OBSI board announces launch of strategic governance review

August 25, 2022 - The Board of Directors for the Ombudsman for Banking Services and Investments (OBSI) announced that it has begun a strategic review of its governance structure with plans for public consultation in the late fall.

On June 13, 2022, OBSI released the results of the 2021 independent evaluation of its operations and practices for investment related complaints conducted by Professor Poonam Puri. An important recommendation in the report called for OBSI’s board to undertake a strategic review of its governance structure and consider alternative ways to gather input from consumer and industry stakeholders.

OBSI’s Governance and Human Resources Committee is leading the work on behalf of the board, with plans to launch a public consultation in the fall of 2022 on potential directions and enhancements of OBSI’s governance structure and practices for stakeholder engagement.

“We are committed to consulting broadly on any governance changes as OBSI continues to focus on fulfilling its public interest mandate,” said Maureen Jensen, Chair, OBSI. “This is an opportunity to enhance OBSI’s governance, by improving our engagement with both consumer and industry representatives so we continue to receive insightful input from all stakeholders.”

OBSI's board provides strategic oversight for the organization and consists of 10 directors: seven Community Directors (at least one of whom is designated the Consumer Interest Director), who have not been part of industry or government for at least two years; and three Industry Directors, who are appointed from shortlists of nominees provided by designated industry bodies.