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Fellowship Nominating Committee: Terms of Reference

Read about the mandate of the Fellowship Nominating Committee, its membership and its proceedings.


The Fellowship Nominating Committee was established in 2003.


The Fellowship Nominating Committee (“FNC”) 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 FNC which is composed of both members who are employed at the Bank of Canada (“Bank”) and external members. The standing committee members comprise:

  • the Managing Director of the Economic and Financial Research Department, and
  • the Bank’s General Counsel and Corporate Secretary in an Ex Officio (non-voting) capacity.

The other committee members, subject to a maximum of two, three-year terms with turnover managed on a staggered basis and at least one member replaced each year, comprise:

  • two or three former Bank Advisors or Two-Term Fellowship Award Recipients,
  • a former Bank Governor, Senior Deputy Governor or Deputy Governor, and
  • one or two Bank Advisors or Managing Directors.

For clarity, former members of Governing Council, Advisors and MDs that were members of the FNC while employed with the Bank are eligible to serve for an additional maximum of two, three-year terms as an external FNC member following the cessation of their employment with the Bank.


Typically, the FNC 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. FNC members who are not in Ottawa at the time of the meeting are encouraged to participate virtually.

FNC members may also be invited to attend Program-related events.

A quorum of the Committee consists of four members.

The Governance Office is responsible for administering the Program, maintaining the records and supporting the FNC.


Conflicts of interest shall be managed in an open and transparent manner. FNC 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.


The FNC Chair shall be compensated for Program-related activities according to the per diem amount for Directors of the Board of the Bank of Canada. Other external (non-Bank) FNC members are paid an annual honorarium in recognition of the time they spend on Program related activities. All external FNC members are reimbursed for expenses incurred for the Program in accordance with applicable Bank expense policies.

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