Governance documents
Last modified: February 2024
The Bank is committed to publishing information about how it works. Reports, statements, public surveys and plans are available in this section.
The mandate of the Bank of Canada is spelled out in the Bank of Canada Act. Under this Act, the Bank of Canada is required to submit each year its audited financial statements accompanied by a report by the Governor to the Minister of Finance. The Annual Report is presented to Parliament by the Minister and a copy is published in the Canada Gazette.
The Payment Clearing and Settlement Act gives the Bank of Canada responsibility for the oversight of payments and other clearing and settlement systems in Canada, for the purpose of controlling systemic risk and payments system risk.
The Governing Council's main tool for implementing monetary policy is the target for the overnight rate. This rate is normally set on eight fixed dates per year. The Council arrives at its decisions about the rate by consensus, rather than by individual votes, as is the case at some other central banks.
Meet our Board of Directors, and learn more about how they work.
Corporate planning
- Canadians Count on Us: The Bank of Canada’s 2025–27 Strategic Plan
The Bank of Canada’s 2025-27 strategic plan establishes our top priorities for the next three years. It presents a collective view of things we need to do—areas where our efforts are best placed to continue delivering on our promise to Canadians. - Delivering on Our Promise: The Bank of Canada’s 2022–24 Strategic Plan
As the Canadian economy is reshaped by new opportunities and potentially disruptive challenges, our three-year strategic plan draws on valuable insights and innovative thinking from across the Bank. It defines the goals and priorities that will guide the work ahead as we deliver on our promise to Canadians. - 2022–24 Cyber Security Strategy
The Bank’s cyber security strategy charts our course to reduce risk and promote resilience in the financial sector. - Digital First: A central bank for a digital Canada
The Bank’s digital transformation strategy is guiding the ways our people work together and how we are increasing our capacity to apply emerging technologies to fulfil the Bank’s mandate. - Bringing Our Values to Life: Equity, Diversity and Inclusion Strategy 2022–24
Our Equity, Diversity and Inclusion (EDI) Strategy builds on our previous work to enhance diversity and inclusion and now goes even further to explicitly incorporate equity—both in the title and in updated actions and measures of success. - 2023–25 Accessibility Plan
At the Bank of Canada, we recognize that accessibility is an ongoing and central element of being an inclusive organization. That’s why the plan we’ve developed to continue improving our accessibility builds on our inclusive mindset and practices. - Reconciliation Action Plan
The Bank’s Reconciliation Action Plan will guide the Bank as it continues its Reconciliation journey. In line with our mandate, the action plan outlines two interconnected pathways to help us build an equitable and inclusive organizational culture and deepen our understanding of the Indigenous economy.
Historical documents
- 2019–21 Medium-Term Plan: Leading in the New Era
The Bank’s medium-term plan charts our course for the years 2019 to 2021. Find out more. - Central Banking for a New Era: The Bank of Canada’s 2016-18 Medium Term Plan
The medium-term plan provides a focus for the Bank to continue its tradition of excellence while building its readiness for the future. - Building on Excellence: Strength, Stability and Confidence
The Bank’s medium-term plan charts our course for the years 2013 to 2015.
Reports
Annual Report and Quarterly Financial Report
The Bank of Canada’s Annual Report, including audited financial statements, and the Bank of Canada's Quarterly Financial Report.
Statement of Financial Position / Balance Sheet
- Backgrounder: balance sheet
To understand the finances of a central bank, it is helpful to know how it operates in support of its mandate. - Backgrounder: interest earnings
To understand how the Bank earns interest, and what it means for the profits and losses on its balance sheet. - Bank of Canada Statement of Financial Position / Balance Sheet and Supplementary Information
Find our Statements of Financial Position and Supplementary Information of Balance Sheet Loans and receivables.
Annual reports for the Employment Equity Act
Annual reports for the Canadian Multiculturalism Act
Annual reports for the Official Languages Act
Annual reports for the Privacy Act
Annual reports for the Access to Information Act
Annual reports for the Accessible Canada Act
Annual reports for the Fighting Against Forced Labour and Child Labour in Supply Chains Act
Policies and guidelines
Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada's Balance Sheet
This document sets out the policy governing the acquisition and management of domestic financial assets for the Bank of Canada's balance sheet. This policy does not apply to the assets of the Bank's pension trust fund and supplementary trust fund.
Bank of Canada Policy for Buying and Selling Securities Under Subsection 18.1(1) of the Bank of Canada Act
This policy sets out the range of securities and instruments that the Bank will use for certain types of transactions.
Code of Business Conduct and Ethics
The Bank of Canada’s Code of Business Conduct and Ethics is designed to ensure that we maintain a high level of public trust and reputation for high ethical standards in matters of privacy, confidentiality, conflicts of interest, and work environment.
An important component of the Code is the expectations and rules for employees regarding their conduct of personal financial transactions. The Code prohibits trading of securities during blackout periods leading up to the fixed announcement dates and prohibits ownership of securities in financial institutions. These restrictions apply to Bank employees depending on their level or their access to non-public sensitive information. The framework also includes disclosure and oversight mechanisms.
Code of Business Conduct and Ethics for Directors
The Bank of Canada Code of Business Conduct and Ethics for Directors is designed to assist the Bank’s independent directors in understanding, and to promote adherence to, the standards of conduct and ethical behaviour expected of them in the performance and exercise of their responsibilities.
Disclosure of Wrongdoing
This policy supports the Bank's policy framework by providing staff with an additional method for disclosing serious concerns of wrongdoing in the workplace.
Anti-money laundering and anti-terrorist financing controls framework
The Bank of Canada is committed to supporting a secure, stable and resilient financial system infrastructure. This includes applying a risk-based approach to detect and deter the use of the Bank’s services and delivery channels for illegal purposes.
Procurement Policy Statement
The Bank of Canada requires that its resources be used effectively and efficiently to obtain appropriate value for money.
Principles for external communication by members of Governing Council
To uphold public confidence in the transparency and integrity of its work on behalf of Canadians, the Bank adheres to these principles for Governing Council’s external communications.
Blackout guidelines
"Blackout" guidelines for communications around fixed announcement dates.
Accountability and disclosure
Access to Information and Privacy (ATIP)
The Bank of Canada is subject to the Access to Information Act and the Privacy Act.
Info Source
This document provides information about the functions, programs, activities and related information holdings of government institutions subject to the Access to Information Act and the Privacy Act.
External audit
The Governor in Council (the Cabinet) appoints two firms of accountants (currently KPMG LLP and Ernst & Young LLP) to audit the affairs of the Bank, as stated in Section 28 (1) of the Bank of Canada Act. A copy of every report submitted by the auditors to the Bank is contained in the Bank's Annual Report and is submitted to the Minister of Finance.
Internal audit
The Bank’s Internal Audit department is an independent, objective assurance and advisory function that supports management and the Board of Directors by evaluating the effectiveness of the Bank’s risk management, control, and governance processes, and by promoting continuous process improvement.
Travel and hospitality expense reports
The Bank publishes monthly reports on travel and hospitality expenses for the Chief Operating Officer, the Executive Directors and all members of the Bank's Governing Council and Board of Directors.
Disclosure of Contracts
Four times per year, the Bank publishes summaries of contracts over $100,000 that it has entered into.
Pension Plan
Access reports, bylaws and other documents related to the Bank of Canada Pension Plan.
Public Awareness Surveys
See why your opinion of the Bank matters to us, and find out about our latest Public Awareness Survey.
Risk management
The risk appetite is the amount and type of risk an organization takes to achieve its objectives. The Enterprise Risk Management (ERM) policy sets out the overall intent and expectations for effective ERM at the Bank of Canada.