Board of Directors

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 Board is composed of the Governor, the Senior Deputy Governor and 12 independent directors appointed to three-year renewable terms by the Governor in Council (the Cabinet). The Deputy Minister of Finance is an ex officio non-voting member of the Board.


Tiff Macklem

Member of the Executive Committee

Debora Bielecki

Toronto, Ontario

Stephanie Bowman

Toronto, Ontario

Robert Campbell

Sackville, New Brunswick

Peter P. Dhillon

Richmond, British Columbia

Paul G. Haggis

Canmore, Alberta

Raymond E. Ivany

Wolfville, Nova Scotia

Monique Jérôme-Forget

Montréal, Quebec

Monique Mercier

Vancouver, British Columbia

Mariette Mulaire

Winnipeg, Manitoba

Claire M. C. Kennedy

Toronto, Ontario

Greg Stewart

Regina, Saskatchewan

Anne Whelan

St. John’s, Newfoundland and Labrador

Michael Sabia

Member Ex Officio
Deputy Minister of Finance1
Member of the Executive Committee
  1. 1. The Deputy Minister of Finance sits on the Board of Directors but has no vote.[]

Director Compensation

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. 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. 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.

Salary Ranges


Governor: $463,100 – $544,800
Senior Deputy Governor: $324,300 – $381,500


Governor: $457,300 – $538,000
Senior Deputy Governor: $320,200 – $376,700


Governor: $447,100 – $526,000
Senior Deputy Governor: $313,100 – $368,300


Governor: $441,600 – $519,500
Senior Deputy Governor: $309,200 – $363,700


Governor: $436,100 – $513,000
Senior Deputy Governor: $305,400 – $359,200


Governor: $431,800 – $507,900
Senior Deputy Governor: $302,300 – $355,600


Governor: $425,300 – $500,300
Senior Deputy Governor: $297,800 – $350,300

Additional Board Information

For additional information concerning the Bank's Board of Directors, please see the Board of Directors section in the Bank's Annual Report.