1The Deputy Minister of Finance sits on the Board of Directors but has no vote.
Directors are paid within the ranges established under the Remuneration Guidelines for Part-Time Governor-in-Council Employees in Crown Corporations administered by the Privy Council Office. During 2013, directors were paid an annual retainer of $8,000 and an additional $625 per diem for attendance (including attendance by telephone) at each Board meeting and Committee meeting of which the director was a member. An additional annual retainer of $3,000 was paid to each director serving on the Executive Committee. Each director who chairs a committee of the Board was paid an additional retainer of $1,000, except for the Chair of the Corporate Governance Committee who was paid an additional $2,000. In addition, all non-employee directors are reimbursed for travel, accommodation or meal expenses incurred in the course of attending meetings of the Board, its Committees, or at Board-related events. The Governor and the Senior Deputy Governor do not receive directors' compensation.
Compensation: Governor and the Senior Deputy Governor
The salaries of the Governor and the Senior Deputy Governor are within ranges established by the Advisory Committee on Senior Level Retention and Compensation, subject to the approval of the Governor in Council (the Cabinet). The remaining component of their total compensation consists of their membership in the Bank of Canada pension plan, and health and dental benefits. As stipulated in Section 6(3) of the Bank of Canada Act, the salaries of the Governor and the Senior Deputy Governor do not include any performance-based element.
Governor: $425,300 – $500,300
Senior Deputy Governor: $297,800 – $350,300
Governor: $431,800 – $507,900
Senior Deputy Governor: $302,300 – $355,600