Review of OSFI’s Expectations of Boards of Directors of Federally Regulated Financial Institutions

OSFI will be undertaking a review of its expectations of boards of directors of federally regulated financial institutions. The goal of the review is to ensure clarity in OSFI’s expectations; to enable directors to focus their efforts and resources in effectively executing their role; and to apply OSFI board requirements in a more proportional manner, taking into consideration the size, complexity and nature of individual FRFI operations.

OSFI plans to undertake a broad consultation with all FRFIs regarding OSFI’s expectations and areas where clarification or rationalization of those expectations would have greatest impact on a board’s ability to effectively fulfill its prudential responsibilities. Consultations will begin in early 2017 with selected FRFI boards and stakeholder groups, to be followed by the broad consultation.