Board of Directors

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.

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

Carlos Leitão

Dorval, Quebec

Mariette Mulaire

Winnipeg, Manitoba

Claire M. C. Kennedy

Toronto, Ontario

Greg Stewart

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. 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 Number of meetings in 2023
Board of Directors Tiff Macklem* Carolyn Rogers*, Robert Campbell, Ernie Daniels, Peter P. Dhillon, David Dominy, Raymond E. 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 8
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 5
Human Resources and Compensation Greg Stewart Ernie Daniels, David Dominy, Carlos Leitão and Mariette Mulaire To provide Board oversight on human resources policies and practices, compensation policies and succession planning 3
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 4
Capital Projects Ray Ivany Carlos Leitão, Greg Stewart and Shelley Williams To provide Board oversight for significant Bank projects 4
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 4
Executive Committee Tiff Macklem* Carolyn Rogers*, Claire Kennedy, Ray Ivany, Greg Stewart, Anne Whelan and Chris Forbes To deal with any matter within the competence of the Board 2

* Bank of Canada Senior Management
† The Pension Committee consists of four independent directors, the Senior Deputy Governor and three other senior officers of the Bank.