Ethics commissioner publishes list of PM Carney's investments

The investments that Prime Minister Mark Carney held before handing them over to a blind trust have been publicly disclosed by the ethics commissioner.

During the election campaign, opposition parties accused Carney of trying to take advantage of an ethics loophole and hiding his financial assets.

According to the Conflict of Interest Act, Carney didn't have had to divest his assets until 120 days after becoming prime minister. The rules are meant to prevent office holders from making decisions that might benefit themselves.

Carney put his assets into a blind trust shortly after winning the Liberal leadership but before being sworn in as prime minister. A blind trust means those assets are handled by a trustee who has the legal authority to manage them but who is barred from seeking input from Carney.

Opposition parties still demanded that Carney disclose what assets he held before divesting. On Thursday, the ethics commissioner posted a summary of Carney's financial assets that were placed into the blind trust — but it is unknown if those assets have changed since then.

According to the filing, Carney held assets in Brookfield Asset Management and Stripe, Inc. — he previously sat on the board of directors for both companies.

The value of those holdings are not disclosed, but according to Brookfield Asset Management's 10-K report filed with the U.S. Securities and Exchange Commission, Carney had $6.8 million US worth of unexercised stock options as of Dec. 31 — the value of which has fluctuated since.

In addition, Carney held assets in an advisory firm and two environmental companies. He also had a self-administered RRSP and a wide variety of shares in an investment fund managed by a third party.

The prime minister has said that the only assets he's kept out of the blind trust are some cash, a cottage and the family home.

In addition to a list of assets, the ethics commissioner also lists a number of gifts Carney has received since taking office that the prime minister is required to disclose. 

Included in the list of gifts are two hockey jerseys. One he received from the Edmonton Oilers when he attended a team practice in March. The other is a Washington Capitals Jersey he was gifted by U.S. President Donald Trump during a trip to the White House.

Carney was also given some alcohol by French President Emmanuel Macron and an engraved bowl from U.K. Prime Minister Keir Starmer. Carney visited both leaders shortly after taking office in March.

Ethics screen on Brookfield, Stripe

The disclosure provides details about the screen designed to prevent Carney from making decisions to the benefit of his former employers.

The screen is administered by Marc-André Blanchard, Carney's chief of staff, and Privy Council Clerk Michael Sabia. They're tasked with ensuring Carney is not made aware of and does not participate in "any official matters or decision-making processes involving" Brookfield and Stripe, the disclosure said.

"This screen will prevent me from giving preferential treatment to any of the companies while I exercise my official powers, duties and functions as a reporting public office holder," Carney said in the disclosure.

It also notes he can take part in discussions or decisions that affect the companies if they are "a member of a broad class of persons."

Under the Conflict of Interest Act, the prime minister, cabinet ministers and parliamentary secretaries are not allowed to own controlled assets. 

But backbenchers and opposition MPs fall under a different set of rules known as the Conflict of Interest Code. While they must recuse themselves from debates and votes on questions where they have a private interest, they can continue to directly own stocks, bonds and other controlled assets.

Carney isn't the first prime minister whose publicly traded assets have been shielded from view. 

When former Liberal prime minister Justin Trudeau entered politics, he declared his company JPJT Canada and an interest in a numbered company that owned a property. But his publicly traded assets were held within a separate numbered company, and later within a blind trust.