Conservatives Urge Mark Carney to Disclose Assets Before Liberal Leadership Race Ends

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OTTAWA — Conservative politicians are pressing Liberal leadership contender Mark Carney to disclose his financial assets and any potential conflicts of interest before the leadership contest, which concludes in less than three weeks. This push stems from concerns that the current legislative timeline might allow Carney to become the new Prime Minister before submitting the required disclosures.

For months, the Conservatives have raised questions about Carney’s financial ties and his role as an advisor to Prime Minister Justin Trudeau. Given Carney’s extensive career in finance, including his tenure at the Bank of Canada and various international institutions, the Conservative Party seeks clarity on his financial situation and any potential conflicts.

In October 2024, Prime Minister Trudeau appointed Carney to chair a task force aimed at providing economic growth insights and during the COVID-19 pandemic. Now that Carney is competing for the Liberal leadership, the Conservatives argue there should be strict adherence to rules regarding asset disclosures to prevent any conflicts of interest.

The Liberals plan to select a new leader on March 9, 2025. Conservative MP Michael Barrett expressed his frustration on Parliament Hill, stating, “The rules weren’t designed for a situation like this, and would need to be updated to reflect the reality that we find ourselves in.” Barrett emphasized the urgency for Carney to disclose his assets immediately to avoid any ethical concerns.

Carney’s campaign team maintains that he has departed from all corporate boards and professional roles to fully commit to the Liberal leadership race. Emily Williams, a spokeswoman for Carney, pointed out that he left positions such as the chair of Brookfield Asset Management and his role as a special envoy on climate change for the United Nations.

Barrett’s letter to Carney’s campaign highlighted the potential pitfalls of the current disclosure timeline. The Conflict of Interest Act mandates a 60-day submission period with an additional 120 days for signing, allowing a newly elected prime minister to serve for several months before his disclosures are public.

As the race heats up, the Conservative Party’s stance on asset disclosure underscores the tight competition within the Liberal Party. Carney, who previously led the Bank of Canada and has a storied career in finance, often emphasizes his experience in managing the 2008 financial crisis, while facing criticism over his financial ties.

Meanwhile, other contenders in the Liberal leadership race, including former deputy prime minister Chrystia Freeland and Karina Gould, have already disclosed their financial interests. Their transparency sets a precedent for the ongoing debate around asset disclosures and ethical standards.

The Conflict of Interest and Ethics Commissioner’s office clarified that leadership candidates who are not yet Members of Parliament do not need to comply with the Conflict of Interest Code or the Act. However, upon becoming prime minister, they would be required to disclose their assets within 120 days.

Despite legal requirements, Barrett insists on stricter transparency, urging Carney to take immediate steps. “Carney must show transparency on this matter,” Barrett wrote in his letter.

The Conservative Party’s push for asset disclosures reflects a broader need for public confidence and ethical integrity in Canadian politics. As the leadership race continues, ethical considerations remain a central issue for both supporters and detractors.

As Canadians await the outcome of the Liberal leadership race and consider the implications of appointing a new Prime Minister, questions about transparency and ethical standards will undoubtedly shape the political discourse.