Director, Bank of Canada

The Bank of Canada (Bank) is the nation's central bank. Its principal role is to promote the economic and financial welfare of Canada, as defined in the Bank of Canada Act. The Bank’s four main areas of responsibility are:

• Monetary policy: The Bank influences the supply of money circulating in the economy, using its monetary policy framework to keep inflation low and stable.


• Financial system: The Bank promotes safe, sound and efficient financial systems, within Canada and internationally, and conducts transactions in financial markets in support of these objectives.


• Currency: The Bank designs, issues and distributes Canada’s bank notes.


• Funds Management: The Bank is the fiscal agent for the Government of Canada, managing its public debt programs and foreign exchange reserves.

The Board has specific responsibilities under the Bank of Canada Act related to financial and accounting matters, human resources, and pension plan administration. Board members also keep the Bank informed about prevailing economic conditions in their respective regions. Monetary policy is neither formulated nor implemented by the Board. Further details about the organization and its activities can be found on the Bank of Canada's website.

Diversity and Official Languages

The Government of Canada will consider bilingual proficiency and diversity in assessing applicants. You are therefore encouraged to include in your online profile your ability to speak and understand your second official language. Preference may be given to applicants who are members of one or more of the following groups: women, Indigenous peoples, persons with disabilities, and members of a visible minority group.

To be considered, please ensure that the information provided in your curriculum vitae and cover letter clearly demonstrate how you meet the following requirements:

Education and Experience

• A degree from a recognized university, community college, or other post-secondary institution in a relevant field of study or an acceptable combination of education, job-related training and/or experience;


• Experience serving as a member of a board of directors for a public or private sector organization; and


• Business acumen and financial knowledge and experience.

Please describe how you meet these additional requirements:

• Accounting and Financial Controls: Professional skills and experience in accounting and financial controls.


• Human Resources: An appreciation of best practices in human resource management relating to the attraction, retention and development of staff and with specific knowledge of current trends and practices in compensation, benefits and pensions.


• Corporate Governance: An understanding of issues and trends in corporate governance, identify any material experience as a board member of a corporation or public institution.


• Financial Markets and Institutions: A general understanding of the operations of financial institutions and financial market infrastructures in Canada and internationally.


• Project Management: An understanding of the processes associated with planning and controlling the performance or execution of projects.


• Information Technology: An appreciation of the technology associated with the development, maintenance and use of computer systems, software and networks for the processing and distribution of data.

If you move on to the next stage of the selection process, the following criteria will be assessed:

Knowledge, Skills and Abilities

• Knowledge of the Bank’s mandate and the legislative framework within which it operates;


• Knowledge of corporate governance principles and best practices;


• Skills to contribute to the Board in conducting its work effectively, including monitoring and evaluating progress towards achieving objectives;


• Ability to set priorities and support the corporate vision needed to fulfill the Bank’s mandate and attain its objectives;


• Ability to recognize and address emerging issues, to seize opportunities, and to advance ideas and innovation; and


• Superior communication skills, both written and oral.

Language Requirements

Proficiency in both official languages would be preferred.

If you move on the the next stage of the selection process, we will contact your references to confirm that you meet the above selection criteria and that you possess the following Personal Attributes:

• Trust and accountability


• Informed judgment, tact and discretion


• Independence


• High ethical standards and integrity


• Superior interpersonal skills

Eligibility Factors and Conditions of Employment

• Appointees must comply with the Ethical and Political Activity Guidelines for Public Office Holders throughout their appointment as a term and condition of employment. The guidelines are available on the Governor in Council Appointments website under the Forms and reference material.


• All appointees are subject to the Conflicts of Interest Act. Public office holders appointed on a full-time basis must also submit to the Office of the Conflict of Interest and Ethics within 60 days of appointment, a confidential report in which they disclose all of their assets, liabilities and outside activities. For more information, please visit the Office of the Conflict of Interest and Ethics Commissioner's website.

• Appointees must uphold the highest standards of probity and are expected to demonstrate behaviours in the workplace that afford respect, equality and dignity, to everyone they interact with at work at all times. The Values and Ethics Code for the Public Sector outlines the values and expected behaviours for public servants, including valuing diversity and creating workplaces free from harassment and discrimination. Governor in Council appointees are expected to uphold and respect these values and principles in a positive and active manner.


• You must be prepared to travel to Ottawa as required and, once a year, to another Canadian location outside of Ottawa as part of the Bank’s regional outreach program.


• The successful candidate must be willing to participate in Board and Committee meetings, which occur at least six times per year.

Statutory:

• You must be a Canadian citizen ordinarily resident in Canada.


• A person is not eligible to be appointed or continue as a director of the Bank if the person is a director, partner, officer or employee of any of the following institutions:
  
  
  
  1. A direct clearer as defined in the by-laws of Payments Canada
  
  
  2. A clearing house of a clearing and settlement system designated under the Payments Clearing and Settlement Act
  
  
  3. A participant in the Large Value Transfer System operated by Payments Canada
  
  
  4. An investment dealer that acts as distributor of new Government of Canada securities or
  
  
  5. An institution that controls, or is controlled by, an institution referenced above.


• Any beneficial ownership in a share in an institution referenced above is prohibited and if so held must be disposed of within three months of appointment.


• A person is not eligible to be appointed or to continue as a director of the Bank if the person is employed, on a full-time basis, in any capacity in the federal public administration or the public service of a province or holds any office or position, other than as a part-time member of any board or advisory body of an agency or department of the government of Canada or a province, for which any salary or other remuneration is payable out of public moneys, except that a director may perform temporary services for the government of Canada or a province for which that director may be reimbursed actual travel and living expenses.

A link to this notice will be placed in the Canada Gazette to assist the Governor in Council in identifying qualified candidates for this positions. It is not, however, intended to be the sole means of recruitment. A roster of qualified candidates may be established and may be used for similar opportunities.

How to Apply

Candidates must apply online by 11:59 p.m. Eastern Time on August 5, 2018, via the Governor in Council Appointments website. Your cover letter should be addressed to the Deputy Director of Selection Processes, Senior Personnel Secretariat, Privy Council Office, and should be sent only through the on-line application. If you have applied for this position at any time since January 2017, you do not need to re-apply to be considered for this position.