The Board of Directors of the Bank of Canada has initiated a recruitment process to fill a new external Deputy Governor position. The Board has formed a selection committee to spearhead the selection process and has retained recruitment firm Boyden to assist with the open external search process. Advertisements for the position have been posted online.
The Bank engages external Deputy Governors to bring a diversity of views and an outside perspective to its monetary policy deliberations and financial stability assessment. External Deputy Governor roles are part-time contracts for a two-year term with the option to extend for one or two years. During their terms, external Deputy Governors participate as full members of the Bank’s Governing Council and play an active role in the Bank’s communications and outreach activities. This new position will bring the Bank’s Governing Council from six to seven members.
The selection committee is seeking outstanding candidates from a broad range of disciplines and backgrounds, with the economic and financial sector knowledge, skills, experience and understanding of central banking necessary to contribute to the monetary policy and financial stability mandates of the Bank.
“The creation of the Bank’s first external Deputy Governor role in 2023, and the subsequent appointment of Nicolas Vincent in that role, demonstrated the value of including an external point of view in the conduct of monetary policy,” said Bank of Canada Governor Tiff Macklem. “As the Bank navigates an increasingly complex and fast-changing economy, the creation of a second external Governing Council role will add further perspective and bring different skills and experiences to the table.”
“The Bank welcomes a variety of experiences, viewpoints and backgrounds in decision-making,” said Claire Kennedy, Lead Independent Director. “We look forward to recruiting an outstanding candidate who will provide additional perspectives to the work of the Bank’s Governing Council.”
The Bank is also announcing that the term of external Deputy Governor Nicolas Vincent has been extended to March 2026, bringing it to 3 years. Deputy Governor Vincent, who joined the Bank’s Governing Council on March 13, 2023, will continue to work with the Bank of Canada in a part-time capacity and will maintain his affiliation with HEC Montréal.
