OSFI Releases Final Revised Corporate Governance Guideline

Yesterday, Canada's federal financial institutions regulator, the Office of the Superintendent of Financial Institutions (OSFI), released the final version of its revised Corporate Governance Guideline (the Revised Guideline). The Revised Guideline sets forth OSFI's expectations for the corporate governance of federally-regulated financial institutions (FRFIs). Like the previous Guideline issued in 2003, it applies to all FRFIs except foreign bank branches and foreign insurance company branches.

Last August OSFI released an initial draft of the Revised Guideline, which was open for comment until September 14, 2012. We reviewed that initial draft in our August 2012 Financial Services Update. OSFI received detailed and critical feedback on the initial draft from the relevant industry associations and a large number of FRFIs, and a consultation process on the initial draft continued through the fall. In December, OSFI released a significantly revised draft only to