ETHI meeting 18 · 2025-11-24 — Committee Evidence — LegisWatch

Summary

The committee was studying the Conflict of Interest Act, and appeared Justin Beber, Chief Operating Officer of Brookfield Corporation.

Justin Beber stated that Brookfield pays all taxes due in every jurisdiction where it operates, remitting over $750 million in federal tax in Canada in 2024 alone, and that its tax structures are designed to achieve tax transparency for global investors, not to avoid tax. He confirmed that Mark Carney left Brookfield on January 16, 2025, the day he announced his Liberal leadership candidacy, and that no one at Brookfield has since spoken with the Prime Minister about Brookfield business. Beber acknowledged that Mr. Carney retains vested stock options and deferred share units whose value rises with Brookfield’s performance, and that he is entitled to carried interest from the Brookfield Global Transition Fund I, but not from Fund II or the Catalytic Transition Fund, as those had not yet allocated carry before his departure. He described Brookfield’s conflict-of-interest management as relying on transparency, identification, and resolution through avoidance or approval by an unconflicted decision-maker, and said the ethics screen and blind trust arrangement in place for the Prime Minister can function appropriately if properly administered. Beber declined to disclose the personal value of Mr. Carney’s holdings, citing privacy, and took under advisement requests to provide lists of investments in the transition funds and of portfolio companies, noting that the Ethics Commissioner already has full transparency on those matters. He disagreed with characterizations of Brookfield as a tax avoider, arguing that such reports misunderstand how international tax rules and financial reporting work. Beber also confirmed that he met with Mr. Carney once since his departure, in early October 2025, to discuss rising anti-Semitism, and that this was not related to Brookfield business.

The meeting included a brief procedural exchange about a letter posted on social media in English only, which the chair ruled was not committee business. No motions or votes were taken.

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Witnesses · 1

Justin Beber

Chief Operating Officer, Brookfield Corporation

Opening remarks

Thank you, Mr. Chair. Chair and members of the committee, I am pleased to appear before you today in order to assist the committee, in whatever extent and to whatever extent I can, in your study of the Conflict of Interest Act. My name is Justin Beber, and I serve as chief operating officer and a member of the executive committee at Brookfield. Let me begin by repeating Brookfield's respect for this committee and its important work. As an international company with roots in Canada, we recognize the significance of transparent and robust frameworks in maintaining public trust in our institutions. By way of background, Brookfield is one of the largest investors in Canada. We are owners and operators of critical infrastructure and other assets and businesses across the country. We have over 600 direct employees in Canada, and our operating businesses employ more than 15,000 people from coast to coast to coast. In 2024 alone, we, together with our consolidated businesses, remitted over $750 million in federal tax. This does not even include other types of tax paid in Canada, including provincial, municipal and school taxes where they apply. We have grown to become a global…

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Access to Information, Privacy and Ethics

Summary

Witnesses · 1

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