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Submission on Modernizing Corporate Governance for Federally Regulated Financial Institutions

Release Date: 09/23/2022
Staff Reference: Sarah Hobbs

The CLHIA provided its comments to the Government of Canada on the consideration of modernizing the corporate governance framework for federally regulated financial institutions (FRFIs). The consultation considered adapting and applying the Canada Business Corporations Act diversity disclosure requirements to FRFIs. The submission notes that it is important to balance qualifications with efforts to encourage diversity on boards of directors. The consultation also considered expanding electronic communications, such as by permitting distributing materials electronically and holding virtual stakeholder meetings. The CLHIA submission expressed support for these measures.