As part of continuing efforts to strengthen corporate governance, Canada's prudential regulator wants to expand existing rules that require institutions to give prior notice of senior management changes. It also wants meetings with new leaders at large firms. The Office of the Superintendent of Financial Institutions (OSFI) has proposed an advisory that would formalise the current pre-notification process for federally regulated financial institutions (FRFIs). For large institutions, the advisory would also include a stipulation that OSFI may request introductory meetings with new appointees to discuss their professional background, responsibilities, and the nature of regulatory interactions. "To the extent that OSFI may have any specific concerns regarding the appropriateness of a candidate, OSFI will inform the Board of the FRFI, as appropriate, prior to the candidate’s appointment or nomination for election," the proposal said. Early notification The advisory would
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