A new report from the House of Commons ethics committee suggests that Prime Minister Mark Carney and other Canadian prime ministers should go beyond placing their investment portfolios in a blind trust and instead fully divest from their assets upon taking office. The committee recommends amending the Conflict of Interest Act to ensure complete divestment, stating that blind trusts do not constitute true divestment.
In addition, the committee proposes amending the law to require public disclosure of high-level holdings categories placed in blind trusts by public office holders, shedding light on the financial interests of top officials and cabinet ministers. The report, though not binding, could spark renewed discussion on Carney’s holdings in companies like Brookfield Asset Management and Stripe, which were placed in a blind trust last year.
While opposition parties support the recommendation, Liberal committee members issued a dissenting report, arguing that blind trusts are effective based on expert testimony. The debate on how to handle the assets of political leaders has been ongoing, with concerns raised about personal holdings influencing decisions and the effectiveness of blind trusts.
The report suggests special rules for the prime minister, requiring the sale of all controlled assets within 60 days of taking office. It also recommends subjecting political party leaders to the Conflict of Interest Act and mandating disclosure of assets to the ethics commissioner promptly. The proposal includes calls for divestment from tax havens and restrictions on investments in companies utilizing tax havens to maintain public trust.
Furthermore, the report advocates for stricter conflict of interest rules for the prime minister and cabinet ministers, proposing non-partisan administration of conflict screens and public reporting of their scope. It also recommends granting discretion to the ethics commissioner for public office holders to engage in outside activities without creating conflicts of interest.
In response to the report, Conservative Leader Pierre Poilievre expressed support for increased scrutiny on the prime minister’s assets and conflicts of interest. Ethics watchdog group Democracy Watch echoed the sentiments, urging Parliament to adopt the recommendations to enhance transparency and accountability. If implemented, the recommendations could lead to significant changes for Carney and other government officials with potential conflicts of interest.