Mark Carney Places Assets in Blind Trust Amidst Calls for Transparency

Newly selected Liberal Party Leader Mark Carney has announced through a spokesperson the placement of his financial assets—excluding cash and personal real estate—into a blind trust. According to Audrey Champoux, a spokesperson for Carney, a signed blind trust document was sent to Ethics Commissioner Konrad von Finckenstein shortly after Carney secured the party's leadership. Carney’s team emphasized they have collaborated closely with the ethics commissioner to establish a comprehensive conflict-of-interest management plan.

Currently, apart from the blind trust, Carney maintains ownership only of personal real estate and cash holdings. Details regarding the exact value of his assets or specifics of assets divested remain undisclosed. Additionally, there were no precise disclosures made about what potential conflicts of interest are managed under this arrangement.

The Conservatives have urged Carney to proactively share details of his potential financial conflicts, emphasizing concerns regarding transparency. Conservative MP and ethics critic Michael Barrett highlighted the necessity for greater openness, arguing that Canadians deserve insights into Carney's assets and potential conflicts. Barrett criticized the use of a blind trust, claiming it leaves Canadian citizens uninformed about the politician's financial interests.

According to Michael Wrobel from the ethics commissioner’s office, confidentiality provisions within the Conflict of Interest Act limit publicly releaseable information. Wrobel confirmed only that communications between Carney’s team and the commissioner had occurred, without divulging specifics.

Under existing federal law, public office holders have up to 60 days after assuming office to submit a confidential details report to the ethics commissioner, outlining liabilities, income sources, charitable involvement, and any other necessary details. There is also a requirement to publicly declare assets and outside activities within 120 days, subject to certain exemptions.

Before assuming the party leadership, Carney stepped down from various senior private-sector positions in January. This included roles such as vice-chair with Brookfield Asset Management, chair of Bloomberg LP’s Board, positions at payment processor Stripe Inc., and advisory duties with investment giant PIMCO, in addition to stepping down as a UN Special Envoy and co-chair of the Glasgow Financial Alliance for Net Zero (GFANZ).

Duff Conacher, co-founder of advocacy group Democracy Watch, contested the effectiveness of blind trusts for senior officials. He called such trusts a "sham façade," expressing skepticism regarding their ability to prevent real conflicts of interest since the politician would still be generally aware of their investments and assets.