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Bank of Canada board gets 3 new directors including 1st First Nations member

Click to play video: 'Interest rate hikes depend on ‘fundamental uncertainties’ in year ahead, Bank of Canada governor warns'
Interest rate hikes depend on ‘fundamental uncertainties’ in year ahead, Bank of Canada governor warns
The Bank of Canada’s rapid-fire interest rate hikes are starting to slow the economy, Governor Tiff Macklem said on Monday during his end-of-the-year speech. And while the bank wants to avoid a recession, there is a risk that sticky inflation will require “much higher” rates, Macklem warned. “These are fundamental uncertainties we’ll need to confront in the years ahead.” – Dec 12, 2022

Canada’s finance ministry said on Thursday it was appointing three new directors to the Bank of Canada’s board, which selects the central bank’s governor and provides general oversight of the management and administration of the institution

The new appointees – David Dominy, Ernie Daniels, and Shelley Williams – bring years of experience in “accounting, capital markets, and financial management from across industries and sectors,” the finance ministry said in the statement.

Daniels, from the Salt River First Nation in the Northwest Territories, has over 35 years of senior-level financial management experience, according to theDepartment of Finance’s website.

A Bank of Canada spokesperson told Global News that to the best of their knowledge, Daniels is the first First Nations member to join the Bank’s board.

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Dominy has over 25 years of CEO experience, most recently with Canada’s largest domestically-owned Money Services Business, FIRMA Foreign Exchange Corporation.

Williams, meanwhile, is a Chartered Professional Accountant (CPA) who has held senior positions at several large multinational public companies, including vice-president treasurer at Finning International, and corporate treasurer at Fletcher Challenge Canada.

With files from Global News

(Reporting by Ismail Shakil and Steve Scherer in Ottawa)

Click to play video: 'Bank of Canada hikes key interest rate to 4.25%'
Bank of Canada hikes key interest rate to 4.25%

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