Canadian Manufacturing

Some accountants concerned Carney departure will hurt economy

About three in 10 believe departure could hurt country's financial system

OTTAWA—A new survey suggests the country’s senior chartered accountants have mixed feelings about Mark Carney’s surprise decision to leave for the Bank of England.

The survey of accountants holding senior positions in some of Canada’s top companies shows a vast majority, about nine in 10, believe the appointment reflects well on Canada and the country’s financial system.

But 28 per cent also expressed concern that the early departure of the Bank of Canada governor will hurt the stability of the Canada economy.

The accountants appear to have approved of the job Carney has done since taking over, with 92 per cent saying they would like to stay the course after his departure on June 1.

When he announced his intentions to leave in November, Carney said he was confident the Bank of Canada would handle the transition without impacting the economy.

The survey of 298 members of the Canadian Institute of Chartered Accountants was conducted by Harris-Decima in December and considered accurate plus or minus 5.7 percentage points, 19 times out of 20.

The Bank of Canada announced it has formally begun the search process for Carney’s replacement, but gave no indication when it will be ready to appoint a successor.

Most observers believe the job will go to Tiff Macklem, the bank’s second in command.

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