Michael Hasley has been appointed vice chairman of the audit committee at the Office of the Superintendent of Financial Institutions.

Hasley is among the original four independent members appointed to the prudential regulator’s audit committee earlier this year. He is a financial management consultant and corporate director, and a former senior financial executive at Sun Life of Canada and Guaranty Trust.

The other independent members are: Bernard Bougie, an accounting consultant and a former senior partner with Deloitte & Touche; Anne Joynt, former president and CEO of Canada Post; and, David Sullivan, chief internal auditor for the Bank of Canada.

OSFI appointed independent members to its audit committee to further enhance the objectivity, integrity, accountability and transparency of its operations. Superintendent Nick Le Pan says this appointment demonstrates OSFI’s strong commitment to ensuring the highest levels of governance.

The appointment, made in consultation with the committee, was announced by Le Pan. “Because the chair is a member of the management team, OSFI believes it is important to appoint a vice-chair who is independent,” says Le Pan, who serves as chair of the Committee.

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 and external audits, and reviews management action plans to ensure recommendations are incorporated into OSFI’s priority-setting and decision-making processes. It also reviews all of OSFI’s significant public accountability reports and plans.