UPDATE 1-Canada appoints two new Bank of Canada directors

Tue Nov 6, 2012 4:21pm EST
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* Adds University of Alberta CFO, PEI lawyer

* Board oversees bank administration, not monetary policy

TORONTO Nov 6 (Reuters) - Canada appointed Alberta university executive Phyllis Clark and Prince Edward Island lawyer Derek Key to the Bank of Canada's board of directors on Tuesday.

The board provides general oversight of the management and administration of the central bank, but does not set monetary policy.

"Ms. Clark and Mr. Key bring significant financial, management and professional expertise to the Bank's Board," Canada's minister of finance Jim Flaherty said in a statement.

Clark, the University of Alberta's chief financial officer, previously held a similar position at York University in Toronto. She also served as assistant deputy minister for Ontario's finance department.

Key, a corporate commercial lawyer and partner with McInnis Cooper's Prince Edward Island office, has practiced for more than 25 years.