Management of the Bank
The Board of Directors provides general oversight of the management and administration of the Bank with respect to strategic planning, financial and accounting matters, risk management, human resources, and other internal policies.
The Governing Council is the policy-making body of the Bank. It consists of the Governor, Senior Deputy Governor, and four Deputy Governors. It is responsible for monetary policy, decisions aimed at promoting a sound and stable financial system, and the strategic direction of the Bank.
The mandate of the Bank of Canada is spelled out in the Bank of Canada Act. Under this Act, the Bank of Canada is required to submit each year its audited financial statements accompanied by a report by the Governor to the Minister of Finance. The Annual Report is presented to Parliament by the Minister and a copy is published in the Canada Gazette.
The Payment, Clearing and Settlement Act gives the Bank of Canada responsibility for the oversight of payments and other clearing and settlement systems in Canada, for the purpose of controlling systemic risk.
The Governing Council's main tool for implementing monetary policy is the target for the overnight rate. This rate is normally set on eight "fixed dates" per year. The Council arrives at its decisions about the rate by consensus, rather than by individual votes as is the case at some other central banks.
The Bank of Canada’s Annual Report, including audited financial statements, and the Bank of Canada's Quarterly Financial Reports.
The Bank's Statement of Financial Position / Balance Sheet (backgrounder)
To understand the finances of a central bank, it is helpful to know how it operates in support of its mandate.
- Building on Excellence - Strength, Stability and Confidence
The Bank’s medium-term plan charts our course for the years 2013 to 2015.
- ADDENDUM: 2010–2012 medium-term financial plan update
- Achieving Excellence Together: 2010-12
The Bank's medium-term plan charts our course for the years 2010 to 2012.
- Achieving Excellence Together: Our Plan, Our Guide 2010-12
This companion booklet to the medium-term plan offers our employees' views regarding their roles in helping to achieve our corporate priorities.
Report on the Bank’s implementation of the Official Languages Act.
The Bank is committed to providing an inclusive, equitable, and respectful work environment for its employees.
Report on the Bank's observance of the Canadian Multiculturalism Act.
Report on the Bank's observance of the Privacy Act.
Report on the Bank's Access to Information activities.
Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada's Balance Sheet
This document sets out the policy governing the acquisition and management of domestic financial assets for the Bank of Canada's balance sheet. This policy does not apply to the assets of the Bank's pension trust fund and supplementary trust fund.
Bank of Canada Policy for Buying and Selling Securities Under Subsection 18.1(1) of the Bank of Canada Act
This policy sets out the range of securities and instruments that the Bank will use for certain types of transactions.
The Bank of Canada is justifiably proud to have gained a high level of public trust and a reputation for high ethical standards. This Code of Business Conduct and Ethics is designed to ensure that we maintain these standards.
This Policy supports the Bank's policy framework by providing staff with an additional method for disclosing serious concerns of wrongdoing in the workplace.
The Bank of Canada requires that its resources be used effectively and efficiently to obtain appropriate value for money.
Accountability and Disclosure
The Bank of Canada is subject to the Access to Information Act and the Privacy Act.
The purpose of Info Source is to assist individuals exercise their rights under the Access to Information Act and the Privacy Act.
The Governor in Council (the Cabinet) appoints two firms of accountants (currently KPMG LLP and Deloitte & Touche LLP) to audit the affairs of the Bank as stated in Section 28 (1) of the Bank of Canada Act. A copy of every report submitted by the auditors to the Bank is contained in the Bank's Annual Report and is submitted to the Minister of Finance.
The Bank publishes quarterly reports on travel and hospitality expenses for all members of the Bank's Governing Council.
Four times per year the Bank publishes summaries of contracts over $100,000 that it has entered into.
Total Compensation Package
As a result of this review, the Bank is making several changes to its total compensation package in order to meet its objective of being Canada’s pre-eminent macro-policy institution.
Reports, by-laws and related documents.