Fellowship Nominating Committee - Terms of Reference
The Fellowship Nominating Committee was established in 2003.
The Fellowship Nominating Committee provides guidance to Governing Council by submitting a recommendation for the selection of new recipients and the continued funding for current recipients of the Fellowship Program awards.
Roles and responsibilities
- To review nominations from Canadian universities for individuals who meet the established criteria and have provided the proper documentation and to make a recommendation to Governing Council for the selection of recipients for both the Fellowship Award and the Governor’s Award.
- For the Fellowship Award, to undertake an annual review of the ongoing professional contribution of the recipients and an annual confirmation of the recipients’ status of employment at a Canadian University, to determine their continued eligibility for the Fellowship each year, for up to five years.
- For the Governor’s Award, to undertake a review of the ongoing professional contribution of the recipient(s) and a confirmation of the recipients’ status of employment at a Canadian University, to determine their continued eligibility for a second year.
The Chair of the Fellowship Nominating Committee is a member of the Bank of Canada’s Board of Directors and is appointed by the Board.
The Bank’s Governing Council appoints all other members of the Nominating Committee which is composed of both members who are employed at the Bank of Canada and external members. Membership consists of:
- two or three former visiting special advisors or former two-term Fellowship Award recipients;
- a former governor, senior deputy governor or deputy governor of the Bank of Canada;
- two or three advisors or Managing Directors of the Bank of Canada;
- the Bank’s General Counsel and Corporate Secretary as an Ex Officio member (Non-Voting)
Membership on the Nominating Committee is for a maximum of two, three-year terms. Turnover of Committee members may be managed on a staggered basis, with at least one member being replaced each year.
Nominating Committee members may also be invited to attend Program-related events.
Typically, the Fellowship Nominating Committee meets once a year to discuss the nominations for the Fellowship Program awards for the current year. The outcome of the annual meeting is to provide Governing Council with a recommendation for the selection of award recipients. Committee members who are not otherwise in Ottawa at the time of the meeting are encouraged to participate virtually, and shall be deemed to be present at that meeting if they do so.
A quorum of the Committee consists of four members.
The General Counsel and Corporate Secretary designates members of the Executive and Legal Services (ELS) Department to provide secretariat services to the Fellowship Nominating Committee. The Executive Secretariat is responsible for administering the Program and maintaining its records.
Conflicts of interest shall be managed in an open and transparent manner. Committee members shall disclose potential conflicts of interest prior to the start of the confirmation and award selection processes, and take whatever measures are appropriate to ensure that confidence in the Fellowship Program is maintained. The disclosure and measures taken shall be recorded.
With the exception of the Chair, external (non-Bank) members of the Nominating Committee shall be paid an annual honorarium in recognition of the time they spend reviewing nominations and making recommendations to Governing Council for both awards, and annually reviewing the current award recipients’ professional contributions and eligibility. The Chair shall be compensated for these and the other activities as Chair according to the per diem amount for Directors of the Board of the Bank of Canada. The external members are also reimbursed for expenses incurred for the Program in accordance with applicable Bank expense policies.