Carney appointment criticized

Asset management executive tapped to advise federal Liberals on economy

- ANA PEREIRA, TONDA MACCHARLES

Mark Carney's appointment as economic platform adviser to Justin Trudeau has prompted criticism by Conservatives and sustainable finance market watchers who say the executive at Brookfield Asset Management cannot balance his role in the Liberal party's reelection effort with new marching orders at the corporate giant to double its massive trillion-dollar portfolio in the next few years.

Last week, Trudeau named Carney, the former head of the central banks of Canada and England and United Nations envoy on climate change and finance, as chair of a Liberal "leader's task force on economic growth."

On Sept. 10, the same day Carney presented himself at the Liberal caucus in Nanaimo, Brookfield president Connor Teskey told investors the company wants to double its size from $1 trillion assets under management to $2 trillion by 2029 by boosting fundraising and buying new businesses.

Carney remains chair of the board of directors at Brookfield, where he is also the head of transition investing for the company. The Toronto-based multinational is one of the largest investment managers in the world, with holdings in real estate, infrastructure and private equity.

The Liberals say they engaged Carney to "develop new ideas for the next phase of Canada's strategy for near- and longer-term economic growth and productivity."

Because Carney has not been appointed as an adviser to the government, but will report to Trudeau and the Liberal party, he is not a public office holder subject to the federal Conflict of Interest Act, which requires officials to disclose their private interests in the name of transparency and accountability and to ensure any conflicts that arise are resolved "in the public interest."

Critics, including the federal Conservatives, suggest Carney has an overriding duty to act in the financial interests of Brookfield and its shareholders, and that acting in the public interest is not his top priority.