The Treasury Board, a committee of the Queen's Privy Council for Canada, was established in 1867. The Board consists of the President of Treasury Board, the Minister of Finance and four other ministers nominated by the Governor in Council. The Treasury Board of Canada Secretariat (TBS or the Secretariat), the administrative arm of the Treasury Board, is headed by a Secretary who reports to the President of the Treasury Board. The Secretariat was part of the Department of Finance Canada until 1966, when it became a separate department.