Minister Morneau Announces Appointments to the Bank of Canada Board of Directors

News release

September 14, 2018 – Ottawa, Ontario – Department of Finance Canada

The Government of Canada is committed to appointing highly qualified candidates able to best serve the interests of Canadians, through open, transparent and merit-based selection processes for all Governor-in-Council appointments.

In keeping with this commitment, Finance Minister Bill Morneau today announced the appointments of Paul Haggis, Raymond Ivany and Monique Mercier to the Board of Directors of the Bank of Canada.

Biographical information on the newly appointed Board members can be found below.

Biographical Notes

Paul Haggis is currently Chairman of the Alberta Enterprise Corporation, Chair of the Audit Committee of Advantage Energy of Calgary, Director of Sunshine Village Corporation, and advisory board member and limited partner in CAI Firehorn Fund and Balfour Pacific. Since 2017, he has overseen the restructuring of Home Capital Group as Audit Chair and as an independent member of the Board of Directors. He recently retired as Governance Chair and Special Committee member of Pure Industrial Real Estate Trust. Prior appointments include UBC Investment Management Trust, Investment Committee Chair at Insurance Corporation of British Columbia, and Chair of Canadian Pacific following the proxy vote led by Pershing Square in 2012. Prior to his governance appointments Mr. Haggis was CEO of Ontario Municipal Employees Retirement System (OMERS), a founding Director and Interim CEO of the Public Sector Pension Investment Board (PSPIB) and CEO of The Alberta Treasury Branches (ATB Financial). He was commissioned into the Canadian Armed Forces (Air Res) in 1971.

Raymond Ivany served as President and Vice-Chancellor of Acadia University in Wolfville, N.S. from 2009 to 2017. He is currently a private consultant and is a Director of Nova Scotia Power Inc. and Nova Scotia Business Inc. In 2012, he was asked by the Premier of Nova Scotia to chair an economic commission that resulted in a landmark report: Now or Never: An Urgent Call to Action for Nova Scotians. His previous responsibilities also include President and Chief Executive Officer of Nova Scotia Community College, Chair of the Workers' Compensation Board of Nova Scotia and Executive Vice President of the University College of Cape Breton. Over his career, he has advised numerous governments and served as a member of the National Roundtable on the Environment and Economy, Nova Scotia Fiscal Management Task Force, Canadian Council on Learning, Ontario Investing in Students Task Force, Natural Sciences and Engineering Research Council, Federal Task Force on the Northern Cod Fishery and as a Special Advisor to the Atlantic Canada Opportunities Agency (ACOA). Mr. Ivany has received numerous honours including being named to Maclean's Honour Roll of Ten Canadians Who Made a Difference (2004), Atlantic Business Magazine's Top 50 CEO Hall of Fame (2011) and, in 2017, he was named to the Order of Nova Scotia.

Monique Mercier is Executive Vice-President and Chief Governance Officer of TELUS Corporation, and had responsibilities for corporate affairs, including regulatory, media, real estate, sustainability and legal matters. She also served as Chief Legal, Governance and Human Resources Officer at Emergis. Her experience as Board Director includes Chair of the Corporate Governance Committee at Innergex Renewable Energy Inc., Chair of the Compensation Committee at Stornoway Diamond Corporation, and member of the Audit and Compensation Committees of the Société Générale de Financement du Québec. Mrs. Mercier also serves on the Boards of not-for-profits including the Vancouver Symphony Orchestra, the Cancer Research Society, the TELUS Vancouver Community Board and the Legal Leaders for Diversity Trust. She is a graduate of the Université de Montréal Law School and obtained a master's degree in politics from Oxford University on a Commonwealth Scholarship.


"The wealth of experience and diverse backgrounds that these new appointees bring to the Bank's Board of Directors will serve the Bank – and all Canadians – well. I wish them all the best in their new roles and responsibilities, and offer my thanks on behalf of Canadians for their commitment to the country."

Bill Morneau, Minister of Finance

Quick facts

  • The Bank of Canada is a Crown corporation and Canada's central bank. It is responsible for Canada's monetary policy and bank notes, works to preserve the value of money by keeping inflation low, stable and predictable, and also has responsibilities relating to the financial system and funds management.

  • The Bank of Canada's Board of Directors provides general oversight of the management and administration of the central bank. It reviews the Bank's general policies, on matters other than monetary policy, keeps the Bank informed about prevailing economic conditions in Directors' respective regions, and appoints the Governor and Senior Deputy Governor.

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Media may contact:

Pierre-Olivier Herbert 
Press Secretary 
Office of the Minister of Finance 

Media Relations
Department of Finance Canada

General Enquiries

Phone: 613-369-3710
Facsimile: 613-369-4065
TTY: 613-369-3230

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