Information & Ethics Committee on Nov. 24th, 2025

[Abdelhaq Sari, Liberal, Bourassa, QC]

Thank you.

I am going to stay in the same field, the private sector. My next question is to help the committee write its report, and also to help the people watching us understand the situation better.

Everywhere in the world, there are mechanisms to prevent this kind of conflict of interest or appearance of conflict of interest.

Once again, I want to look at the measures or structures in place to ensure that an officer will be completely separated from their assets, for example, blind trusts or conflict of interest screens.

In your experience, are those measures actually credible? Are they effective or just sufficient?

If the committee were to recommend other measures, what would you propose?

[Justin Beber]

I think the structure that has been put in place can function appropriately. It's one that the private sector does not traditionally use.

I apologize for repeating myself, but what will ultimately determine whether a system, or a process and procedures, to resolve conflicts is successful is whether or not it provides for that transparency and a procedure to adjudicate the conflicts, whether that's removing them or seeking appropriate approvals for them.

[The Chair, Conservative, John Brassard]

Thank you, Mr. Beber. We're way over time on that one.

Mr. Beber, that concludes our first hour and round. If you need a break, I'm going to invite you to do that now. I can suspend the meeting for a couple of minutes if you need a break.

Are you good to go?

[Justin Beber]

Yes.

[The Chair, Conservative, John Brassard]

We're going to continue our second hour with Mr. Cooper for six minutes.

Go ahead, please.

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

Mr. Beber, I want to follow up on carried interest payments. I asked you about the proportion that those entitled to them would receive. You said there would be a range.

I presume that the payment would be consistent with industry standards. Would that be fair? Would it be in line with industry standards?

[Justin Beber]

Yes, that's fair.

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

I would note that a managing partner would generally be entitled, as I understand it, to about 3%. That is the industry standard. I would note that Brookfield transition fund I is a $15-billion fund.

If Brookfield gets 20% of the profits, and 3% of that 20% is what could apply or would be in line with what Mr. Carney would stand to gain, he would stand to make tens of millions of dollars in future bonus pay from Brookfield transition fund I.

[Justin Beber]

I don't think you're using the right math, because what is industry standard would be very much based on how large the fund is.

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

Are you disputing that Mr. Carney stands to make millions, if not tens of millions, of dollars?

[Justin Beber]

Look, our investments may be very, very successful—

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

Yes, so you're not disputing that.

[Justin Beber]

I'm not saying one way or the other.

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

You're not disputing that.

[Justin Beber]

It's certainly not a fact.

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

Thank you.

With respect to SEC filings, there are 141 investors in Brookfield global transition fund I. You indicated that this committee has—

[Justin Beber]

I'm sorry. Where did you get that information from?

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

It's from SEC filings. That is the number that I have. If that number is not accurate, you can state the correct number.

[Justin Beber]

I don't have that detailed information.

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

You seem to have some detailed information, because you told the committee moments ago that you have a list of all the LPs, a list of all the investments.

[Justin Beber]

That's because I reviewed the annexure to the document that the Ethics Commissioner released publicly.

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

What we have in the annexure is the reference to Mr. Carney's interest in that fund, reference to the fact that he is entitled to carried interest payments.

What we don't have is a breakdown of what the LPs are in the fund. We don't have that.

[Justin Beber]

The identity of the LPs...?

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

We don't have that. Would you undertake to provide this committee with the identity of the LPs?

[Justin Beber]

We don't disclose the identity of the LPs in every single fund that we have. I don't think there's any reason to do so here.