Canada’s top bureaucrat told MPs he unloaded his personal Brookfield stock to avoid any perception of conflict of interest, but said he couldn’t explain why Prime Minister Mark Carney chose not to do the same.It comes as opposition MPs argued Carney stands to make millions through a Brookfield fund registered in the Cayman Islands.“I decided to sell those shares because I am an administrator,” Privy Council Clerk Michael Sabia told the Commons ethics committee. “It was simpler. It was more practical not to spend in Brookfield given the Prime Minister’s position and given my role is to protect the Prime Minister and institutions against the perception of a conflict of interest.”Sabia’s divestment appeared in a November 3 filing with the Ethics Commissioner. Carney, who chaired Brookfield Asset Management until January 16, continues to hold millions in Brookfield-linked funds, mutual funds and shares in more than 100 corporations, including federal contractors..Bloc Québécois MP Luc Thériault pressed Sabia over why he sold his stock if there was no conflict. “You were aware there was a problem,” he said. Sabia repeated that his decision was made solely to “simplify” his work.“It was clear given the role the Prime Minister played in Brookfield, it was clear Brookfield would be an important part of my activities as an administrator,” Sabia said. “To simplify those activities, I decided it would be simpler to sell.”Thériault asked why Carney didn’t follow Sabia’s lead. Sabia replied that the Prime Minister is shielded by an ethics “screen,” which, he said, serves a different function than his own divestment.Conservative MP Michael Cooper highlighted that Carney still draws income from the Brookfield Global Transition Fund — a fund Cooper noted Carney helped create and registered in the Cayman Islands. .“He picked the companies. He knows what the holdings are. He knows what public policy decisions might influence the Fund’s success and therefore his future bonus pay,” Cooper said.He asked Sabia whether he had access to the fund’s holdings as part of his oversight role. “No, I am not,” Sabia replied.Conservative MP Shuvaloy Majumdar argued the Prime Minister’s extensive stock portfolio creates ongoing conflicts Carney hasn’t addressed. “There are so many areas in which the Prime Minister is conflicted based on his holdings,” Majumdar said. “But the Prime Minister has not made the same decisions.”Asked what it says about Carney’s judgment, Sabia answered, “Here we go again.”The ethics committee launched its inquiry into Carney’s stocks after a 170–164 vote in the Commons on October 28. Conservative MP Michael Barrett, who sponsored the motion, said Canadians expect the highest standard from anyone seeking the country’s top office. “We need this transparency,” he said.
