The Office of the Superintendent of Financial Institutions has appointed a majority of independent members to its audit committee.

OSFI’s 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. It 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.

“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.”

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; and, 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.

”The new audit committee members are distinguished and highly respected,” adds Le Pan. “We will benefit from their knowledge, expertise, unique perspectives and wisdom.”