Process for selecting a Governor of the Bank of Canada

The Board of Directors of the Bank of Canada has initiated a process to find a replacement for the Governor of the Bank of Canada, David Dodge, whose seven year mandate will end on 31 January 2008. The following is the process leading to the appointment of a new Governor.

• At its June meeting, a Special Committee of the Bank's Board of Directors, comprised of the independent directors, will initiate the search process for potential candidates.
• The Special Committee of the Board will conduct the process with the assistance of an executive recruiting firm to be selected through a Request for Proposal process that has recently been launched.
• Public advertisements for the position will be published on the Bank's web site, in The Globe & Mail, National Post, La Presse, and The Economist.
• A detailed schedule with the closing date for applications will be developed in June. The process is expected to be completed by the Fall.
• Subject to the approval of the Minister of Finance and the federal Cabinet, the Special Committee of the Board will appoint the next Governor for a seven year term beginning 1 February 2008.
• The current salary range for the position of Governor, as set by Cabinet on 19 February 2007, is $346,700 to $407,900.