$6.8 million in stock options. An ethics screen covering just 5% of Brookfield’s companies. Three meetings with executives after his swearing-in. Every major policy aligned with Brookfield’s investments. The Ethics Commissioner confirmed it under oath. Under Canadian law, the appearance of a conflict alone is enough to demand answers.
The question is not whether Carney committed a crime. The question is whether a reasonable Canadian citizen would see a problem. Under Canadian law, that’s enough.
A conflict of interest exists when a person’s personal interests influence — or seem to influence — the objectivity of their official decisions. It undermines the integrity of decision-making whether the conflict is real, potential, or merely perceived.
Canadian law does not require proof of wrongdoing. The appearance alone triggers the obligation to act. The Conflict of Interest Act and the Supreme Court both establish this standard clearly.
It covers 103 entities — just 5% of the roughly 2,000 companies Brookfield owns. The people managing it can be fired by Carney. One of them held Brookfield shares himself.
The Conflict of Interest and Ethics Commissioner designed the screen after Carney’s mandatory disclosures upon taking office in 2025. Day-to-day responsibility falls on Marc-André Blanchard (Chief of Staff) and Michael Sabia (Clerk of the Privy Council). They must filter files, meetings, and communications to ensure Carney deals with no matter connected to Brookfield’s screened entities or the 500+ companies in his blind trust.
The screen covers only 103 of approximately 2,000 Brookfield companies — roughly 5%. The other 1,900 Brookfield-owned companies are not covered.
Privy Council Clerk Michael Sabia himself held Brookfield shares until September 24, 2025. He sold them after learning of the conflict. Sabia acknowledged under oath that he does not possess the list of investments in the Brookfield Global Transition Fund — the fund that determines Carney’s future pay. He is screening blind.
Both Blanchard and Sabia can be fired by Carney for any reason, giving them a structural incentive to act in the PM’s interest. The Commissioner’s enforcement powers are widely considered inadequate: fines for disclosure errors are typically $200.
An ordinary federal official must sell shares immediately if there is a conflict. Carney keeps options worth $6.8M USD, expiring in 2033. One rule for the powerful.
Before entering politics, Mark Carney was VP at Brookfield Asset Management for approximately 5 years. His title: Head of Transition Investing, overseeing a platform of more than $100 billion. Upon departure in January 2025, he held $6.8 million USD in Brookfield stock options, according to Brookfield’s SEC 10-K filing as of December 31, 2024.
The gain mechanism is straightforward: if Brookfield’s stock price exceeds the exercise price, Carney profits by buying shares at the discounted price and reselling at market value. The better Brookfield does, the more Carney makes.
Beber confirmed under oath that Carney could have liquidated his Brookfield assets upon departure. He chose not to. Every government decision that benefits Brookfield has the potential to increase the personal wealth of the Prime Minister.
Three documented meetings with Brookfield executives after his swearing-in. One the Commissioner didn’t know about. One that didn’t trigger the screen. And trips where Carney refused to say who he met.
The Chief of Staff was unable to explain who monitors the texts and calls of Carney with Brookfield-connected individuals. A tax credit benefiting Brookfield was passed without the Ethics Commissioner being informed.
Five major government policies. Five sectors where Brookfield is massively invested — often via acquisitions Carney himself made while at the firm.
Brookfield holds $30B in Indian assets, targeting $100B by 2030. Carney flew to Mumbai, met Brookfield’s JV partner Ambani, then signed an energy deal with Modi days later.
Every time Canada exports natural gas, it flows through pipelines. Brookfield owns those pipelines. More LNG exports = higher Brookfield revenue = higher Carney compensation.
NorthRiver Midstream — owned by Brookfield — operates 19 natural gas processing plants and 3,550 km of gathering pipelines in northeastern BC and Alberta. This is the infrastructure that feeds Canada’s LNG export terminals.
Inter Pipeline — also Brookfield-owned — is Alberta’s major petroleum transportation network. Inter Pipeline lobbied Carney’s office directly after his swearing-in.
On March 2, 2026, Carney signed the Strategic Energy Partnership with India, committing Canada to 50 million tonnes of LNG per year by 2030. Two projects fast-tracked through the Major Projects Office.
Carney was simultaneously Chair of Brookfield and economic advisor to Trudeau. No ethics rules applied. He traveled to Beijing. Three weeks later, Brookfield got $276M from the Bank of China.
The IT system managing your EI costs $6.6 billion — 312% over budget. Its main suppliers have direct financial links to Brookfield.
IBM Canada is the main Cúram supplier. IBM chose Brookfield Annuity — a direct Brookfield subsidiary — to manage $1.5 billion in pensions for its Canadian employees. Dual role: federal supplier + Brookfield financial partner.
Accenture is the second supplier ($94M in federal contracts). Accenture is a tenant in Brookfield buildings in India and specifically recruits Cúram developers in India.
Carney appointed a BlackRock executive to one of the most powerful trade positions in Canada. BlackRock is not Brookfield’s competitor — it’s their co-investor and shareholder.
Glenn Purves was appointed Deputy Minister of International Trade on March 4, 2026. His previous role: Global Head of Macro Research at the BlackRock Investment Institute (Jan 2025–Mar 2026). That’s 13 months at BlackRock, then straight into the highest levels of the federal government.
At the 2024 G7 Summit, BlackRock, Microsoft, and Brookfield jointly committed to unlock public and private capital for sustainable infrastructure investment through a shared partnership.
Has Purves recused himself from decisions involving BlackRock or its co-investors? The answer is not public.
The documented record, distilled.
It is your right — our collective right — to be certain that the Prime Minister of Canada governs for us, not for himself and his former employer.
These are documented facts, sworn testimonies, and primary sources. Not partisan politics. A structural question that Canadian law itself recognizes as problematic.