SUMMERSIDE – P.E.I.’s representative on the Bank Of Canada’s board of directors has been promoted to a leadership role.
Summerside lawyer and businessman Derek Key was elected lead director of the nation’s central bank during its April board meeting.
Bank of Canada Governor Stephen Poloz issued a statement to the Journal Pioneer congratulating Key.
“I am delighted that Derek Key is taking over as our lead director, as he brings a very strong skillset to the board table. I’m also grateful to Phil Deck for his service as a board member, and especially the last few months when he was lead director,” said Poloz.
The Bank of Canada is the nation’s central financial institution and is responsible for implementing monetary policy, printing currency and maintaining financial systems.
It’s board is made up of 14 individuals, comprised of 11 representatives from the provinces, the governor, senior deputy governor and a member ex officio, which in this case is the deputy minister of finance.
Key was first appointed to the board as P.E.I.’s representative in November of 2012.
According to the Bank of Canada Act, the lead director of the board is the leader and spokesperson of the 11 appointed board members from the provinces.
They act as the link between the appointed board and the governors, and serve various capacities for both groups.
They are elected for a two-year renewable term.