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ARTICLE · 27 AUGUST 2012

Corporate Governance: The Next Generation

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The Office of the Superintendent of Financial Institutions (OSFI) has released for comment a draft revised Corporate Governance Guideline (Draft Guideline). The Draft Guideline proposes a number of significant changes to the current version of the Corporate Governance Guideline, which was released in 2003.

CanadaCorporate/Commercial Law
Robert McDowell
Robert McDowell
James Lisson
James Lisson
Robert Elliott
Robert Elliott
Koker Christensen
Koker Christensen
Sunny Sodhi
Sunny Sodhi
Kathleen Butterfield
Kathleen Butterfield
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The Office of the Superintendent of Financial Institutions (OSFI) has released for comment a draft revised Corporate Governance Guideline (DraftGuideline). The Draft Guideline proposes a number of significant changes to the current version of the Corporate Governance Guideline, which was released in 2003 (2003 Guideline). These changes reflect heightened international corporate governance and risk management expectations for financial institutions, which have developed in response to the global financial crisis. The Draft Guideline includes refinements and clarifications in the areas of: (a) Board effectiveness, including responsibilities, competencies and composition, (b) risk governance, including risk appetite and the role of the Chief Risk Officer (CRO), and (c) the role of the Audit Committee. Beyond this, OSFI expects Boards and senior management to identify proactively corporate governance best practices based on the attributes of their specific institutions. Our

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