Leader Pierre Poilievre continues to argue that the current legislative framework is wholly inadequate for a Prime Minister with such deep financial entanglements.

“Who does a Prime Minister work for?” Poilievre asked reporters. “You pay his salary. He spends your money. What if he has millions of dollars of financial interests that are opposite your interests?”

Any reforms must shut down this “Carney loophole” once and for all. Canadians should never be asked to trust a Prime Minister whose private financial stakes may run counter to the national interest—especially without full disclosure before an election. Failing to address this issue only leaves Canada vulnerable to insider information abuses and the growing influence of foreign-linked corporate entities.

Ethics Committee Bombshell: Carney’s Brookfield China Ties Exposed

Carney had ties to CCP-linked financiers via his former firm, Brookfield Asset Management.https://t.co/U5awMdsab2

— Rebel News (@RebelNewsOnline) October 28, 2025

Parliament is expected to consider the committee’s recommendations in the coming months, setting the stage for what could become the most significant overhaul of federal ethics law in a generation.