Type of Government Institution
The Bank is not a government department as it performs its activities at arm's-length from the government; it is a Crown corporation owned by the Government. Shares are directly held by the Minister of Finance on behalf of Her Majesty in right of Canada which are registered by the Bank in the name of the Minister in the books of the Bank at Ottawa, and the bank's earnings go into the federal treasury. The Governor and Senior Deputy Governor are appointed by the Bank's Board of Directors. The Deputy Minister of Finance sits on the Board of Directors but does not have a vote. The Bank submits its spending to the Board of Directors, while federal departments submit their spending estimates to the Treasury Board. Its employees are regulated by the Bank and not the federal public service agencies.
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