Tories Challenge Carney’s Claim of Not Influencing Former Firm’s Decision to Move to US

February 27, 2025 TruthUSA

Former central banker and Liberal leadership candidate Mark Carney has faced criticism from the Conservatives for allegedly not being transparent about his involvement in his former firm relocating its head office to the United States.

Prior to entering the leadership race in mid-January, Carney held various corporate positions, including serving as the chair of the board at investment firm Brookfield Asset Management (BAM).

The company announced in an October press release that it had moved its head office from Toronto to New York as part of a larger restructuring effort to facilitate broader equity index inclusion, particularly in the U.S.

At the time of the announcement, Carney was still serving as BAM’s chair. During a press conference after the Liberal leadership debate on Feb. 25, reporters asked him about his approval of the decision to relocate the head office and what it indicated about his dedication to growing Canada’s economy.

Carney responded by stating that he had resigned from his corporate and United Nations positions before entering politics because he is fully committed to Canada and its prosperity during times of crisis.

He clarified that the decision to move the head office was made after he had left the board of directors.

The Conservatives allege that Carney has not been truthful about his involvement in the relocation, citing the press release from BAM and a letter from Carney to shareholders indicating board approval of the corporate restructuring known as the “arrangement.”

Dated Dec. 1, 2024, Carney’s letter states that the board believes the “arrangement” will allow BAM to access significant capital resources.

The letter emphasizes the feedback from investors encouraging BAM to position itself for inclusion in major global stock indices, notably in the U.S. According to the Tories, who obtained and shared the letter on social media, Carney personally endorsed and recommended the move from Canada to New York City.

The Conservatives question the move, especially in light of potential tariff threats from the U.S. and Carney’s expressed desire to boost Canada’s economy.

Carney’s campaign team suggests that the Conservatives are raising this issue out of fear of competing against Carney.

Carney’s spokesperson, Liam Roche, informed The Epoch Times that BAM’s corporate changes are primarily technical in nature. Roche clarified that Canadian operations were unaffected by the move and underscored that BAM remains a significant investor in Canada, with its parent company, Brookfield Corp., still headquartered in Toronto.

While attempts were made to reach out to Brookfield Asset Management for comment, no response was received before the publication deadline.

Carney leads the Liberal leadership race, having garnered substantial financial support and endorsements from within the Liberal cabinet and caucus.

Recent polls suggest a surge in Liberal popularity compared to the Tories since Prime Minister Justin Trudeau announced plans to step down once his successor is chosen.

Liberal leadership voting began on Feb. 26, with the new leader set to be announced on March 9.

If Carney emerges victorious, he would be an uncommon unelected prime minister and would need to contest in a by-election or general election to secure a seat in the House of Commons. Carney has not disclosed his intentions regarding the immediate dissolution of Parliament if he wins.

Parliament reconvenes on March 24 for prorogation, and all opposition parties have signaled their intent to vote no-confidence in the government.

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