The Office of the Superintendent of Financial Institutions (OSFI) today released the final version of its Advisory on Changes to the Membership of the Board and Senior Management, which comes into effect immediately.
The Advisory requires all federally regulated financial institutions (FRFI) to provide early written notice to their OSFI Relationship Manager of their preferred candidate for all appointments and elections to Senior Management and Director positions. OSFI expects the notice to be provided as early as possible in the FRFI’s appointment or election process.
The full text of the Advisory can be found here.
