OSFI Releases Final Corporate Governance Guideline

On January 28, 2013, the Office of the Superintendent of Financial Institutions (OSFI) released its final Corporate Governance Guideline (Final Guideline) for federally regulated financial institutions (FRFIs). A draft Guideline (Draft Guideline) was first released on August 7, 2012 for industry and public comment and OSFI received over 30 submissions on the Draft Guideline. With the publication of the Final Guideline, OSFI also made available a summary of the key comments received on the Draft Guideline and an explanation as to how these issues were dealt with by OSFI. The Final Guideline updates the Guideline that was originally published in 2003 (2003 Guideline).

The Final Guideline imposes key deadlines. By May 1, 2013, FRFIs have to complete an assessment of their compliance with the Final Guideline and develop a plan to rectify any deficiencies (not just material deficiencies). The results of the assessment and the FRFI's action plan to deal with deficiencies