About the Bank

The Bank's Board is responsible for the governance of the Bank and has specific duties related to finance, human resources, and administration. The Board is composed of 12 Directors from outside the Bank, plus the Governor and the Senior Deputy Governor. The Deputy Minister of Finance sits on the Board as a non-voting member. The outside Directors come from across Canada and provide an important link to the various regions of the country. Directors are appointed for three-year terms by the Minister of Finance and may be reappointed at the end of their terms. If an appointment decision is delayed, Directors continue to fulfill their responsibilities as Board members until a new Director is named.

To fulfill its responsibilities of governance and oversight, the Board has formed several standing committees. Detailed information about Board activity is contained in the Bank's Annual Report.

Members of the Bank's Board of Directors:

Mark J. Carney1 Governor	W. Paul Jenkins1 Senior Deputy Governor
William Black1, 2 Halifax, Nova Scotia	Philip Deck Toronto, Ontario
Bonnie DuPont1 Calgary, Alberta	Douglas Emsley Regina, Saskatchewan
Jock Finlayson Vancouver, British Columbia	Carol Hansell1 Toronto, Ontario
Brian Henley St. John's, Newfoundland and Labrador	Daniel Johnson Montréal, Quebec
David Laidley Montréal, Quebec	Leo Ledohowski Winnipeg, Manitoba
Richard McGaw Fredericton, New Brunswick	Michael O'Brien1 Charlottetown, Prince Edward Island

Member Ex Officio:
Michael Horgan¹
Deputy Minister of Finance

Director Compensation

Independent directors are paid according to a fee structure recommended by the Government, and approved by Order in Council, and published in the Canada Gazette. The fee structure provides that independent directors are paid an annual retainer as well as a per diem for travel and attendance at meetings:

• All independent directors: retainer within the range of $7,300 – $8,600 and per diem within the range of $565 – $665
• Each director appointed to the Executive Committee: additional retainer within the range of $2,600 – $3,500
• Chairs of committees: additional retainer within the range of $1,000 – $2,000 per position
• Directors are also reimbursed for reasonable out-of-pocket expenses including travel, accommodation and meals while performing their duties.

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. Because of provisions in the Bank of Canada Act, the salaries of the Governor and the Senior Deputy Governor do not include any performance-based element.

2009 Salary Ranges: