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.