Mark Carney sidelined from at least 17 government deliberations because of corporate conflicts

Last year, after Carney succeeded Justin Trudeau as prime minister and stayed in power through the spring federal election, his office created a “conflict of interest screen.” Administered by top staff in his office, the “screen” is meant to ensure he can’t use his power to benefit companies he worked for before he sought the Liberal leadership in January 2025.

According to a summary posted online by parliament’s ethics watchdog, Carney’s staff are supposed to prevent him from being aware of or participating in “any official matters or decision-making processes” involving the interests of a list of 103 companies. These include Brookfield, the global asset firm where Carney worked from 2020 to 2025, payment processor Stripe, where Carney was a board member for four years, and “any company owned or controlled by them.” 

In a letter to the House of Commons ethics committee last month, which was provided to the Star on Tuesday, the PCO’s deputy cabinet secretary Mala Khanna said Carney’s “screen” had been used 17 times as of May 4 this year. 

The letter was the third Khanna sent to the committee since November, when Privy Council clerk Michael Sabia — facing pressure from opposition Conservatives and Bloc Québécois MPs over Carney’s steps to prevent conflicts — agreed to provide quarterly updates with some details about how the “screen” is being used. 

Khanna wrote that the government could not disclose all details of each time the screen has been used, since Carney isn’t allowed to know about these instances until whatever is being discussed “has been finalized and made public.” Those specified in the letters so far show that Carney has been prevented from being involved in: 

• “Technical amendments” to the Income Tax Act related to cross-border payments and taxation of trusts in other countries, because one of the companies on Carney’s screen had “direct engagement” with the Trudeau government about the changes;
• An unspecified policy impacting “depreciation and taxable income for certain developers and property owners,” which was actively considered ahead of the 2025 federal budget, but never implemented. Carney’s screen was used because the policy could have disproportionately benefitted or impacted unnamed “companies” on the prime minister’s list;
• Four policies from the 2025 budget and this spring’s fiscal update to increase federal loans for housing ownership and rental unit construction, which could have benefitted unnamed companies on Carney’s screen;
• A decision by Finance Minister François-Philippe Champagne to provide up to $3.1 billion to the Canada Mortgage and Housing Corporation so it could “maintain its pace of multi-unit mortgage loan insurance” to support construction of new properties, which could have benefitted companies on Carney’s screen;
• A decision by Natural Resources Minister Tim Hodgson related to an effort by British Columbia’s Powell River Energy — a subsidiary of Brookfield, where Carney was chair of the firm’s global asset management branch — to sell electricity to the U.S. over 30 years;
• Measures unveiled in the spring fiscal update to make it easier for mortgage insurers to support loans for “missing middle” housing stock, like triplexes and fourplexes. Carney wasn’t involved because this could have a “disproportionate impact” on unnamed companies listed on his screen. 

The government also revealed this week that Carney didn’t take part in the creation of the new “Nuclear Energy Strategy,” but did not say exactly why. Charlotte Power, a spokesperson for Natural Resources Minister Tim Hodgson, who was responsible for crafting the strategy, said Carney has a “robust” plan to avoid conflicts of interest and “avoids participating in any discussions or decisions that could inappropriately benefit a company listed on this ethical screen.” 

Power added that Carney “has adhered to this plan at all times and has not been involved in any discussions or decisions regarding the Nuclear Energy Strategy.”

In an emailed statement Tuesday, Conservative MP Michael Barrett said there are serious questions about Carney’s ability to take part in government decisions, given Brookfield’s ties to sectors like infrastructure, energy, real estate and transportation. The Conservatives also argue that Carney should have sold off all his shares in Brookfield, instead of placing them in a blind trust after he became prime minister. 

“Canadians deserve a prime minister who is free to act in the public interest, not someone who profits from decisions his government makes, or is excluded from decision-making because of it,” Barrett said.