Archived Opportunities

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Directors, Bank of Canada,

Appointment Opportunity

We know that our country is stronger — and our government more effective — when decision-makers reflect Canada’s diversity. The Government of Canada will use an appointment process that is transparent and merit-based, strives for gender parity, and ensures that Indigenous peoples and minority groups are properly represented in positions of leadership. We will continue to search for Canadians who reflect the values that we all embrace: inclusion, honesty, fiscal prudence, and generosity of spirit. Together, we will build a government as diverse as Canada.

The overarching goal of the Minister of Finance is to use the fiscal and budgeting tools at the government’s disposal to implement its New Plan for a Strong Middle Class.

The Government of Canada is currently seeking applications from diverse and talented Canadians from across the country who are interested in the following positions:

Directors (part-time positions)

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:

The Laurentian Pilotage Authority has set three key objectives to carry out its mandate:

• 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.

Candidates must apply online by 11:59 p.m. Eastern Time on March 14, 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 applied between January 25 and February 27, 2017, you do not need to re-apply to be considered for this position.

Per Diem: $565 - $665

Annual Retainer: $7,300 - $8,600

Official Languages and Diversity

The Government of Canada will consider bilingual proficiency and diversity in assessing candidates for this position. 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 candidates who are members of one or more of the following groups: women, Indigenous peoples, persons with disabilities, and members of visible minorities.

To be considered for one of these positions, please provide concrete examples from your career that clearly demonstrate how you meet the following requirements in your application:

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.

In addition, the available positions require 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.
• 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 are selected for an interview, 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 verify how you have demonstrated the Experience requirements and the following Personal Attributes in your current and recently held positions:

• Trust and accountability
• Informed judgment, tact and discretion
• Independence
• High ethical standards and integrity
• Superior interpersonal skills

Eligibility Factors and Conditions of Employment

In your application, it will be important that you confirm you meet the following requirements:

• 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.

If you are appointed to these positions:

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

You will be subject to the Conflict of Interest Act. For more information, please visit the Office of the Conflict of Interest and Ethics Commissioner's website.

A link to this notice will be placed in the Canada Gazette to assist the Governor in Council in identifying qualified candidates for this position. 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.