Board of Directors

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.

Stephen S. Poloz

Governor
Member of the Executive Committee

Carolyn A. Wilkins

Senior Deputy Governor
Member of the Executive Committee

Norman M. Betts

Fredericton, New Brunswick

Alan Andrew Borger

Winnipeg, Manitoba

Phyllis Clark

Edmonton, Alberta

Colin Dodds

Halifax, Nova Scotia

Monique Jérôme-Forget

Montréal, Quebec

Claire M. C. Kennedy

Toronto, Ontario

Derek D. Key

Summerside, Prince Edward Island
Lead Director

Wes Scott

Toronto, Ontario

Jean Simon

Saguenay, Quebec

Greg Stewart

Regina, Saskatchewan

Martin Sullivan

Calvert, Newfoundland and Labrador

Paul Rochon

Member Ex Officio
Deputy Minister of Finance¹
Member of the Executive Committee

¹The Deputy Minister of Finance sits on the Board of Directors but has no vote.

Director Compensation

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. During 2014, 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.

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, subject to the approval of the Governor in Council (the Cabinet). The remaining component of their total compensation consists of their membership in the Bank of Canada pension plan, and health and dental benefits. As stipulated in Section 6(3) of the Bank of Canada Act, the salaries of the Governor and the Senior Deputy Governor do not include any performance-based element.