An institution in transition
The Bank of Canada announced Monday that two members of its Governing Council will be leaving the institution in the coming months, with an internal recruitment process set to follow.
Deputy Governor Rhys Mendes will depart on April 10. Appointed in 2023, Mendes held responsibility for overseeing the Bank’s analysis of international economic developments and served as Canada’s G7 and G20 Deputy. Before joining the Governing Council, he served as Assistant Deputy Minister for Economic Policy at the Department of Finance and previously led the Bank’s analysis of global economic conditions, including critical work on the 2021 renewal of the inflation-targeting agreement with the federal government.
Governor Tiff Macklem praised Mendes: “The Bank has greatly benefited from Rhys’s leadership and expertise on the global stage. Rhys has been instrumental in shaping the policy agenda for Canada’s G7 Presidency last year, and for strengthening cooperation among central banks in support of economic welfare and financial stability domestically and abroad. This work has initiated changes that will continue to influence policy in the years ahead.”
Deputy Governor Sharon Kozicki will retire on July 15 after nearly two decades at the Bank, having first joined in 2006 and having been appointed Deputy Governor in 2021. In that role, she oversaw the Bank’s analysis of domestic economic developments and, over her career, led research on the economy, inflation, and the transmission channels of monetary policy. She also held positions within the US Federal Reserve System prior to joining the Bank of Canada.
Macklem commended Kozicki for her contributions during some of the most demanding stretches in recent monetary policy history: “I thank Sharon for her exceptional service and unwavering commitment to rigorous policymaking that brings research, analysis and policy together. Sharon’s keen insights and wealth of knowledge have been invaluable in navigating the challenges facing monetary policy amid the pandemic fallout, rising geopolitical tensions and shifting global trade dynamics.”
The BoC confirmed it will fill both positions through an internal recruitment process.
The departures close a consequential chapter for a central bank that has navigated some of the most turbulent years in modern monetary history. It is important to remember that strong and independent institutions aren’t maintained by accident; they’re built through decades of accumulated expertise, careful succession, and a genuine commitment to the work outlasting any individual within them. As we look to the south and witness the damage that can be caused by centralizing power in the hands of a singular leader, we can see why the independence of our institutions is worth protecting.
Spencer Fernando
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