OSFI Issues Final Corporate Governance Guideline For Canadian FRFIs

The Office of the Superintendent of Financial Institutions ("OSFI") has issued a final version of its new guidance with respect to the governance of Canadian chartered federally regulated financial institutions ("FRFIs") (the "Revised Guideline"). The Revised Guideline does not apply to branch operations.

The Revised Guideline replaces OSFI's 2003 Corporate Governance Guideline. OSFI notes that corporate governance practices have evolved significantly over the past ten years and that, in recent years, a number of regulators, international standard-setters and various commentators have published reports highlighting industry best practices and standards with respect to the effective corporate governance of financial institutions. The publication of the Revised Guideline follows an extensive period of consultation with the financial services industry including professional advisers. At the time of the publication of the Revised Guideline, OSFI also published a summary