Sue's Blog

Thursday, September 07, 2006

Where are the Crown Corps Agencies and Federal Places located? Number 1

Let's do one of these a day.
Where are the offices and where are the federal jobs!

The Bank of Canada


A special type of Crown corporation

The Bank was founded in 1934 as a privately owned corporation. In 1938, it became a Crown corporation belonging to the federal government. Since that time, the Minister of Finance has held the entire share capital issued by the Bank. Ultimately, the Bank is owned by the people of Canada.

The Bank is not a government department and conducts its activities with considerable independence compared with most other federal institutions. For example:

  • The Governor and Senior Deputy Governor are appointed by the Bank's Board of Directors (with the approval of Cabinet), not by the federal government.
  • The Deputy Minister of Finance sits on the Board of Directors but has no vote.
  • The Bank submits its expenditures to its Board of Directors. Federal government departments submit theirs to the Treasury Board.
  • Bank employees are regulated by the Bank itself, not by federal public service agencies.
  • The Bank's books are audited by external auditors appointed by Cabinet on the recommendation of the Minister of Finance, not by the Auditor General of Canada.

Bank of Canada
234 Wellington Street
Ottawa, Ontario, Canada
K1A 0G9

They employ approximately 1200 people.
Check out the Board of Directors and see who represents us on it and is watching the fiscal policy....

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