Conservatives say Carney is lying about his role moving investment firm’s office to U.S.

Liberal leadership contender Mark Carney has had a distinguished career, steering two G7 economies through turbulent times and earning praise for his track record as a central banker. His success has led to offers to serve on the board of directors of prominent businesses, non-profits, and philanthropic organizations, including Brookfield Asset Management (BAM), one of Canada’s largest publicly traded companies.

However, Carney is now facing scrutiny for decisions made by BAM during his time as board chairman, particularly the controversial move of the company’s head office from Toronto to the U.S. Despite downplaying his role in the decision, company documents show that the board approved the move in October 2024, with shareholders affirming the decision at a meeting last month.

The Conservatives have criticized Carney for his involvement in the move, accusing him of prioritizing profits over Canadian interests. Carney’s spokesperson defended his actions, stating that BAM remains a significant investor in Canada and that Canadian operations were not impacted by the move.

BAM is a major investment firm with assets in 30 countries across five continents. Carney, who also served as the company’s “head of transition investing,” was well compensated for his role, receiving deferred share units and stock options potentially worth millions of dollars.

While Carney is not required to disclose his financial holdings until after being elected to Parliament, he has committed to complying with ethics rules if elected. The Conservatives have called for immediate disclosure of Carney’s financial interests.

The decision to move BAM’s head office to New York was aimed at attracting more American investors and achieving broader equity index inclusion. The company emphasized that the move was a strategic decision and would not impact its operations or tax treatment of dividends.

Despite Carney’s assertion that the formal decision was made after he left BAM, company documents show that the board unanimously supported the move while he was still chairman. The decision was ultimately approved by shareholders in a virtual meeting in January.

Carney has faced criticism for his role in the head office move, with the Conservatives accusing him of misleading Canadians. However, Carney remains committed to his leadership bid and building a better future for Canada amidst the current crisis.