During the first leaders’ debate on Wednesday, Liberal Leader Mark Carney praised nuclear energy and named two companies in the sector with which he did business during his tenure at Brookfield Asset Management.
In 2023, Brookfield formed a partnership with uranium mining firm Cameco to purchase the Westinghouse Electric Company. Brookfield Asset Management acquired 51 per cent of Westinghouse while Cameco got the rest, according to a news release.
The purchase was made within the Brookfield Global Transition Fund, an investment fund that was co-headed by Carney at the time. He was an executive at Brookfield Asset Management from 2020 until early 2025, when he entered politics and became leader of the Liberal Party and prime minister of Canada.
During Wednesday’s French-language leaders’ debate, Carney praised nuclear energy in response to a question from host Patrice Roy. In Canada, nuclear energy falls within the jurisdiction of the federal government, which invested hundreds of millions of dollars in the sector earlier this year.
“It’s a great opportunity,” responded Carney, adding it’s up to the provinces to decide whether or not to invest in nuclear power.
“We have a great advantage here in Canada. We have uranium, that’s one of the advantages. We have major nuclear companies including CANDU, Westinghouse and Cameco,” he said.
Carney then began talking about “small” modular reactor technology in which several firms including Westinghouse are active, but he was interrupted.
According to documents made public by Brookfield Asset Management, as of Dec. 31, Carney had stock options in the firm worth $6.8 million US.
Carney has repeatedly explained that he co-operated with the ethics commissioner when he entered politics to establish a blind trust to hold all of his assets except cash and his personal real estate holdings. In addition, Carney established anti-conflict of interest screens as prime minister to avoid intervening in matters affecting Brookfield.
Carney facing calls for more transparency
Political scientist Geneviève Tellier said she wonders whether some of Carney’s assets are still linked to his time at Brookfield, adding a clear answer should be provided before the federal election on April 28.
“To directly mention companies in a leaders’ debate, when he perhaps has interests in these companies or has benefited from these companies, I think that raises major ethical questions,” the University of Ottawa professor said.
“I understand the law does not require it, but morally and for the sake of transparency, we should have more information.”
In answer to questions from Radio-Canada, the Liberal Party said Carney has more than complied with current ethics laws.
“He is beneficiary of a blind trust and does not know the current composition of assets in that blind trust,” said Liberal spokesperson Mohammad Hussain.
“By definition, he does not know the activity of the blind trust, including any sales or divestments. With respect to his conflict screen, this was established proactively with guidance of the ethics commissioner to manage any real or perceived conflicts that he may encounter,” Hussain added.
In a written statement issued Thursday, Conservative MP Michael Barrett criticized the Liberal leader’s failure to disclose whether or not he has an ongoing financial interest in Brookfield.
According to the Conservatives, Carney’s response during the debate was designed to “promote” nuclear energy and Westinghouse.
“If Westinghouse was to rake in billions of Canadian tax dollars, Mark Carney would almost certainly benefit financially,” Barrett said.
“[He] should come clean now and disclose all his assets and conflicts of interest before Canadians go to vote. If Carney has done nothing wrong and has nothing to hide, he should have no problem doing so.”
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