Submissions to Government

PMAC Submission on OBSI Corporate Governance Consultation

Key Recommendations

  • Transition OBSI’s board to a fully fiduciary board of directors without designated stakeholder representatives from industry bodies and without a designated Consumer Interest Director to reduce inherent conflicts of interest.
  • Appoint all Directors based on a skills matrix, ensuring that the board collectively has the knowledge and experience to act in the best interests of OBSI. The skills matrix should include industry and consumer perspectives.
  • Establish advisory councils, focus groups and regular roundtables with industry organizations and consumer advocates to ensure that the interests, expertise, and needs of stakeholders are understood.
  • If designated industry and consumer board positions are continued, open the nomination process beyond specific registrant groups, resulting in three industry representatives, covering both the banking and investment sectors.
  • Transition all Directors to equal compensation (other than the board Chair) to align compensation and duties of all Directors with the best interests of OBSI.

Click here to view the full submission.