OSFI Corporate Governance Guideline
In January 2013, OSFI* published the final version of the revised Corporate Governance Guideline for Federally-Regulated Financial Institutions (FRFIs).
Background
IRG has been established to help FRFIs comply with the new Guideline. We help the Boards of FRFIs - whether the parent company of a group or a subsidiary within a group - interpret, apply and meet the new requirements.
New Requirements
OSFI expects Boards and Senior Management of FRFIs to be proactive, and to be aware of best practices related to corporate governance that are applicable to their institution. The Guidelines creates new expectations that the Board of an FRFI will regularly conduct a self-assessment of the effectiveness of the Board and Board Committee practices, occasionally with the assistance of independent external advisors.
In addition, the Board should regularly assess the effectiveness of the FRFI’s oversight functions and processes. Occasionally, as part of its assessment, the Board should conduct a benchmarking analysis of those functions or their processes with the assistance of independent external advisors.
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* IRG is an independent group of consultants and we are not affiliated with or under contract to OSFI.