OTTAWA—Conservative Leader Pierre Poilievre holds personal investments that include the same company his party has repeatedly criticized in its attacks on Liberal Leader Mark Carney, his campaign revealed.
In the opening days of the federal election, Poilievre and the Conservatives have hammered Carney over his former role as chair of Brookfield Asset Management, a major part of the global investment firm, Brookfield Corporation.
Among the Conservatives’ allegations is that Carney — as chairman of the asset management branch of the company from 2022 until January of this year — profited from the firm’s incorporation of funds in Bermuda, widely regarded as a tax haven. The Conservatives also blame Carney for claims against Brookfield subsidiaries, including businesses it owns in the United States that have allegedly denied medical insurance claims and engaged in “union busting.”
None of the companies, including Brookfield Corporation, has responded to the Star’s questions about the allegations this week.
On Thursday, Poilievre demanded Carney disclose known details of his personal investments before the Liberal leader — who was named prime minister on March 14 — put them in a blind trust. Poilievre also said he would disclose his own investments, after he sold his previous holdings in exchange-traded funds (ETFs) that consisted largely of shares in American and other foreign companies.
According to a list provided by Conservative campaign spokesperson Sam Lilly, Poilievre now has undisclosed amounts of money in the Vanguard FTSE Canada Index ETF, as well as in Purpose Bitcoin, a registered Canadian ETF.
The Vanguard ETF consists of investments in dozens of companies, including Brookfield Corporation and Brookfield Asset Management.
In a statement to the Star, Lilly said Poilievre does not hold individual stocks in Brookfield, and that he does not control the contents of his ETFs.
“Mr. Poilievre has attacked Mark Carney and his former company for their shady and immoral business practices,” Lilly’s statement said. “Mr. Poilievre is clearly putting Canada first and ahead of any personal financial interest.”
Brookfield Corporation did not respond Friday when asked about this statement.
Marius Zoican, an associate professor of finance at the University of Calgary’s Haskayne Business School, explained that an ETF is a “basket” of different stocks for investors to buy in a single purchase. Given Brookfield’s status as a major company on Canadian stock exchanges, it would be difficult, if not “impossible,” for those investing in Canadian ETFs to avoid the company, he said.
Several major Canadian ETFs include Brookfield, including funds set up by BlackRock, Fidelity, and the Royal Bank of Canada. The Ontario Teachers’ Pension Plan, the retirement pool for more than 343,000 people in the province, says it has more than $250 million investment in Brookfield’s Global Transition Fund.
“The vast majority of Canadians who are in the stock market these days, they hold Brookfield through these ETFs,” Zoican said, adding that he checked his own ETFs Friday and confirmed that he also owns shares of the company.
Zoican also rejected any suggestion that owning Brookfield stocks is morally questionable, noting there are no allegations that the company has done anything illegal and that most corporations by nature try to maximize their profits.
Stephen Foerster, a finance professor at Western University’s Ivey Business School, agreed that — from an investing perspective — “there’s absolutely nothing sinister” or “unpatriotic” about having money in Brookfield.
“A big, fat nothing-burger is how I would describe it,” said Foerster, referring to the attention Brookfield has received on the campaign trail.
Under pressure to disclose his assets, Carney has said he has placed all his holdings except for cash and personal real estate into a blind trust. He also said this week that he set ”screens” administered in the Prime Minister’s Office to avoid any conflicts of interest with Brookfield and Stripe, a payment processor company where Carney also served on the board.
