Office of the Superintendent of Financial Institutions

Office of the Superintendent of Financial Institutions

May 26, 2006 11:30 ET

OSFI Appoints Independent Members to its Audit Committee

OTTAWA, ONTARIO--(CCNMatthews - May 26, 2006) - The Office of the Superintendent of Financial Institutions (OSFI) has appointed independent members to its Audit Committee. The independent members represent a majority of the Committee.

"OSFI already has a strong and effective internal audit function," says Nicholas Le Pan, Superintendent of Financial Institutions. "Appointing independent members further enhances the objectivity, integrity, accountability and transparency of our operations. It's also consistent with our commitment to ensuring the highest levels of governance."

OSFI is the primary regulator and supervisor of federally registered deposit-taking institutions, insurance companies, and federally registered private pension plans.

The Audit Committee provides advice and guidance for all internal audit and related functions. This includes the approval of the internal audit group's mandate, operating policies and budget. The Committee reviews risk assessments and performance measures, provides input into the Office of the Auditor General's audit plans for OSFI, assesses advice and recommendations resulting from internal audits, and reviews management action plans to ensure recommendations are incorporated into OSFI's priority setting and decision-making processes. Consistent with the Comptroller General of Canada's approach to internal audit oversight, OSFI has also named a representative from the public sector to the Committee. The new members are:



- Bernard Bougie, an accounting consultant and a former senior
partner with Deloitte & Touche;

- Michael Hasley, a financial management consultant and corporate
director, and a former senior financial executive at Sun Life of
Canada and Guaranty Trust

- Anne Joynt, former president and CEO of Canada Post

- David Sullivan, Chief Internal Auditor for the Bank of Canada


The Committee is comprised of these four members and the Superintendent. It is expected to meet at least four times a year and members will serve a maximum four-year term, with a maximum of two terms. Biographies of the audit committee members are available through the following link:

http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=1210.

"The new Audit Committee members are distinguished and highly respected," adds Mr. Le Pan. "We will benefit from their knowledge, expertise, unique perspectives and wisdom."

Created in 1987 by an Act of Parliament, the Office of the Superintendent of Financial Institutions (OSFI) is the primary regulator and supervisor of federally registered deposit-taking institutions, insurance companies, and federally registered private pension plans. OSFI's mandate is to advance and administer a regulatory framework that contributes to public confidence in a strong, stable and competitive financial system.

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