Finance Minister Jim Flaherty announced on Monday the nomination of Tom Hockin as executive director of the International Monetary Fund, representing the constituency of Canada, Ireland and the Caribbean.

Hockin’s nomination will now be subject to an election within the constituency. If he is elected, he would succeed Michael Horgan, who is now the Deputy Minister of Finance.

“The recent global financial crisis made it clear how important international financial institutions like the IMF are to a stable global economy,” said Flaherty. “Mr. Hockin’s extensive background in trade and finance would serve Canada well as we continue to work towards a stronger, more effective and more representative IMF.”

Hockin, currently a strategic advisor with Deloitte and a public corporate director, is a former president of the Investment Funds Institute of Canada.

As Minister of International Trade, he carried out the negotiations on the side accords to the North American Free Trade Agreement in 1993. He was also Minister of State (Finance), responsible in part for the restructuring of the regulation of federal financial institutions from 1986 to 1989.

More recently, Hockin chaired the Expert Panel on Securities Regulation, which recommended the establishment of a single securities regulator and securities act for Canada.

Hockin has a business degree from the University of Western Ontario, a master’s degree in public administration and Ph.D. in political science from Harvard University, and was awarded an Honorary Doctor of Commerce by Ryerson University in 2005.