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 core 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.


• Retail Payments Supervision: The Bank is responsible for supervising payment service providers with the aim of building confidence in the safety and reliability of their services, while protecting users from certain risks.

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.

Diversity and Official Languages

We are committed to providing a healthy and accessible workplace that supports one’s dignity, self-esteem and the ability to work on one’s full potential. With this in mind, all appointees will be expected to take steps to promote and maintain a healthy, respectful, inclusive and harassment-free work environment.

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.

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.

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.

Candidates interested in being considered for this position must also have experience in at least one of the following fields:

Please describe how you meet these additional requirements:

Accounting and Financial Controls: Professional skills and experience in accounting and financial controls. An accounting accreditation will be considered an asset.

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 to 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.


• No person is eligible to be appointed or to continue as director who




1. is not a Canadian citizen ordinarily resident in Canada; or (statutory)


2. 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. (statutory)


• (2) No person is eligible to be appointed or to continue as a director if the person is a director, a partner, an officer or an employee of any of the following institutions:




1. a direct clearer as defined in the by-laws of the Canadian Payments Association; (statutory)


2. a clearing house of a clearing and settlement system designated under subsection 4(1) of the Payment Clearing and Settlement Act; (statutory)
   
   


3. a participant in Lynx, the high value payment system operated by Payments Canada; (statutory)


4. an investment dealer that acts as a distributor of new Government of Canada securities; (statutory)


5. an institution that controls, or is controlled by, an institution referred to in any of paragraphs (a) to (d). (statutory)




• Any person who beneficially owns a share in an institution referred to in any of paragraphs (a) to (e) at the time of being appointed director of the Bank shall dispose of that beneficial ownership interest within three months after the appointment. A director of the Bank shall not otherwise beneficially own a share of an institution referred to in any of those paragraphs. (statutory)

You must be prepared to travel to Ottawa as required and, every two years, 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.

A link to this notice will be placed in the Canada Gazette to assist the Governor in Council in identifying qualified candidates. It is not, however, intended to be the sole means of recruitment.

How to Apply

Review of applications (more information here) will begin on March 15, 2022. Candidates should apply online via the Governor in Council Appointments website. Candidates are strongly encouraged to submit their applications by this date. After this date, your application will be retained and may be considered up until an appointment to the position is made. Your cover letter should be addressed to the Director of Selection Processes, Senior Personnel Secretariat, Privy Council Office, and should be sent only through the online application.

Instructions on how to apply for an appointment opportunity can be found on the Governor in Council Appointments website.