Governance 2022
Taking a cue from the top: governor turnover and independence
Central bank governors tend to have long tenures, but what that means can vary. High turnover remains a worrisome signal
Governance Benchmarks 2022 – central banks’ essential frameworks
A data-informed look at governing structures and the challenges they face
Few central banks report funding problems
Only 10% of central banks say they lack adequate resources
Median bank has had four governors in past 20 years
Governor turnover probably does not reflect independence
Governors are rarely dismissed early
Most jurisdictions have the power to dismiss central bank governors, but rarely use it
Central banks usually transfer profits to governments
But many central bank respondents did not share profits in the last financial year
Minority of central banks worry over independence
Most central banks say law protects them, but some say changes are needed
Role of boards differs widely across central banks
All benchmark respondents have boards, but powers and responsibilities show great variety
More central banks have diversity and sustainability policies
But these policies remain less common than codes of ethics and whistleblower policies
Heads of state often play key role in governor appointments
Benchmark respondents say governors’ terms last four to seven years
Board sizes vary widely across central banks
Board terms average around five years and non-executive directors are common
Rich countries’ central banks less likely to manage sovereign debt
Practice is more common among middle and lower income countries, and in Africa and the Americas
Three-quarters of surveyed central banks answer to parliaments
Held accountable: benchmark responses on how central banks report on their activities
Governor salaries range as high as $1 million
Base pay tends to rise with GDP per capita, but there is wide variation, benchmark data shows