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Monetary policy has worked to reduce price pressures in the Canadian economy. Inflation is now around 2% and is expected to remain near the middle of the Bank of Canada’s control range of 1% to 3% over the projection.

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The Board is composed of the Governor, the Senior Deputy Governor and 12 independent directors appointed to three-year renewable terms by the Governor in Council (the Cabinet). The Deputy Minister of Finance is an ex officio non-voting member of the Board.

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The Board and its committees regularly hold sessions without management or non-independent directors present. They also meet privately on a regular basis with the external auditors, the Chief Internal Auditor, the Chief Financial Officer and Chief Accountant, and the Chief Risk Officer.

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Inflation at 2%: the role of monetary policy going forward — Deputy Governor Rhys Mendes speaks before the Greater Charlottetown Area Chamber of Commerce (8:20 (ET) approx.) .

* Bank of Canada Senior Management† The Pension Committee consists of three independent directors, the Senior Deputy Governor and three other senior officers of the Bank.

We’re taking steps to better understand the impacts of climate change on the economy and to reduce our environmental footprint.

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The Board of Directors provides general oversight of the management and administration of the Bank with respect to strategic planning, financial and accounting matters, risk management, human resources, and other internal policies.

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These forecasts are provided to Governing Council in preparation for monetary policy decisions. They are released once a year with a five-year lag.

The Board of Directors provides general oversight of the management and administration of the Bank. Meet its members, and find out about their compensation and committee meetings.

We’ve started the design process for the new $20 bank note featuring His Majesty King Charles III. See more about the new note and our design process.

Directors are paid within the ranges established under the Remuneration Guidelines for Part-Time Governor-in-Council Employees in Crown Corporations administered by the Privy Council Office. Directors were paid an annual retainer of $8,000 and an additional $625 per diem for attendance (including attendance by telephone) at each Board meeting and Committee meeting of which the director was a member. Each director who chairs a committee of the Board was paid an additional retainer of $1,000, except for the Chair of the Corporate Governance Committee who was paid an additional $2,000. In addition, all non-employee directors are reimbursed for travel, accommodation or meal expenses incurred in the course of attending meetings of the Board, its Committees, or at Board-related events. The Governor and the Senior Deputy Governor do not receive directors' compensation.

The Audit and Finance Committee provides Board oversight of the Bank’s internal auditors and manages the relationship with the Bank’s external auditors, who are appointed by the Governor-in-Council (the Cabinet).

The salaries of the Governor and the Senior Deputy Governor are within ranges established by the Advisory Committee on Senior Level Retention and Compensation, and all elements of their total compensation are determined by the Board, subject to the approval of the Governor in Council (the Cabinet). As stipulated in Section 6(3) of the Bank of Canada Act, the salaries of the Governor and the Senior Deputy Governor may not include any element in the form of a commission or that is computed by reference to the income or profits of the Bank.

We aim to build confidence in the safety and reliability of payment service providers’ services while protecting end users from specific risks.

Inflation at 2%: the role of monetary policy going forward — Deputy Governor Rhys Mendes speaks before the Greater Charlottetown Area Chamber of Commerce (8:20 (ET) approx.) .