OSFI Issues Final Corporate Governance Guideline

The Office of the Superintendent of Financial Institutions (OSFI) recently published the final revised version of its Corporate Governance Guideline (dated September 2018) (the Revised Guideline).

Background

The original Corporate Governance Guideline, which was first issued in 2003 and later revised in 2013, was designed to set out OSFI’s expectations for boards of directors of federally regulated financial institutions (excluding branch operations of foreign banks and foreign insurance companies). The Revised Guideline is intended to consolidate all of OSFI’s expectations for boards of directors.

The Revised Guideline continues to complement:

• 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