Archived - Minister of Finance Announces Appointments to Bank of Canada Board of Directors

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Minister congratulates Norman Betts and Alan Borger on their appointments

June 18, 2014 – Ottawa, Ontario– Department of Finance

Finance Minister Joe Oliver today announced the appointments of Norman Betts and Alan Borger to the Board of Directors of the Bank of Canada.

Dr. Betts is an Associate Professor at the University of New Brunswick’s Faculty of Business Administration and is the former Minister of Finance for New Brunswick.

Mr. Borger is President and Chairman of the Board of Ladco Company Limited and Chairman of Borland Construction Inc.

Quick Facts

  • The Bank of Canada is the nation’s central bank. Its purpose, as set out in the Bank of Canada Act, is to promote the economic and financial welfare of Canada.
  • The Bank is responsible for Canada’s monetary policy and bank notes, and also has responsibilities relating to the financial system and funds management.
  • The Board of Directors of the Bank of Canada 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 role of the Board of Directors is to provide 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.

Quotes

"I am pleased to announce the appointments of Norman Betts and Alan Borger to the Bank of Canada's Board of Directors. With their collective expertise in the areas of accounting, finance, business administration, politics and law, spanning both the public and private sectors, they bring a wealth of varied and valuable experience to this important institution."

- Joe Oliver, Minister of Finance

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Melissa Lantsman
Director of Communications
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

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Biographical Notes

Norman Betts

Dr. Betts is an Associate Professor at the University of New Brunswick’s Faculty of Business Administration. He is a former Member of the Legislative Assembly of the province of New Brunswick and was the provincial Minister of Finance from 1999 to 2001.

Dr. Betts has an accomplished career in accounting and finance and vast experience in the public and private sectors as well as academia. He is an expert in accounting regulations, and has extensive experience in audits, risk management, governance and oversight.

Dr. Betts holds positions on multiple Boards of Directors, including with Tembec Inc. and NB Power.

Dr. Betts holds a BBA in Business Administration from the University of New Brunswick (1978) and a PhD in Management with a concentration in accounting and finance from Queen’s University’s School of Business (1992). He also holds a Fellow Chartered Accountant designation.

Alan Borger

Mr. Borger is President and Chairman of the Board of Ladco Company Limited and Chairman of its wholly owned subsidiary, Borland Construction Inc., and has also served as Ladco’s Executive Vice-President and Corporate Counsel. Ladco is a corporation with interests in land development, commercial and residential real estate, property management, heavy construction, building products, and hospitality.

Mr. Borger is a member of the Residential Tenancies Advisory Committee, the President’s Advisory Committee (University of Manitoba) and the Law Society of Manitoba, and has also served as a director of The Forks North Portage Partnership.

Mr. Borger holds a BComm from Queen’s University (1983), an LLB from the University of Manitoba (1986) and an MBA from the University of Virginia (1992).