A federally appointed defence procurement executive is under scrutiny after disclosures revealed he holds investments in dozens of major corporations, including firms subject to federal regulation, even as he oversees military contracting.Blacklock's Reporter says Doug Guzman, a former executive with Royal Bank of Canada, reported extensive stock holdings in an ethics filing tied to his role as head of the Defence Investment Agency. The disclosure has raised questions about potential conflicts of interest, particularly given the agency’s mandate to manage billions in defence-related spending.In filings submitted under the Conflict of Interest Act, Guzman said he established a conflict-of-interest screen and placed his investments in a blind trust to prevent any improper benefit to himself or former associates. He also confirmed divesting from Royal Bank shares, along with certain holdings linked to Toronto-Dominion Bank and Hydro One.However, his March 18 disclosure lists a wide range of remaining holdings, including stakes in Bank of Montreal, Scotiabank, Brookfield Asset Management, Cameco, Cenovus Energy, Canadian Natural Resources, Loblaw Companies, Rogers Communications, Suncor Energy, Teck Resources and Unilever.Guzman, who acknowledged he has no military background, defended his appointment during February 10 testimony before a Commons committee, arguing his experience in banking and managing large organizations would translate to defence procurement. .He said his role would focus on bringing a new approach to how Canada equips the armed forces.His lack of defence credentials drew criticism from Conservative MP Jeff Kibble, who pressed Guzman repeatedly on his qualifications. Guzman conceded he has “less defence experience” than in other areas and confirmed he has no military experience.Despite that, Guzman said he played a significant role in shaping the government’s defence investment strategy and acknowledged he had expressed interest in the position directly to Prime Minister Mark Carney, describing him as a former banking colleague from their time at Goldman Sachs.Guzman’s appointment, effective October 1, comes with a salary of $679,100 annually, making it the highest-paid federal appointment and roughly double the compensation of the finance minister.
