The Bank of Canada is a Crown corporation that is run independently from the government.
Who runs the Bank
How we are governed is written into law—the Bank of Canada Act defines how the Bank is structured and managed, and how it should operate. This ensures that all actions we take are in the best interests of Canada’s economy.
We have a Governing Council, Executive Council and Board of Directors that all play different roles in what we do.
The Governor of the Bank of Canada is both Chief Executive Officer and Chair of the Board of Directors. The Governor may be the face of the Bank you see most often, but this individual has the strong support of several groups that help the Bank run smoothly.
- Governing Council is responsible for conducting monetary policy and promoting a safe and efficient financial system.
- Executive Council is the primary management decision-making body within the Bank.
- Our Board of Directors provides oversight of the management and administration of the Bank.
Governing Council
The Bank’s Governing Council makes decisions about monetary policy and financial system stability.
This group consists of the Governor, the Senior Deputy Governor and the Deputy Governors. Two of the Deputy Governors are external to the Bank to bring further diversity of perspectives and experience to our policy discussions.
Governor
The Governor is appointed by the Board of Directors (who are not Bank employees), with the approval of Cabinet. The Governor serves a renewable seven-year term.
The Governor:
- is responsible for the business of the Bank
- oversees the Bank’s core functions
- chairs the Board of Directors and leads the Bank’s Governing Council
Senior Deputy Governor
Like the Governor, the Senior Deputy Governor is appointed by the Board of Directors, with the approval of Cabinet, for a renewable seven-year term.
The Senior Deputy Governor:
- oversees the Bank’s strategic planning and operations as Chair of Executive Council
- is a member of Governing Council
- is a member of the Board of Directors
Deputy Governors
All Deputy Governors, including external Deputy Governors, sit on Governing Council and share the responsibility for decisions about monetary policy and the stability of the financial system.
Executive Council
The Executive Council charts the Bank’s strategic direction. It is the main decision-making body for the overall management of the Bank. It also supports the decision-making functions of Governing Council and the Board of Directors.
Bank’s Executive Council is made up of the Senior Deputy Governor; the Chief Operating Officer; the Executive Director of Payments, Supervision and Oversight; the Executive Director of Policy; and the Chief of Staff to the Governor.
Board of Directors
The Board of Directors oversees the Bank’s corporate, financial and administrative activities. This includes strategic planning, risk management, finance and accounting, and human resources management.
Directors are not involved in monetary policy decisions but do offer insight into current economic conditions in their respective regions and sectors.
Our Board of Directors consists of:
- the Governor
- the Senior Deputy Governor
- up to 12 independent directors
- the Deputy Minister of Finance (who is an ex officio, non-voting member)
All independent directors are appointed by the Minister of Finance, with the approval of Cabinet, for a three-year renewable term.
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