Richard Tiffany “Tiff” Macklem, the 10th and current Governor of the Bank of Canada is a Canadian banker and economist. As he has one of the highest positions in the Bank of Canada, he is expected to earn a large salary.
Tiff Macklem is the current Governor of the Bank of Canada. For a seven-year term, Tiff Macklem took over as Governor of the Bank of Canada on June 3, 2020.
Mr. Macklem was born in Montréal, Quebec. He earned a bachelor’s degree in economics from Queen’s University in 1983 and a master’s degree and a Ph.D. in economics from the University of Western Ontario.
How Much Is Tiff Macklem’s Salary?
Tiff Mackem, the Governor of the Bank of Canada’s salary is estimated to be around $346,700 to $407,900. According to the Bank of Canada’s website, his wages are set within the parameters recommended by the Advisory Committee on Senior Level Retention and Compensation and are subject to the Governor in Council’s approval (the Cabinet).
His membership in the Bank of Canada pension plan and his health and dental benefits make up the rest of their overall remuneration. The Governor’s salary does not include any performance-based elements, as stated in Section 6(3) of the Bank of Canada Act.
The Board and its committees meet without management or non-independent directors regularly. They also meet with the external auditors, the Chief Internal Auditor, the Chief Financial Officer and Chief Accountant, and the Chief Risk Officer regularly in private.
Meet Governor Of Bank Of Canada
Tiff Macklem began his career at the Bank of Canada in 1984 and returned in 1989 after completing his Ph.D. Mr. Macklem rose through the ranks of the Research Department (now Canadian Economic Analysis) before being named Chief in January 2000.
In August 2003, he was named Advisor to the Governor, and in December 2004, he was promoted to Deputy Governor.
Mr. Macklem was Associate Deputy Minister in the Department of Finance during the Global Financial Crisis, and he represented Canada at the G7, G20, and Financial Stability Board. Mr. Macklem returned to the Bank in July 2010 and was promoted to Senior Deputy Governor.
Tiff Macklem Family Details
Tiff Macklem was born and raised in Montreal, Quebec, by Dick Janet Gray-Donald. His father was Birks’ chief financial officer. Peter Macklem, his uncle, was a well-known physician. He attended Selwyn House School in Westmount, where he grew up.
Instead of continuing to CEGEP, he attended Lower Canada College for one year of pre-university. He earned a bachelor’s degree in economics from Queen’s University in 1983 and a master’s degree and a Ph.D. in economics from the University of Western Ontario in 1989.