Governor of the Bank of Canada explained

Post:Governor
Body:the Bank of Canada
Insigniasize:150px
Incumbent:Tiff Macklem
Acting:no
Incumbentsince:June 3, 2020
Department:Bank of Canada
Reports To:Minister of Finance
Seat:Ottawa, Ontario
Appointer:Board of Directors
Appointer Qualified:with Governor in Council approval
Termlength:Seven years, renewable
Constituting Instrument:Bank of Canada Act
Formation:1934
First:Graham Towers
Deputy:Senior Deputy Governor

Governor of the Bank of Canada is the chief executive officer of the Bank of Canada and acts as chair of its board of directors.[1] The Bank of Canada Act, 1985, S. 6(1),[2] provides that the governor and deputy governor shall be appointed by the directors with the approval of the Governor-General-in-Council.

Tiff Macklem serves as the current governor. He assumed office on June 3, 2020.[3]

Roles and responsibilities

The governor and deputy governor sign each series of Canadian banknotes and the governor is the ex-officio alternate voter on the International Monetary Fund.

Lists

Governors[4] !No.!Name!Term
1Graham Towers19341954
2James Coyne19551961
3Louis Rasminsky19611973
4Gerald Bouey19731987
5John Crow19871994
6Gordon Thiessen19942001
7David A. Dodge20012008
8Mark Carney20082013
9Stephen Poloz20132020
10Tiff Macklem2020present
Senior deputy governors!No.!Name!Term
1John Robert Beattie1970 1971
2Gerald Bouey1972 1973
3R. William Lawson1973 1984
4John Crow1984 1987
5Gordon Thiessen1987 1994
6Bernard Bonin1994 1999
7Malcolm Knight1999 2003
8Paul Jenkins2003 2010
9Tiff Macklem2010 2014
10Carolyn Wilkins2014 2020
11*Carolyn Rogers[5] 2021present
The position of Senior Deputy Governor was created in 1970, with its responsibilities previously divested in one or more deputy governors.

Deputy Governor Timothy Lane assumed such duties as providing the Deputy Governor's signature for banknotes between the resignation of Carolyn Wilkins and the naming of Carolyn Rogers as Senior Deputy Governor.

See also

Notes and References

  1. Web site: Organization Profile - Bank of Canada . 2023-01-14. Government of Canada . 2020-03-28.
  2. Web site: Bank of Canada Act.
  3. Web site: Tiff Macklem Appointed Governor of the Bank of Canada. 2020-06-23. Bank of Canada. en-US . May 1, 2020 .
  4. Web site: Historical Leadership at the Bank of Canada. Bank of Canada. en-US. 2020-03-28.
  5. News: Carolyn Rogers named senior deputy governor of the Bank of Canada. July 12, 2021 . subscription . Mark . Rendell . The Globe and Mail . 2021-07-21.