Former Bank of Canada Governor Stephen Poloz is going to be okay.
Barely a week after Poloz officially ended his seven-year term as the head of Canada’s central bank, the 64-year-old economist has landed plum board seats at two of Canada’s biggest public companies: pipeline giant Enbridge Inc. (TSX:ENB) and technology services firm CGI Inc. (TSX:GIB.A)
Public filings show the board seats typically come with annual compensation of $607,000. The salary for the Bank of Canada Governor is $544,800, according to the central bank’s records.
It’s not uncommon for former central bank officials to join boards or the speaking circuit, cashing in after years in a high-profile public job. However, not every former central bank governor heads to the corporate world. Former Governor David Dodge waited five months after the end of his tenure in 2008 to become a board director for Canadian Utilities Ltd. (TSX:CU)
Elsewhere, central bankers have joined the financial world after time had passed. Among them are former U.S. Federal Reserve Chairman Ben Bernanke, who became a senior adviser to Pacific Investment Management Co., and Bundesbank’s Axel Weber, who became UBS Group AG’s chairman.