This article addresses school principal agency in a context of political reform, in particular, communities of learning. As agents in reform, Principals can be pressured to respond to government change agendas. Far from merely implementing policy, Principals can demonstrate agency in their interpretation and recontextualisation. Drawing data from Principal interviews pertaining to the Aotearoa/New Zealand Ministry of Education Community of Schools initiative, the authors consider leader agency in relation to discourses of economic rationalism, change and change leadership. The operationalisation of schooling reform and the necessity to think critically about policy within limited official consultation frameworks is highlighted.