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Ottawa, January 31, 2003
2003-006

Department of Finance Issues Consultation Paper on Corporate Governance of Financial Institutions

Related document:

• Corporate Governance of Financial Institutions - Discussion Paper.

See also:

• Corporate Governance of Financial Institutions Consultation.

The Department of Finance issued today a consultation paper that examines whether changes should be made to the federal legislative framework governing financial institutions.

These potential changes relate to revisions made last year to similar provisions of the Canada Business Corporations Act. As well, the paper seeks input on the need to review the corporate governance framework for insurance policyholders in light of the demutualization of a number of the largest life insurance companies in Canada and other developments in the insurance industry in recent years.

The consultation paper is not intended to address the broader corporate governance issues raised as a result of recent corporate scandals in the United States, which have had a negative impact on investor confidence in global capital markets, including in Canada. The paper is available on the Department of Finance Web site at www.fin.gc.ca.

Written submissions from stakeholders and members of the public will be accepted until March 31, 2003. Additional details on submitting comments and on the Government’s consultation process can be found in the consultation paper.

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For further information:

Andrée Houde
Public Affairs and Operations Division
(613) 996-8080

Gerry Salembier
Financial Sector Policy Branch
(613) 992-1631

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