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ARTICLE · 20 SEPTEMBER 2012

OSFI issues new draft corporate Governance Guideline

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On August 7, 2012, the Office of the Superintendent of Financial Institutions ("OSFI"), Canada's regulator of federal regulated financial institutions such as banks, insurers and loan and trust companies ("FRFIs"), issued for comment a draft guideline entitled Corporate Governance of Federally Regulated Financial Institutions (the "2012 Guideline").

CanadaCorporate/Commercial Law
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Article by Carol Lyons, Hartley Lefton, Calie Adamson and Tim Hughes

On August 7, 2012, the Office of the Superintendent of Financial Institutions ("OSFI"), Canada's regulator of federal regulated financial institutions such as banks, insurers and loan and trust companies ("FRFIs"), issued for comment a draft guideline entitled Corporate Governance of Federally Regulated Financial Institutions (the "2012 Guideline").1 The 2012 Guideline is intended to supplement and modernize the existing OSFI Corporate Governance Guideline (the "2003 Guideline")2 currently in force, purportedly bringing corporate governance of FRFIs into greater alignment with prevailing industry best practices and standards. In this paper, we review the 2012 Guideline and compare it to the 2003 Guideline, noting substantive changes in policy and direction.

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