The Board of Directors provides general oversight of the management and administration of the Bank. Meet its members, and find out about their compensation and committee meetings.
Members
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
Governor
Carolyn Rogers
Senior Deputy Governor
Robert Campbell
Sackville, New Brunswick
Ernie Daniels
West Kelowna, British Columbia
Peter P. Dhillon
Richmond, British Columbia
David Dominy
Edmonton, Alberta
Raymond E. Ivany
Wolfville, Nova Scotia
Mariette Mulaire
Winnipeg, Manitoba
Claire M. C. Kennedy
Toronto, Ontario
Greg Stewart
Regina, Saskatchewan
Anne Whelan
St. John’s, Newfoundland and Labrador
Shelley Williams
Langley, British Columbia
Chris Forbes
Member Ex Officio
Deputy Minister of Finance1
- 1. The Deputy Minister of Finance sits on the Board of Directors but has no vote.[←]
Board independence
The Board and its committees regularly hold sessions without management or non-independent directors present. They also meet privately on a regular basis with the external auditors, the Chief Internal Auditor, the Chief Financial Officer and Chief Accountant, and the Chief Risk Officer.
Each committee of the Board, except the Pension Committee, consists solely of independent directors.
The Audit and Finance Committee provides Board oversight of the Bank’s internal auditors and manages the relationship with the Bank’s external auditors, who are appointed by the Governor-in-Council (the Cabinet).
The Board and its committees have the right to retain independent advisors at the Bank’s expense.
Compensation
Directors
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.
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, and all elements of their total compensation are determined by the Board, subject to the approval of the Governor in Council (the Cabinet). As stipulated in Section 6(3) of the Bank of Canada Act, the salaries of the Governor and the Senior Deputy Governor may not include any element in the form of a commission or that is computed by reference to the income or profits of the Bank.
Salary ranges
2017–present
Governor: $463,100 – $544,800
Senior Deputy Governor: $324,300 – $381,500
2016
Governor: $457,300 – $538,000
Senior Deputy Governor: $320,200 – $376,700
2015
Governor: $447,100 – $526,000
Senior Deputy Governor: $313,100 – $368,300
2014
Governor: $441,600 – $519,500
Senior Deputy Governor: $309,200 – $363,700
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
Committees and meetings
| Committee | Chair | Members | Mandate |
|---|---|---|---|
| Board of Directors | Tiff Macklem* | Carolyn Rogers*, Robert Campbell, Ernie Daniels, Peter Dhillon, David Dominy, Raymond Ivany, Claire Kennedy, Mariette Mulaire, Greg Stewart, Anne Whelan, Shelley Williams and Chris Forbes | To provide 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 |
| Standing committees | |||
| Audit and Finance | Anne Whelan | Ernie Daniels, Peter Dhillon and Shelley Williams | To provide Board oversight on the financial affairs of the Bank, including planning, budgeting and audit activities |
| Human Resources and Compensation | Greg Stewart | Ernie Daniels, David Dominy and Mariette Mulaire | To provide Board oversight on human resources policies and practices, compensation policies and succession planning |
| Corporate Governance | Peter Dhillon | Robert Campbell, Mariette Mulaire and Anne Whelan | To provide Board oversight on corporate governance policies and practices, including Board effectiveness, Board member education, terms of reference of the Board and its committees, and the composition of Board committees |
| Capital Projects | Ray Ivany | Greg Stewart and Shelley Williams | To provide Board oversight for significant Bank projects |
| Pension† | Carolyn Rogers* | Robert Campbell, David Dominy, Raymond Ivany, Toni Gravelle*, Coralia Bulhoes* and Steve Thomas* | To provide advice to the Board on the Bank’s responsibilities as sponsor and administrator of the Bank of Canada Pension Plan, including Plan investment policies, administration, communications and stakeholder relations |
| Executive Committee | Tiff Macklem* | Carolyn Rogers*, Claire Kennedy, Raymond Ivany, Greg Stewart, Anne Whelan and Chris Forbes | To deal with any matter within the competence of the Board |
* Bank of Canada Senior Management
† The Pension Committee consists of three independent directors, the Senior Deputy Governor and three other senior officers of the Bank.