Bank of Canada launches process to appoint new non-executive Deputy Governor

Further to the announcement that Deputy Governor Timothy Lane will be retiring from the Bank on September 16, the Board of Directors of the Bank has initiated a recruitment process to fill the vacancy on Governing Council. They have formed a selection committee to conduct the search and selection process, with the assistance of global executive recruiting firm Boyden. Public advertisements for the position have been published online.

A careful review of the needs and opportunities associated with this particular vacancy has been conducted, under the Governor’s direction and oversight and in consultation with the Bank’s executive leadership team and Board of Directors.

This review assessed the current balance of management responsibilities among Governing Council members. It also considered the need to continually encourage and ensure a diversity of perspectives, thought and experience when formulating policy.

Considering these two aspects in conjunction, the Bank is changing the nature of the role of this fourth Deputy Governor. To fill this vacancy, the Bank will be seeking an external, non-executive Deputy Governor, focused on contributing to the Bank’s monetary policy and financial stability mandates.

This role will be part-time, equivalent to roughly 50% to 70% of a full-time role. It is being advertised as a two-year contract position, with an option to extend for one year. Outstanding candidates from a broad range of disciplines and backgrounds will be sought to fill this role.

“In a context of increasingly complex and interconnected Canadian and global economies and financial systems, it’s vital that we as an organization constantly adapt and evolve,” said Governor Tiff Macklem. “This change provides an opportunity both to bring fresh and diverse perspectives into the Bank’s consensus-based policy decision-making framework and to ensure the Bank’s executive team has a balanced, streamlined and effective distribution of management responsibility.”

“The Board is wholly in support of this change to the Bank’s management structure and to the recruitment objectives for this very important role,” said Claire Kennedy, Lead Independent Director. “We look forward to recruiting an exemplary candidate to fill this vacancy and add to the Bank’s already strong policy-making team.”