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Canada's OSFI to review expectations of companies' boards

Canada's Office of the Superintendent of Financial Institutions will undertake a consultation with federally regulated financial institutions as part of its review of the expectations it has of the companies' boards of directors.

Specifically, OSFI will speak directly to a number of the boards — representing a cross section of size, business model and complexity — to discuss its "expectations and areas where clarification or rationalization of those expectations would have greatest impact on a board's ability to effectively fulfill its prudential responsibilities," according to a press release.