A divided Commons ethics committee is calling for the prime minister to be forced to sell off millions in personal stock holdings, setting off a partisan clash in Ottawa over what critics have dubbed the “Carney loophole.”Blacklock's Reporter says in a newly released review of the Conflict of Interest Act, the committee recommended tighter rules for top decision-makers, arguing that current provisions allowing blind trusts may not go far enough. The report suggests individuals with significant authority — including the prime minister — should face stricter requirements to avoid even the appearance of conflicts.Current law permits cabinet ministers to keep private investments if they are placed in blind trusts. But Prime Minister Mark Carney faced scrutiny after withholding details of a vast stock portfolio during his 2025 Liberal leadership bid. His holdings reportedly spanned more than 600 companies, including federally regulated firms and government contractors such as Canadian Pacific and Mastercard.Carney only disclosed the full extent of those assets on July 11, after the Liberals secured re-election and Parliament had already risen for the summer..Conservative leader Pierre Poilievre has repeatedly criticized the arrangement, arguing Canadians deserve to know whether the prime minister’s financial interests conflict with public policy decisions.“Who does a prime minister work for?” Poilievre said previously. “You pay his salary. He spends your money.”The committee’s recommendations go beyond the prime minister, proposing mandatory asset disclosure for all federal party leaders — even those without seats in Parliament — and a ban on investments in companies that use offshore tax havens. The report specifically referenced holdings linked to Brookfield Asset Management, where Carney reportedly held the equivalent of $9.8 million in stock options upon taking office, along with shares in subsidiaries registered abroad.The review also calls for expanded powers for the ethics commissioner, including the authority to launch investigations when conflicts appear likely and to impose steeper financial penalties. Under current rules, fines are capped at just $500. Conservatives have previously proposed increasing that limit to $50,000.Liberal members of the committee issued a dissenting opinion, rejecting the report in its entirety and accusing the majority of crafting rules aimed at a single individual rather than pursuing broad, lasting reforms.“The majority’s recommendation to require mandatory sale for prime ministers is a rule built around one individual,” Liberal MPs wrote.The ethics review itself was triggered by a narrow 170-164 vote in the House of Commons last October, a vote Carney missed while traveling abroad.
