Evidence of meeting #18 for Access to Information, Privacy and Ethics in the 45th Parliament, 1st session. (The original version is on Parliament’s site, as are the minutes.) The winning word was carney.
A video is available from Parliament.
Chief Operating Officer, Brookfield Corporation
The committee has the list of the investments in global transition I. Global transition II and catalytic are irrelevant.
Conservative
Michael Barrett Conservative Leeds—Grenville—Thousand Islands—Rideau Lakes, ON
Are you able to provide us with a list of the investments in the three funds that I've mentioned?
Chief Operating Officer, Brookfield Corporation
I would have to go back and check.
Conservative
Michael Barrett Conservative Leeds—Grenville—Thousand Islands—Rideau Lakes, ON
Do you have to check if you have them or check if you'll do it?
Chief Operating Officer, Brookfield Corporation
I'll take it under advisement.
Conservative
Michael Barrett Conservative Leeds—Grenville—Thousand Islands—Rideau Lakes, ON
I'd like the list. I'd like the list of the investments in the funds.
How was the long-term performance pay structured when Mr. Carney was at Brookfield? Are you able to tell us what metrics determined that pay?
Chief Operating Officer, Brookfield Corporation
While he was an employee of Brookfield?
Conservative
Chief Operating Officer, Brookfield Corporation
Like every executive, Mr. Carney was entitled to a compensation package that was comprised of several components. He would have been entitled to a base salary, a short-term annual bonus, which is generally expressed as a percentage of that salary, and then the long-term incentive plans that align all of our executives with our shareholders and our clients, both in the funds and in the overall performance at Brookfield.
Conservative
Michael Barrett Conservative Leeds—Grenville—Thousand Islands—Rideau Lakes, ON
When Mr. Carney left Brookfield, did he retain his unvested interest on standard terms, or were any of his arrangements modified because he was entering public life?
Chief Operating Officer, Brookfield Corporation
He left on standard terms. He terminated his employment on January 16. He took everything that was vested and departed.
Conservative
Michael Barrett Conservative Leeds—Grenville—Thousand Islands—Rideau Lakes, ON
Can you tell us what role Mr. Carney personally played in Brookfield securing financing from the central bank for the People's Republic of China?
Chief Operating Officer, Brookfield Corporation
I think you're referring to clients who have invested in our transition strategy. That would have been the same as all of the senior executives associated with the transition fund.
Conservative
Michael Barrett Conservative Leeds—Grenville—Thousand Islands—Rideau Lakes, ON
In the past few months have there been any decisions of the federal government, tax credits or policy measures, that have increased the value of Brookfield businesses in which the Prime Minister still holds an interest? If you have more than one example, just one example is fine.
Conservative
Michael Barrett Conservative Leeds—Grenville—Thousand Islands—Rideau Lakes, ON
In November, Brookfield announced $100 billion in AI infrastructure expansion, $650 million in renewable power and major U.S. nuclear activity through Westinghouse.
Would you agree that government policy in these areas could increase the value of the Prime Minister's Brookfield linked compensation?
Chief Operating Officer, Brookfield Corporation
That's a very tangential line to draw. It will all depend on whether this is good for.... Nuclear, we believe, is an incredibly important component—
Conservative
Michael Barrett Conservative Leeds—Grenville—Thousand Islands—Rideau Lakes, ON
Yes, I support nuclear energy. I'm just wondering if it will improve the Prime Minister's financial position personally.
Chief Operating Officer, Brookfield Corporation
There is no way to tell whether it will or not.
Conservative
Conservative
Liberal
Abdelhaq Sari Liberal Bourassa, QC
Thank you so much, Mr. Chair.
Thank you so much, Mr. Beber.
As a Quebec MP, I prefer to speak in French. If you can put your earpiece in, it will be all right. Thank you so much.
Thank you, Mr. Chair.
Thank you for being with us, Mr. Beber. Thank you for your answers.
My objective on this committee is always to make information as accessible as possible, especially for those in the public who are watching us. I think you do have some experience, whether in terms of governance, generally speaking, or in terms of corporate management. For the benefit of the people watching us, I would like to contribute to getting a bit of transparency.
Given your background in governance and corporate management, and especially in relation to compliance, have you ever had to deal with a situation comparable to the one we are talking about today?
Have you ever had to manage things, whether up close or from a distance, involving laws or public regimes relating to the situation we are in here, whether to understand the requirements imposed or to make sure your company's practices are consistent with those laws?
Chief Operating Officer, Brookfield Corporation
If I understand the question correctly, I don't have any personal experience and no one at Brookfield has any personal experience with formation of legislation, evaluation of legislation—whether legislation is suitable—or the creation of legislation. What we do at Brookfield is take that legislation and determine what procedures and steps are needed in order to comply with it.
Is that a fair answer to your question?
Liberal
Abdelhaq Sari Liberal Bourassa, QC
I am interested in Brookfield's positions, but given that you are here as a witness, I would like the committee to have the benefit of your experience. Generally speaking, you do have some experience in governance mechanisms.
When a public office holder puts their assets in a blind trust, they do not have access to information and they are not able to influence its management or governance.
As an ordinary person, I wonder about something.
Do you think this tool is actually effective?
Can it get the intended results, when it comes to preventing any possibility of interference or benefits in connection with those assets?
Chief Operating Officer, Brookfield Corporation
It's very hard for me to opine on matters that involve legislation and government apparatus that I'm not very familiar with. From my review of some of the committee's materials, I'm generally aware of the framework that has been put in place and that is being administered for the Prime Minister.
What I've tried to say is that the blind trust is a component of that. I understand it. It's really the components in total that will dictate whether or not this committee determines that the apparatus that has been put in place will be effective or not. It includes the screening. It includes who's making the decisions in order to ensure that decisions are being made on an unconflicted basis.
