The Bank of Canada's Board of Directors has commenced a recruitment process to appoint an additional external Deputy Governor. The Board has established a selection committee and engaged the services of recruitment firm Boyden to facilitate this search. Advertisements for the position have been posted online.
The role of external Deputy Governors is to introduce diverse perspectives and outside viewpoints into the Bank's monetary policy discussions and financial stability evaluations. These roles are part-time contracts lasting two years, with options for extension up to two more years. External Deputy Governors participate fully in the Governing Council's activities and contribute actively to the Bank's communication and outreach efforts. This new appointment will expand the Governing Council from six to seven members.
Candidates with varied disciplines, backgrounds, economic and financial sector knowledge, skills, experience, and central banking understanding are being sought by the selection committee.
Bank of Canada Governor Tiff Macklem stated: “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.” He added that as they navigate a complex economy, adding another external perspective will bring valuable skills and experiences.
Claire Kennedy, Lead Independent Director, commented: "The Bank welcomes a variety of experiences, viewpoints and backgrounds in decision-making. We look forward to recruiting an outstanding candidate who will provide additional perspectives to the work of the Bank’s Governing Council.”
Additionally, Nicolas Vincent's term as an external Deputy Governor has been extended until March 2026. Vincent joined on March 13, 2023, and will continue his part-time role while maintaining his affiliation with HEC Montréal.