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.
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