Bank of Canada Governor David Dodge

Bank of Canada Governor David Dodge will not seek second term

OTTAWA – Governor David Dodge has informed the Bank of Canada's Board of Directors and the Minister of Finance that he will not seek a second term as Governor.

While Governor Dodge's term continues until 31 January 2008, he indicated he is making his plans known well in advance to facilitate the selection and appointment of his successor.

The Board of Directors will shortly form a Special Committee comprised of the independent directors whose mandate is to undertake a recruitment process for the selection of a Governor. Governors of the Bank of Canada are appointed by the independent directors, subject to the approval of the Minister of Finance and the federal Cabinet. The selection process is expected to be completed by the Fall.

Mr. Dodge became Governor of the Bank of Canada in February 2001, following many years in the federal public service, including positions as Deputy Minister of Finance and Deputy Minister of Health.

Process for selecting a Governor of the Bank of Canada

The Board of Directors of the Bank of Canada has initiated a process to find a replacement for the Governor of the Bank of Canada, David Dodge, whose seven year mandate will end on 31 January 2008. The following is the process leading to the appointment of a new Governor.

At its June meeting, a Special Committee of the Bank's Board of Directors, comprised of the independent directors, will initiate the search process for potential candidates.

The Special Committee of the Board will conduct the process with the assistance of an executive recruiting firm to be selected through a Request for Proposal process that has recently been launched.

Public advertisements for the position will be published on the Bank's web site, in The Globe & Mail, National Post, La Presse, and The Economist.

A detailed schedule with the closing date for applications will be developed in June. The process is expected to be completed by the Fall.

Subject to the approval of the Minister of Finance and the federal Cabinet, the Special Committee of the Board will appoint the next Governor for a seven year term beginning 1 February 2008.

The current salary range for the position of Governor, as set by Cabinet on 19 February 2007, is $346,700 to $407,900.

http://www.bank-banque-canada.ca/en/press/2007/pr07-7.html[/list]