OSFI Releases Draft Revised Corporate Governance Guidelines: The Ongoing Evolution Of Governance Practices

On August 7, 2012, the Office of the Superintendent of Financial Institutions (OSFI) released for public comment draft revisions to its Guideline on Corporate Governance (Draft Guideline) for Federally-Regulated Financial Institutions (FRFIs).  A copy of the Draft Guideline can be accessed here. Industry participants wishing to comment must do so by September 14, 2012.

Background

Since the financial crisis, corporate governance has become an increased area of focus for regulators in the financial services industry both internationally and domestically.  For example, since 2008, each of the Financial Stability Board, the Organization for Economic Cooperation and Development (OECD), and the Basel Committee for Banking Supervision has either launched examinations to identify corporate governance weaknesses among financial institutions, and/or issued guidance on ways to enhance corporate governance practices following the crisis.  In 2010, OSFI joined these efforts by