Timothy Hodgson, has stepped down as board member for the Ontario Teachers’ Pension Plan, Toronto, to run for public office for the Liberal Party of Canada, alongside Prime Minister Mark Carney who has called a general election for April 28.
An OTPP spokesperson confirmed his resignation from the C$266.3 billion ($185.1 billion as of Dec. 31) pension plan where he had also served as vice chair of the investment committee since January 2023.
“We are deeply appreciative of Tim Hodgson’s contributions to the Ontario Teachers’ Pension Plan,” said Mike Foulds, president of the Ontario Teachers’ Federation, a co-sponsor of OTPP, in a statement.
Hodgson has also taken an unpaid leave of absence as chair of Hydro One Ltd., Ontario's largest electricity transmission and distribution service provider, and stepped down as chair of the board of Canadian Investment Regulatory Organization, which oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces.
Hodgson is running to represent the electoral district of Markham-Thornhill, a suburb of Toronto, which is currently under Liberal Party control through incumbent Mary Ng.
On his LinkedIn page, Hodgson, who has never held political office before, wrote: “I never expected to run for public office. After a fulfilling career, serving as CEO of Goldman Sachs Canada, advising Mark Carney at the Bank of Canada, and chairing some of the country’s top corporations and regulators, I envisioned a different next chapter.”
Hodgson then explained why he decided to run for office: “Canada is at a crossroads. We face rising costs of living, economic uncertainty, and growing division. Our way of life is being challenged, and instead of unity, we’re seeing polarization take hold. After countless late-night conversations with my wife and daughters, I knew I couldn’t just watch from the sidelines.”
Hodgson served as the CEO of Goldman Sachs Canada Inc. from March 2005 through August 2010. His tenure as special adviser to Carney, when the latter served as the governor of Bank of Canada, lasted from September 2010 through March 2012. In this role, Hodgson advised Carney on monetary policy, as well as matters of financial stability and on financial markets infrastructure issues, among other things.
Carney also worked at Goldman, but he left the firm in 2003.
Hodgson has yet another connection to Canadian pension funds — he served as chair of the investment and risk committee at the now C$264.9 billion Public Sector Pension Investment Board, Montreal, from 2014 to 2022.
Neither Carney nor Hodgson’s campaign could be reached for comment.
