CDIC‘s chairperson is appointed by the Governor in Council to serve for a defined 5-year term, pursuant to the CDIC Act. Private sector directors are appointed pursuant to the provisions of the Financial Administration Act.
The five public sector directors, or “ex officio” directors, sit on CDIC‘s board by virtue of the positions they hold at other federal safety net partners. This includes leaders from the Department of Finance, the Bank of Canada, the Office of the Superintendent of Financial Institutions and the Financial Consumer Agency of Canada.
The five private sector directors are recommended by the Minister of Finance and appointed by the Governor in Council for up to 4 years. The appointments of private sector directors do not automatically end when their terms expire. A vacancy occurs only when such a director resigns or when a new director is appointed in his or her place.
When a term is close to ending or vacancy on the board is imminent, the board provides a director’s profile and gap analysis to the Minister of Finance concerning the board composition.