For Immediate Release
OTTAWA ─ November 7, 2017 ─ Office of the Superintendent of Financial Institutions Canada
The Office of the Superintendent of Financial Institutions (OSFI) is issuing draft changes to its Corporate Governance Guideline for public consultation. OSFI’s corporate governance guidance sets out expectations for boards of federally regulated financial institutions (FRFIs).
OSFI first announced its intention to review the expectations for FRFI boards in June of last year. The review is intended to ensure that OSFI’s guidance continues to reflect evolving governance standards and enables boards to focus on key risks and execute their oversight roles efficiently.
Since the June announcement OSFI has engaged with boards and executives to seek their feedback. That feedback, combined with OSFI’s own research and observations, is reflected in the draft that is being released today. Key changes include:
- Providing boards with greater discretion on how they meet the principles of the Corporate Governance Guideline, taking into account the FRFI’s size, nature of operations and risk profile;
- A clearer delineation of board and senior management responsibilities across the FRFIs; and
- Consolidation and rationalization of board requirements into one place.
The public consultation period closes on December 22, 2017. OSFI will assess the comments received and issue a final version in spring 2018.
OSFI’s Corporate Governance Guideline was first issued in 2003 and revised in 2013.
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.
OSFI – Public Affairs