Board of Directors

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

2015

Governor: $440,500 – $518,200
Senior Deputy Governor: $308,500 – $362,900

2014

Governor: $438,300 – $515,600
Senior Deputy Governor: $306,900 – $361,000

2013

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

2012

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

2011

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.