They are eternally related. So the Lord, the living entity, the nature, material nature, and time, they are all eternal. But the other item, karma, is not eternal. The effects of karma or activity may be very old. We are suffering or enjoying the results of our activities from a time immemorial, but still, we can change the result of our karma, or activity. That will depend on our perfect knowledge. We are engaged in various activities undoubtedly, but we do not know what sort of activities we shall adopt that will give us relief from the actions and reactions of all activities. That is also explained in the Bhagavad-gītā.
Now, the position of īśvara is supreme consciousness. Position of īśvara, or the Supreme Lord, is supreme consciousness. And the jīvas, or the living entities, being parts and parcels of the Supreme Lord, he is also conscious.