Bank of Canada is set to appoint additional external deputy governor
-
Loading... - jacob daniel
- 04 Oct 2024
- 89 Views
- 0 Like
- 0 Comment
The Bank of Canada is expanding its leadership team by appointing a second external deputy governor, a role introduced last year to incorporate diverse perspectives into its monetary policy decision-making process. This move is part of the central bank’s efforts to bring in fresh viewpoints and skills, especially as it navigates an increasingly complex economic landscape. The position is currently held by Nicolas Vincent, an economics professor whose term has been extended until March 2026.
Bank of Canada Governor Tiff Macklem praised the value of Vincent's contribution and emphasized the importance of expanding this initiative. The addition of a second external deputy governor will further enrich the bank’s decision-making process by bringing more varied experiences and viewpoints to the governing council.
This new deputy governor, like Vincent, will participate in the council and contribute to the Bank's communication and outreach efforts. A selection committee has been formed, with recruitment firm Boyden assisting in the search for the new candidate.
Tiff Macklem, the governor of the Bank of Canada, stated in a statement that the new position has demonstrated its value since Vincent was appointed.
According to Macklem, adding the second external position will provide even more perspectives, abilities, and experiences.
Tiff Macklem, Governor of the Bank of Canada, stated, "The value of including an external point of view in the conduct of monetary policy was demonstrated by the creation of the Bank’s first external Deputy Governor role in 2023, and the subsequent appointment of Nicolas Vincent in that role." The creation of a second external Governing Council position will provide the Bank with additional perspective and diverse skills and experiences as it navigates an economy that is becoming increasingly complex and rapidly changing.
Lead Independent Director Claire Kennedy stated, "The Bank welcomes a variety of experiences, viewpoints, and backgrounds in decision-making." We are eager to hire an outstanding candidate who will add new perspectives to the Bank's Governing Council's work.
External deputy governors are involved in outreach and communication as well as the central bank's governing council.
With the assistance of recruitment firm Boyden, the board of the central bank has established a selection committee for the position.
This step reflects the central bank’s commitment to enhancing its decision-making process through external insights as it continues to respond to the rapidly changing economic environment.
Additionally, the Bank is announcing that external Deputy Governor Nicolas Vincent's term has been extended to March 2026, making it a total of three years. Deputy Governor Vincent, who joined the Bank's Governing Council on March 13, 2023, will continue to be affiliated with HEC Montréal and perform part-time work for the Bank of Canada.
