Cabinet members are dismissing criticism of Mark Carney over contradictory statements he made regarding his involvement in relocating Brookfield Asset Management to the US.
However one minister said Carney should explain himself to Canadians, according to Blacklock’s Reporter.
Carney stepped down as head of Brookfield when he announced his Liberal leadership candidacy on January 16. The company last month moved its corporate head office from Toronto to New York, a move Carney said happened after his departure. Yet, documents from previous months indicate Carney did indeed play a role.
“It’s important to have this conversation with Mr. Carney,” said Natural Resources Minister Jonathan Wilkinson.
“But I know he is someone who is very committed to Canada.”
Carney to date has not explained his actions as chair of Brookfield Asset Management Ltd. in moving its head office to the United States.
In a December 1 Letter To Shareholders, Carney said relocation was in their “best interests.” He subsequently claimed the decision was made only after he quit the company January 16 to seek the Liberal party leadership.
“Anybody who knows anything about business knows that boards actually have a fiduciary responsibility to their shareholders,” Wilkinson told reporters.
“I wasn’t in the room. I don’t know what the conversations were but I know Mr. Carney is a man of very high ethics.”
“At the end of the day his job as chairman of a board is to act in the best interests of shareholders.”
“I’m sure he did that. But in terms of the specifics, you’ve got to ask Mr. Carney.”
“What do you think about the fact he recommended moving Brookfield Asset Management’s headquarters to the United States?” asked a reporter.
“I support Mark Carney,” replied Wilkinson.
“I am sure he has done things that are very important for the company and for the people who own this company. But for this question, I believe you have to ask Mr. Carney.”
Industry Minister François-Philippe Champagne would not discuss the Brookfield move.
“In his candidacy for the Liberal Party leadership we have this vision of a resilient Canada, a strong Canada, a Canada that will have an economic presence,” he said.
“What do you think about the fact he recommended moving Brookfield’s headquarters to the United States?” asked a reporter.
“I support Mr. Carney because he has the best economic vision,” replied Champagne.
Conservative MPs have asked that Carney voluntarily comply with the Conflict Of Interest Act and disclose his financial dealings with Brookfield, Goldman Sachs, Bloomberg L.P., Pacific Investment Management Co. and Stripe.com, a retail payment firm. Carney as an unelected person is not obliged to make the disclosures required of MPs.
Prime Minister Justin Trudeau only in 2020 disclosed he collected $1,341,500 in speaking fees from private sponsors including Brookfield in the period from 2006 to 2012. Trudeau as a motivational speaker charged as little as $3,000 per appearance. His fees increased to an average $20,000 following his 2008 election to Parliament.
Trudeau’s sponsors included the Alberta Teachers’ Association, Avant Strategic Communications, Baker Schneider Ruggiero LLP, Burlington Economic Development Corporation, Canadian Association of Food Service Professionals, CIBC Wood Gundy, Credit Institute of Canada, MasterCard Canada, Rogers Media, Sony Computer Entertainment Canada and Toronto Eaton Centre.
The payments were only disclosed after Conservative MPs on the Commons ethics committee threatened to subpoena the records.
