Poloz was among five new appointments announced Monday by the Richard Ivey School of Business at the university in London, Ont.
The other new members are former MPs Jim Prentice and Anne McLellan, Ontario deputy minister of consumer services Giles Gherson and George Baran, vice-chairman of the Trudell Medical Group.
The council, which is comprised of 11 members, meets several times a year to discuss the focus of research at the business school and provide students with networking opportunities.
Each appointment is typically for three years, but can be renewed.
The centre's director, Paul Boothe, said Poloz was recruited for the position prior to his taking over earlier this month as head of Canada's central bank.