Governor of the Bank of Canada
Encyclopedia
The Governor of the Bank of Canada is chief executive officer and the chairman of the board of directors
of the Bank of Canada
; the incumbent governor is Mark Carney
, who has served since 1 February 2008. The governor is appointed by the Minister of Finance
, with the advice
of the bank's board of directors and the approval of the Governor-in Council. Though, once in office, the occupant has been intended by most governments since the 1980s to act independently of the government.
It is, of course, difficult to see how much real autonomy the Governor could have in the light of section 14 subsection (2) of the Bank of Canada Act. See the excerpt below.
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of the Bank of Canada
Bank of Canada
The Bank of Canada is Canada's central bank and "lender of last resort". The Bank was created by an Act of Parliament on July 3, 1934 as a privately owned corporation. In 1938, the Bank became a Crown corporation belonging to the Government of Canada...
; the incumbent governor is Mark Carney
Mark Carney
Mark J. Carney is the eighth and current governor of the Bank of Canada and the Chairman of the Financial Stability Board, an institution of the G20 based in Basel, Switzerland. These appointments were on October 4, 2007 , and on November 4, 2011...
, who has served since 1 February 2008. The governor is appointed by the Minister of Finance
Minister of Finance (Canada)
The Minister of Finance is the Minister of the Crown in the Canadian Cabinet who is responsible each year for presenting the federal government's budget...
, with the advice
Advice (constitutional)
Advice, in constitutional law, is formal, usually binding, instruction given by one constitutional officer of state to another. Especially in parliamentary systems of government, Heads of state often act on the basis of advice issued by prime ministers or other government ministers...
of the bank's board of directors and the approval of the Governor-in Council. Though, once in office, the occupant has been intended by most governments since the 1980s to act independently of the government.
It is, of course, difficult to see how much real autonomy the Governor could have in the light of section 14 subsection (2) of the Bank of Canada Act. See the excerpt below.
Governors of the Bank of Canada
- Mark CarneyMark CarneyMark J. Carney is the eighth and current governor of the Bank of Canada and the Chairman of the Financial Stability Board, an institution of the G20 based in Basel, Switzerland. These appointments were on October 4, 2007 , and on November 4, 2011...
(2008 present) - David A. DodgeDavid A. DodgeDavid A. Dodge, OC, FRSC is a Canadian economist. He served a seven-year term as Governor of the Bank of Canada from February 1, 2001 to January 31, 2008. He was succeeded by Mark Carney. On September 12, 2008 he joined Bennett Jones LLP, a leading Canadian law firm, as a senior advisor in their...
(2001 2008) - Gordon ThiessenGordon ThiessenGordon G. Thiessen, OC was the sixth Governor of the Bank of Canada from 1994 to 2001, succeeding John Crow. He was succeeded by David A. Dodge....
(1994 2001) - John CrowJohn CrowJohn William Crow was the fifth Governor of the Bank of Canada from 1987 to 1994, succeeding Gerald Bouey. He was succeeded by Gordon Thiessen....
(1987 1994) - Gerald BoueyGerald BoueyGerald Keith Bouey, was the fourth Governor of the Bank of Canada from 1973 to 1987, succeeding Louis Rasminsky. He was succeeded by John Crow....
(1973 1987) - Louis RasminskyLouis RasminskyLouis Rasminsky, CC, CBE was the third Governor of the Bank of Canada from 1961 to 1973, succeeding James Coyne. He was succeeded by Gerald Bouey....
(1961 1973) - James CoyneJames CoyneJames Elliott Coyne, BCL, BA was the second Governor of the Bank of Canada, from 1955 to 1961, succeeding Graham Towers. During his time in office, he had a much-publicized debate with Prime Minister John Diefenbaker, a debate often referred to as the "Coyne Affair" .-Life and career:Coyne was...
(1955 1961) - Graham TowersGraham TowersGraham Ford Towers, CC was the first Governor of the Bank of Canada from 1934 to 1954.Born in Montreal, Quebec, educated at St. Andrew's College in Toronto, he graduated from McGill University in 1919. During World War II, he was Chairman of the Foreign Exchange Control Board and Chairman of the...
(1934 1954)