Senate Agenda, June 23, 2000 - EXHIBIT IV, Appendix 4
In 1990, the Bank of Montreal established the Bank of Montreal Professorship in Money and Finance at The University of Western Ontario by providing the sum of $500,000 over five years, which was endowed. In 1995, the name of the Professorship was changed to Bank of Montreal Professorship with the agreement of the Bank to provide increased flexibility in terms of the academic focus of the Professorship and to recognize the pattern of alternating appointments between the Department of Economics and the Richard Ivey School of Business. The Department of Economics is committed to continuing the academic focus of the Professorship in Money and Finance when the Professorship resides in that Department.
The terms of reference of the Bank of Montreal Professorship are as follows:
1. The annual allocation for spending from the Bank's endowment will be made in accordance with the University's Investment Payout Policy (Policy 2.11) as may be amended from time to time and will be available to support the work of the Professorship's incumbent, but is to be separate from his/her basic salary, which will be paid by the University in the ordinary way. The allocation for spending from the endowment is intended to fund high priority work projects, research and related travel and expenditure in support of academic excellence, including the stipend of scholarly assistants. Up to 50% of the annual allocation for spending may be used, as a premium for excellence, to supplement the basic salary of the incumbent.
2. The fiscal year, for purposes of the Professorship, coincides with the University's fiscal year. A portion of the allocation for spending each year may be added to the capital of the endowment.
3. In order to provide flexibility and the capacity over time to adapt the work and focus of the Professorship to the requirements of a changing environment, the term of appointment of the incumbent will be on a five-year non-renewable basis. The bank will be given an opportunity to communicate to the University its views about candidates for appointment to the Professorship, recognizing that the final decision necessarily is made by the University.
4. To assure the necessary standing and ongoing importance of the Bank of Montreal Professorship, the successful candidate will have tenure at The University of Western Ontario or another university and will be well regarded in the selected field. He or she will have a proven record in his or her chosen specialization, and should already have gained a significant reputation in academic circles and preferably beyond. The recognized strength of the candidates is intended, inter alia, to reinforce the Faculty's ability to attract other scholars of high calibre and potential.
5. The location of the Professorship shall alternate every five years between the Department of Economics and the Richard Ivey School of Business. The selected individual will, at the time of taking up the Professorship, hold a tenured position at The University of Western Ontario.
6. The incumbent will be clearly identified as the Bank of Montreal Professor in University publications, including calendars, relevant letterheads and like material. Additionally, in any professional articles or books published over the term of appointment to the Professorship, the incumbent will be identified as the holder of the Bank of Montreal Professorship.
7. Once a year, at the end of the fiscal year, the University will submit a brief report to the Corporate Donations department of the Bank outlining activities carried out under this programme, plans for the coming year and a brief summary of the disposition of the funds.
8. The President of the University will be responsible for the direction and management of this programme.
1. Appointment to the Bank of Montreal Professorship shall be on the recommendation of a Selection Committee as follows:
a) When the Professorship is to reside in the Department of Economics, the members of the Selection Committee shall be:
- The Dean of Social Science, who shall chair the Committee
- The Chair of the Department of Economics
- The Graduate Chair of the Department of Economics
b) When the Professorship is to reside in the Richard Ivey School of Business, the members of the Selection Committee shall be:
- The Dean of the Richard Ivey School of Business, who shall chair the Committee
- The Associate Dean of Research of the Richard Ivey School of Business
- One member of faculty to be appointed by the Associate Dean of Research
2. The appointment shall be for a term of five years (non-renewable), at the rank of Associate Professor or Professor, under the terms of reference of the memorandum of agreement between the Bank of Montreal and the University.