Organization Profile - Bank of Canada

Bank of Canada

The information presented on the following pages is for reference purposes only and should not be considered or relied on as an authoritative or exhaustive source of all Governor in Council appointments or positions.


Crown Corporation (Exempt from Part X of the FAA)

Minister Responsible

Minister of Finance

Mandate

As the nation's central bank, the Bank of Canada has four main areas of responsibility, namely, monetary policy, currency, financial systems, and funds management. The goal of monetary policy is to contribute to solid economic performance and rising living standards for Canadians by keeping inflation low, stable, and predictable. Concerning currency, the Bank issues Canada's bank notes and is responsible for their design and security, distribution, and replacement. With regard to financial systems, the Bank actively promotes safe, sound, and efficient financial systems, both within Canada and internationally. The Bank also provides high-quality, effective, and efficient funds-management services for the federal government, the Bank, and other clients.

Head Office

Ottawa, Ontario

Appointment Provisions

Bank of Canada Act
http://laws-lois.justice.gc.ca/eng/acts/B-2/page-2.html#h-4

The Bank of Canada is managed by a Board of Directors and by the Governor of the Bank, who is Chair of the Board and the Bank's Chief Executive Officer, and the Deputy Governor, who is the alternate to the Governor.

The Board consists of twelve part-time directors and the Governor, the Deputy Governor and the Deputy Minister of Finance (the latter without a vote).

The Governor and Deputy Governor are appointed by the Board of Directors with GIC approval to hold office for a term of seven years during good behaviour and are eligible for reappointment.

The Minister, with the approval of the Governor in Council, shall appoint directors to hold office during good behaviour, subject to removal by the Governor in Council at any time for cause, to replace the directors whose terms of office have expired. The term of a director begins on the day he or she is appointed and ends immediately before March 1 of the year that is three years after the year in which the term of office of the director’s predecessor expired. The directors shall be selected from diversified occupations.

If a person ceases to be a director during the term for which he or she was appointed, the Minister shall, with the approval of the GIC, appoint a qualified person to hold office for the remainder of the term.

If, on the expiry of a director’s term of office, no new director is appointed, the director whose term of office expired may continue in office until a director is appointed.

Where a director, in the opinion of the Board, becomes permanently incapacitated, that director may be removed from office by resolution of the Board approved by the GIC.

If the Governor is absent or unable to act, or the office is vacant, the Deputy Governor has all the powers and functions of the Governor.

The Board may authorize one of the directors of the Board, or one of the persons appointed by the Board, to act as the Governor in the event that the Governor and Deputy Governor are absent or unable to act, or the offices are vacant, but no such person has authority to act as Governor for a period exceeding one month without the approval of the GIC.

Eligibility/Conflicts

No person is eligible to be appointed or to continue as Governor or Deputy Governor who:
  • is not a Canadian citizen;
  • is a member of the Senate or House of Commons, or a member of a provincial legislature;
  • is employed in any capacity in federal public administration or the public service of a province, or holds any office or position for which any salary or other remuneration is payable out of public moneys;
  • except as authorized by or under any Act of Parliament, is a director, partner, officer, employee or shareholder of:
    1. a member of the Canadian Payments Association,
    2. a clearing house or participant, as defined in section 2 of the Payment Clearing and Settlement Act,
    3. an investment dealer who acts as a primary distributor of new Government of Canada securities, or
    4. an institution that controls or is controlled by an institution referred to in any of subparagraphs mentioned above.
Neither the Governor nor the Deputy Governor shall:
  • directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act, in excess of the minimum number of membership shares of the federal credit union that is required for membership; or
  • exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union.
No person is eligible to be appointed or to continue as director who:
  • is not a Canadian citizen ordinarily resident in Canada;
  • is employed, on a full-time basis, in any capacity in federal public administration or the public service of a province or holds any office or position, other than as a part-time member of any board or advisory body of an agency or department of the government of Canada or of a province, for which any salary or other remuneration is payable out of public moneys, except that a director may perform temporary services for the government of Canada or of a province for which that director may be reimbursed actual travel and living expenses.
No person is eligible to be appointed or to continue as a director if the person is a director, a partner, an officer or an employee of any of the following institutions:
  • a direct clearer as defined in the by-laws of the Canadian Payments Association;
  • a clearing house of a clearing and settlement system designated under subsection 4(1) of the Payment Clearing and Settlement Act;
  • a participant in the Large Value Transfer System, or its successor, operated by the Canadian Payment Association;
  • an investment dealer who acts as a distributor of new Government of Canada securities; or
  • an institution that controls, or is controlled by, an institution referred to in any of the paragraphs mentioned above.

Quorum

The following directors shall constitute a quorum at meetings of the Board:
  • six directors appointed pursuant to the Bank of Canada Act, and
  • one of the Governor or the Deputy Governor. If the Governor and the Deputy Governor are not present at, or have withdrawn from, any meetings of the Board, the directors present shall choose one of their members to be acting Chairperson.

Auditor

The GiC shall, on the recommendation of the Minister, appoint two firms of accountants eligible to be appointed as auditors of a chartered bank to audit the affairs of the Bank. Every firm of accountants appointed shall be appointed to perform annual audits for the five fiscal years following the year of its appointment. Where any vacancy occurs in the office of auditor of the Bank, notice thereof shall forthwith be given by the Bank to the Minister who shall appoint some other firm of accountants eligible to be appointed to audit the affairs of the bank for the balance of the term of the firm of accountants so replaced. No firm of accountants of which a director is a member is eligible for appointment as an auditor and no auditor of the Bank is eligible for appointment for a second successive term.

Remuneration

Director

  • Fixed by By-Law with the approval of the GiC: Position;
    per diem ($565 - $665)
  • Position; annual ($7,300 - $8,600)
  • Each director appointed by the Board to serve on the Executive Committee is paid an additional annual retainer within the range ($2,600 - $3,500).

    Each director appointed by the Board to serve as Chairperson of a Committee of the Board is paid an additional annual retainer within the range ($1,000 - $2,000).

    Each director is paid an additional per diem within the range ($565 - $665) for each day such director is, at the request of the Board, engaged in special work for the Bank outside the work or services ordinarily required of a director of the Bank.

Ex Officio Member (Deputy Minister Of Finance)

  • Not Paid (public servant)

Appointments

Appt/Expiry
Date
Position
Level
Governor
Poloz, Stephen S.
Ottawa, Ontario
Full-Time Appointment
During Good Behaviour
2013-06-03
2020-06-02
Deputy Governor
Wilkins, Carolyn
Ottawa, Ontario
Full-Time Appointment
During Good Behaviour
2014-05-02
2021-05-01
Directors
Betts, Norman
Fredericton, New Brunswick
During Good Behaviour
2014-07-02
2017-02-28
Borger, Alan
Winnipeg, Manitoba
During Good Behaviour
2014-07-02
2017-02-28
Clark, Phyllis
Edmonton, Alberta
During Good Behaviour
2012-11-02
2018-02-28
Dhillon, Peter
Vancouver, British Columbia
During Good Behaviour
2017-12-14
2019-02-28
Dodds, Colin
Halifax, Nova Scotia
During Good Behaviour
2013-10-01
2018-02-28
Jérôme-Forget, Monique
Montréal, Quebec
During Good Behaviour
2013-10-01
2019-02-28
Kennedy, Claire
Toronto, Ontario
During Good Behaviour
2012-12-14
2018-02-28
Key, Derek
Summerside, Prince Edward Island
During Good Behaviour
2012-11-02
2018-02-28
Scott, Wesley (Wes)
Toronto, Ontario
During Good Behaviour
2014-10-30
2017-02-28
Simon, Jean
Saint-David-de-Falardeau, Quebec
During Good Behaviour
2015-05-28
2017-02-28
Stewart, Greg
Regina, Saskatchewan
During Good Behaviour
2014-10-09
2017-02-28
Sullivan, Martin
St. John's, Newfoundland and Labrador
During Good Behaviour
2014-12-19
2017-02-28
Ex Officio Member (Deputy Minister of Finance)
Rochon, Paul
Ottawa, Ontario
2014-04-21