Gordon Thiessen, former Governor of the Bank of Canada, has agreed to serve as the founding Chair of the Canadian Public Accountability Board, David Brown, chair of the Ontario Securities Commission and the chair of the Council of Governors of the CPAB, announced today. Thiessen’s appointment is for an initial term of three years.

Thiessen will now work with the Council of Governors in completing a search to fill the remaining Board positions.

“Mr. Thiessen brings a tremendous level of integrity to the CPAB,” said Brown in a statement. “He was the unanimous and enthusiastic first choice of the Council of Governors.”

Thiessen’s 35 years of service at the Bank of Canada culminated in a seven-year term as its Governor from 1994 to 2001. Originally from Saskatchewan Thiessen holds a PhD in Economics from the London School of Economics and has been awarded honorary doctorates from the University of Saskatchewan and the University of Ottawa.

He serves on a number of corporate and other boards, including the Board of Governors of the University of Saskatchewan, where he lectured in economics in 1962, following his undergraduate and graduate studies in economics at that institution.

He is the recipient of the government of Sweden’s Order of the Polar Star in recognition of the assistance provided by the Bank of Canada to the Swedish central bank. During his tenure as Governor, Thiessen was recognized as contributing greatly to a more transparent and open Bank of Canada, a record that positions him very well for his new role at the CPAB.

“I am delighted to accept this important challenge”, said Thiessen. “The confidence and trust of Canadians in financial information of public companies is the cornerstone of our market system and is critical to investor confidence. The CPAB will play a key role in promoting the high standards that must be maintained to satisfy investors’ demands.”

The CPAB is a new independent organization established to oversee auditors of public companies. The Council of Governors also includes the chair of the Canadian Securities Administrators, Douglas Hyndman; the former chair of the Quebec Securities Commission, Carmen Crépin; the federal Superintendent of Financial Institutions, Nick Le Pan; and the president and CEO of the Canadian Institute of Chartered Accountants, David Smith.