The Office of the Superintendent of Financial Institutions
(OSFI) has published the final version of its updated Corporate
Governance Guideline (2018 CGG) (guideline). The 2018 CGG sets out
OSFI's current expectations for corporate governance of
Canadian federally regulated financial institutions (FRFIs). The
guideline applies to all FRFIs other than the branch operations of
foreign banks and foreign insurance companies. OSFI looks to the
chief agent of an insurance company branch and the principal
officer of a foreign bank branch to oversee the management of a
branch.
Background
The guideline complements relevant provisions of the Bank
Act, the Insurance Companies Act, the Trust and
Loan Companies Act, the Cooperative Credit Associations
Act and associated regulations and OSFI's Supervisory
Framework and Assessment Criteria.
