On January 28, 2013, the Office of the Superintendent of
Financial Institutions Canada ("OSFI")
released the final version of its revised Guideline on Corporate Governance (the
"Revised Guideline"). The Revised
Guideline is the result of a consultation process that began when
draft revisions (the "Draft Guideline")
to the 2003 Guideline on Corporate Governance were issued
for public consultation from August 7, 2012 to September 14, 2012.
The Revised Guideline sets out OSFI's expectations for
corporate governance at all federally regulated financial
institutions ("FRFIs"), and applies to
all FRFIs except the branch operations of foreign banks and foreign
insurance companies.
It is OSFI's view that strong corporate governance is
essential to the safety and soundness of Canada's financial
institutions, and that the Revised Guideline will help boards and
senior management to identify and manage risks being undertaken by
their financial institutions. In addition to
