Modernizing Corporate Governance for Federally Regulated Financial Institutions

Current Status: Closed

In Budget 2021, the Department announced a public consultation on measures that would:

This engagement process gave all interested members of the public the opportunity to provide input on this topic.  The consultation ran from August 9th to September 23rd, 2022.  Thank you to everyone who participated.

Key questions for consideration

This consultation sought feedback on:

What’s next?

Input received through this consultation will assist the government in developing potential legislative amendments to the financial institutions statutes that would encourage diversity on the boards and senior management of FRFIs, and facilitate electronic communications between FRFIs and their owners. . While this formal consultation has now concluded, Canadians are welcome to share their ideas and comments with the Department of Finance at any time.

Related links

Corporate Governance Consultation: Improving Diversity and Facilitating Electronic Communications in Federally Regulated Financial Institutions -


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