Process for Selecting a New Senior Deputy Governor

The Board of Directors of the Bank of Canada has initiated a process to find a replacement for Senior Deputy Governor Malcolm Knight, who is leaving the Bank to take up an appointment as General Manager of the Bank for International Settlements in Switzerland at the beginning of April. Following is the process leading to the appointment of a new Senior Deputy Governor.

  • A Special Committee of the Bank's Board of Directors, comprised of the outside directors on the Board, has established a subcommittee, chaired by the lead director of the Board, Paul Massicotte, to oversee the search for potential candidates.
  • Public advertisements for the position are being run in The Globe & Mail, National Post, La Presse, and The Economist beginning 22 January.
  • The closing date for applications is 21 February.
  • The Directors of the Board hope to be in a position to approve a recommendation at the end of March.
  • The Board will then forward the name of the successful candidate to the Minister of Finance for approval by the Governor-in-Council [Cabinet].
  • Once Governor-in-Council approval is obtained, a public announcement will be made.
  • The current salary range for the position of Senior Deputy Governor, as set by Cabinet on 23 January 2003, is $224,100 to $263,700.