Harvard Overseer Mark Carney Launches Bid To Become Canada’s Next Prime Minister

Updated January 16, 2025, at 4:17 p.m.

Mark J. Carney ’87 — a member of Harvard’s Board of Overseers, the University’s second-highest governing body — launched his campaign to become Canada’s next prime minister at a rally in Edmonton, Alberta Thursday afternoon.

“I’m here to ask for your support. I’m here to earn your trust to lead that fight. I’m back home in Edmonton to declare my candidacy for leader of the Liberal Party, and Prime Minister of Canada,” Carney said.

Carney’s formal bid to lead the Liberal Party comes less than two weeks after Canadian Prime Minister Justin Trudeau announced that he would not seek reelection and step down as party leader.

The race for Trudeau’s successor, who will be sworn in as prime minister in early March, is expected to become a two-way battle between Carney, 59, and former finance minister Chrystia A. Freeland ’90, 56, a former Crimson News editor who graduated from Harvard College three years after Carney.

Freeland has not declared her candidacy yet, though leadership hopefuls have until Jan. 23 to officially enter the race.

Carney — who has served as an Overseer since 2021 — previously led the Bank of Canada and the Bank of England and ran for the Board of Overseers as a proponent of creating an ethnic studies department and divesting from fossil fuels.

While Carney’s tenure on the Board of Overseers expires in 2027, it remains unclear whether he plans to step down if chosen on March 9.

Harvard Alumni Association spokesperson Cameron Wolfsen declined to comment on whether Carney will stay on the board during his campaign. A spokesperson for Carney did not immediately respond to a request for comment Thursday.

“The members of Harvard’s Board of Overseers bring thoughtful perspectives and a wide range of backgrounds, expertise, and professional experiences that inform and enhance their work on the board and on behalf of the university,” Wolfsen wrote in a statement.

While Carney has never held elected office in the Canadian government, he was tapped by Trudeau to lead a task force on economic growth in September and also served as an informal adviser during the pandemic. Carney, a long-time economist, currently serves as the chair of investment firm Brookfield Asset Management and as United Nations Special Envoy for Climate Action and Finance.

When he ran for Overseers in 2021, Carney cited a break from public office as part of his decision to join the board.

“I am standing now because I have the time to devote myself to the role and am now free from perceived conflicts that might have arisen in my prior public service roles,” Carney told Harvard Magazine in 2021.

Several current and former Overseers who have run for public office while serving on the Board chose not to step down during their campaign.

Helena B. Foulkes ’86 led the Board of Overseers in the 2021-2022 academic year while campaigning unsuccessfully to become the governor of Rhode Island. And current board member John B. King Jr. ’96 continued to serve on the Board of Overseers during his campaign for governor of Maryland, also without success.

The University’s official policies on conflicts of interest would not directly prevent Carney from serving as an Overseer if he becomes prime minister. But board members are required to attend five in-person meetings each year as part of their service, a commitment that might be especially challenging for a prime minister.

But even if Carney does become prime minister, his tenure could be short-lived. All opposition parties have promised to issue a no-confidence vote against the Liberal Party when the Canadian parliament resumes on March 24.

In his Thursday rally, Carney suggested his experience leading the Bank of Canada and outsider background have prepared him to lead the country, slamming Conservative Party leader Pierre Poilievre.

“I know I’m not the usual suspect when it comes to politics, but this is no time for politics as usual,” he said. “No, it’s not the time for lifelong politicians such as Pierre Poilievre.”

Carney also blasted Trump’s position on Canada, pledging to “stand up for Canada” against Trump’s threat of a 25 percent tariff on Canadian imports.

“In just four days, the United States will swear in Donald Trump as their 47th president — a man who threatens economic force on his closest, most steadfast allies, including Canada,” he said.

Carney added that sending Poilievre “to negotiate with Donald Trump is the worst possible idea.”

“I’m focused on building our economy,” he said. “He’s out chasing endorsements from Donald Trump and Elon Musk.”

According to a Leger survey conducted this week, Carney is favored among Liberal respondents with the support of 27 percent. Among all poll respondents, Freeland had 14 percent support while Carney followed closely behind with 13 percent. The survey included at least four potential candidates who have since decided not to run.

—Staff writer Dhruv T. Patel can be reached at dhruv.patel@thecrimson.com. Follow him on X @dhruvtkpatel.

—Staff writer Grace E. Yoon can be reached at grace.yoon@thecrimson.com. Follow her on X @graceunkyoon.