Wanted: Governor for the Bank of Canada

The Bank of Canada has advertised the position of governor, which will become vacant in June when the present governor, Mark Carney, departs for the Bank of England.

“Few positions influence more directly the performance of the Canadian economy than that of the Governor of the Bank of Canada,” the recent postings in the Globe and Mail and the Economist stated.

Here’s what you need to be the next Governor of the Bank of Canada:

• Unquestioned technical competence in monetary policy and, more broadly, macro-economics;
• A highly developed understanding of the financial sector, both institutions and markets, domestically and internationally;
• The proven ability to provide leadership for a complex, knowledge-intensive organization;
• Exceptional communications skills and the ability to communicate in both official languages;
• Canadian citizenship;
• The demonstrated ability to exercise sound judgment in a highly complex environment, to manage competing priorities and to rank strategic priorities;
• A leadership style that is characterized by a personal inclination to lead through persuasion.

Expect to be remunerated about $500,000 a year if you get the position. But be warned: you are up against stiff competition. Tiff Macklem, the Bank’s senior deputy governor, is considered the frontrunner. The federal cabinet must ultimately approve the appointment.