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.

Members of the Board of Directors

• Mark J. Carney
  Governor¹
• Tiff Macklem
  Senior Deputy Governor¹
• William Black
  Halifax, Nova Scotia¹
• Phyllis Marie Clark
  Edmonton, Alberta
• Philip Deck
  Toronto, Ontario
• Douglas Emsley
  Regina, Saskatchewan¹
• Jock Finlayson
  Vancouver, British Columbia
• Brian Henley
  St. John's, Newfoundland and Labrador
• Daniel Johnson
  Montréal, Quebec
• Claire M. C. Kennedy
  Toronto, Ontario
• Derek D. Key
  Summerside, Prince Edward Island
• David Laidley
  Montréal, Quebec^{1, 2}
• Leo Ledohowski
  Winnipeg, Manitoba
• Richard McGaw
  Fredericton, New Brunswick

Member Ex Officio:
Michael Horgan¹
Deputy Minister of Finance

¹ Member of the Executive Committee
² Lead Director

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 2009, 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. An additional annual retainer of $3,000 was paid to each director serving on the Executive Committee. 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.

Salary Ranges:

2011

Governor - $425,300 - $500,300
Senior Deputy Governor - $297,800 - $350,300

2012

Governor - $431,800 to $507,900
Senior Deputy Governor - $302,300 to $355,600

Additional Board Information:

For additional information concerning the Bank's Board of directors please see the Board of Directors' Section in the Bank's Annual Report.