Brookfield Asset Management and Mark Carney have been targeted by a member of the Conservative Party of Canada who wants Canada’s lobbying watchdog to investigate them.
Conservative doctor Michael Barrett asked the Abuse of Power (Lobbying) Commissioner to “review Carney’s activities” to see if they complied with government rules.
The former central banker recently agreed to advise Prime Minister Justin Trudeau’s Liberal Party on economic policy. Conservatives argued there was a conflict between that role and his work at Brookfield, the global alternative asset manager. Carney serves as Brookfield’s chairman and chief investment officer for the transition, and helped lead the company’s fundraising efforts to invest in clean technology and decarbonization.
Barrett’s letter does not mean the abuse of power watchdog will take action. Carney’s advisory positions concern political parties, not governments, and it is unlikely that his work actually falls under Canada’s Abuse of Power Act. But the complaint is another sign of the political pressure being put on Carney and Brookfield by conservatives, who have a huge lead over liberals in public opinion polls.
The letter says Carney’s political work for the Liberals risks putting government officials in an awkward position in any discussions that might be related to Brookfield. As an example, the MP cited reports that Brookfield had proposed a new investment fund that would take capital from Canadian pension funds and the federal government.
Barrett asked the Abuse of Power Commissioner to open a formal investigation, if necessary, which would extend to “companies and subsidiaries acquired” by Brookfield.
Minister Karina Gould said the Conservatives were simply making “personal attacks.” “There is a reason why world-class Canadians have worked to support the progressive vision of this country,” he told the House of Commons. “But what we see with the Conservatives is that when Canadians or organizations don’t support them, they just attack.”
In a statement sent through a spokesperson, Carney said his work with the Liberals was a voluntary role and that “it is common for all political parties to seek broad input and ideas from outside “.
“I have long balanced my public and private responsibilities with integrity and compliance with all applicable regulations in my various roles, and I am confident that I will also do so in my role as Chairman of the Leaders Task Force economic growth,” Carney said.
In addition to his work at Brookfield, Carney has held several other corporate and philanthropic positions, including chairman of Bloomberg Inc. He is a former governor of the Bank of Canada and the Bank of England, and is the United Nations special envoy for climate action and finance.
(Updated with Mark Carney’s statement.)
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