An ethics report just called on Mark Carney to sell his investments. Here’s why it likely won’t happen

Conservative MP John Brassard, chair of the House of Commons ethics committee, speaks about the committee's report on the Conflict of Interest Act at a news conference in Ottawa on April 23, 2026. “Individuals with greater decision-making authority should be held and must be held to higher standards,” he said. Photo by Adrian Wyld/The Canadian Press

Article content

Article content

Yet, most of these solutions are very unlikely to see the light of day.

Article content

Article content

The House standing committee on access to information, privacy and ethics unveiled its review of the Conflict of Interest Act on Thursday. It contains 20 recommendations to further strengthen the law, many of which are specifically tailored to deal with Carney’s minefield of potential conflicts given his role in setting policy and regulation that will affect businesses and markets in which he could have an interest.

Article content

Article content

The chair of the committee, Conservative MP John Brassard, said most members agreed there should be more stringent rules for the position of prime minister compared to other MPs, “because individuals with greater decision-making authority should be held and must be held to higher standards.”

Article content

Article content

The recommendations were supported by the Conservative and Bloc Québécois MPs, which for the moment form a majority of members on the committee. The Liberal members co-signed a dissenting report, which essentially rejects the committee’s recommendations.

Article content

“This is a very partisan report that was created to target a single person,” said the committee vice-chair, Liberal MP Linda Lapointe. “We will not let it go through,” she warned.

Article content

The committee heard from a wide range of witnesses, including governance scholars, lawyers, ethics specialists, senior public servants and political staff.

Article content

What does the main report say?

Article content

The committee is calling on the government to amend the Conflict of Interest Act to require anyone who holds the position of prime minister of Canada to sell all assets he or she controls within 60 days of assuming office.

Article content

Article content

Currently, the law requires “reporting public office holders,” such as federal cabinet ministers and parliamentary secretaries, to either sell their assets or put them in a blind trust. Carney chose the latter when he became prime minister.

Article content

Article content

Opposition parties have argued that does not go far enough, since Carney’s recent ties to Wall Street giant Brookfield Asset Management would mean that he could be in a near constant state of conflict of interest. Carney was chairman of the firm, which oversees over US$1 trillion in assets, and continues to hold options and deferred shares linked to its performance.

Article content

They have also raised concerns about him indirectly benefiting financially from a wide variety of government decisions related to Brookfield and its subsidiaries.

Article content

The report says that the law should be amended to ensure that “the prime minister, as a reporting public office holder, is fully divested from their controlled assets through sale, since placement in a blind trust does not constitute true divestment.”

Article content