The Globe and Mail reports in its Monday, May 17, edition that when Bank of Canada Governor Tiff Macklem championed diversity and inclusion last week in a speech, he took a moment to deliver a mea culpa from the upper echelon of the central bank. The Globe's David Parkinson writes that Mr. Macklem said, "We are still far from representative, particularly at the most senior levels of the bank."
While the BOC has worked hard in recent years to improve its diversity in the notoriously male-dominated financial services sector, its most important and publicly visible component -- the governing council, the six-person group charged with setting Canada's monetary policy -- has been sliding backward.
Five years ago, half of the council's members were women, including then-senior deputy governor Carolyn Wilkins. However, with Ms. Wilkins's resignation last December, the council now has no female representation for the first time in more than a decade. It is not a good look for the institution, nor a governor who not only has staked a very public position on diversity and inclusion, but also has emphasized its importance in attaining the "complete" economic recovery that the bank is pursuing with its monetary policy.
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