Carney admits conflicts, will “probably” recuse himself on some files

Just one day after lashing out at reporters for asking about potential conflicts of interest, PM Carney admits he will “probably” have to recuse himself from decisions on certain files.

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Just one day after lashing out at reporters for asking about potential conflicts of interest, Prime Minister Mark Carney admits he will “probably” have to recuse himself from decisions on certain files due to conflicts of interest.

During a press conference on increasing defence spending in Iqaluit, Nun., Carney was grilled again about his potential conflicts of interest.

He was asked if there were any files he would have to recuse himself from like former prime minister Paul Martin had previously done when he led the Liberal government. At first, Carney answered a completely separate question, though he later admitted he had misunderstood the question posed to him in French.

After pressure from the reporter, he admitted that he would have to recuse himself from certain decision-making conversations that touched on areas in which he was conflicted.

“Yes. We are having discussions, and a trust has been created. And along with the Ethics Commissioner, probably some screens will be put in place,” Carney said. This was similar to what Mr. Martin did when he was prime minister.

Martin owned Canada Steamship Lines. Like Carney, he put his assets into a “blind trust” but later had to commit to leaving the room when decisions that touched on the industry in which he had financial interests were taking place.

“My assets have been put into a blind trust well in advance of the requirements. So they’ve been disposed of. But what happens is that there’s a discussion with the Ethics Commissioner for certain screens around certain issues, and that’s a process that is underway,” Carney said. “It’s a natural process, and of course, it’s part of the way our system works. And I very much respect the system and those screens become public as they’re developed.”

When asked why he didn’t disclose those conflicts proactively, he referred the responsibility to Canada’s Conflict of Interest and Ethics Commissioner.

“That’s a question for the Ethics Commissioner if there is anything that has a major impact, then it’s clear there will be a screen,” he said. “I can say we are working quickly. I’m working quickly when it comes to those issues.”

He added that the prior Conservative government set out the timeline he is abiding by, which Conservative Leader Pierre Poilievre was part of. Though Conservatives have called for the rules to be changed in light of Carney’s likely conflicts of interest.

Conservative MP and ethics critic Michael Barrett was in Ottawa Tuesday, calling for Carney to disclose what assets he had that went into his blind trust before being sworn in as prime minister.

Recent reports found that Carney held $6.8 million in Brookfield Asset Management Ltd. stock options before quitting the company he chaired.

Brookfield’s annual report shows that Carney held 209,300 stock options at $35.13 each and 200,000 options at $40.07 each on Dec. 31, 2024. He’s entitled to $6.8 million in stock options until 2033 or 2034.

Brookfield did not respond when asked if Carney had been paid those assets.

Conservative’s renewed calls for Carney to come clean with Canadians on his conflicts of interest following his admission in Iqualat on Wednesday.

“Mark Carney now admits to potential conflicts of interest. He needs to fully disclose his financial interests and all conflicts,” CPC Deputy Leader Melissa Lantsman said on X. “Nothing less. Canadians deserve to know before they cast a ballot.”

In a video released on social media, Barrett echoed the calls for Carney to disclose his assets prior to Canadians casting a ballot in the next federal election. He noted that Carney “got very defensive” on the topic just a day before changing his story.

“If Mark Carney does have conflicts that need to be managed, that means that he won’t be part of discussions or decisions that touch on the areas that he would be conflicted,” Barrett said. “Brookfield asset management, where he’s heavily invested deals in all sorts of federally regulated areas, including in green energy, something that Mark Carney is going to push.”

Barrett said Carney is a proponent of the carbon tax and green technology and would have to excuse himself from the room any time those topics are discussed in his government.

“Canadians should be able to very simply look up what his disclosure is, but he’s waiting until after there’s an election,” he said. “if he’s got nothing to hide, he could come clean today and tell Canadians, what he’s putting into his blind trust what these conflicts of interests are, but it seems like Mark Carney doesn’t think that you need to know.”