During leaders’ debate, Carney praised a nuclear firm he bought while at Brookfield

Liberal Leader Mark Carney made headlines during the first leaders’ debate by expressing his support for nuclear energy and mentioning two companies in the sector that he had dealings with during his time at Brookfield Asset Management.

In 2023, Brookfield Asset Management joined forces with uranium mining company Cameco to acquire the Westinghouse Electric Company. The acquisition saw Brookfield obtaining a majority stake of 51% in Westinghouse, with Cameco holding the remaining shares, as reported in a news release.

This acquisition took place within the Brookfield Global Transition Fund, a venture that Carney co-headed during his tenure at Brookfield. Prior to entering politics and assuming the role of Liberal Party leader and Prime Minister of Canada, Carney served as an executive at Brookfield Asset Management from 2020 to early 2025.

During the French-language leaders’ debate on Wednesday, Carney lauded the potential of nuclear energy in Canada. He emphasized that while the federal government oversees nuclear energy in the country, it is ultimately up to the provinces to decide whether or not to invest in this sector.

Carney highlighted Canada’s advantageous position in having natural uranium resources and being home to major nuclear companies like CANDU, Westinghouse, and Cameco. He also touched upon the emerging technology of small modular reactors, in which companies such as Westinghouse are actively involved before being interrupted during his explanation.

Public documents from Brookfield Asset Management revealed that as of December 31, Carney held stock options in the company valued at $6.8 million US. To address any potential conflicts of interest, Carney cooperated with the ethics commissioner upon entering politics, establishing a blind trust to manage his assets, excluding cash and personal real estate holdings.

Political scientist Geneviève Tellier raised concerns about the transparency of Carney’s financial ties to Brookfield and called for more clarity before the upcoming federal election on April 28. She emphasized the importance of disclosing any existing connections to the companies mentioned during the debate.

In response to inquiries, the Liberal Party affirmed that Carney has adhered to all ethical guidelines and regulations regarding his financial interests. They stated that he is a beneficiary of a blind trust, unaware of its current holdings, and has implemented conflict of interest measures to prevent any undue influence on matters related to Brookfield.

Conservative MP Michael Barrett criticized Carney’s lack of disclosure regarding his ongoing financial interests in Brookfield. Barrett suggested that Carney’s remarks during the debate were intended to promote nuclear energy and Westinghouse, potentially benefiting him financially if the company were to receive government funding.

Barrett called on Carney to come forward and disclose all his assets and potential conflicts of interest before Canadians cast their votes. He underscored the importance of transparency in ensuring public trust and accountability in the political arena.