OSFI Report Card Ignores Investors

The Treasury Board of Canada Secretariat has released its report card on OSFI’s performance in 2007-08.

It is without value. Despite the admission that (bolding added):

Primary to OSFI’s mission and central to its contribution to Canada’s financial system are two strategic outcomes:
  • To regulate and supervise to contribute to public confidence in Canada’s financial system and safeguard from undue loss. OSFI safeguards depositors, policyholders and private pension plan members by enhancing the safety and soundness of federally regulated financial institutions and private pension plans.
  • To contribute to public confidence in Canada’s public retirement income system

… OSFI’s success in meeting the objectives of interest to investors was determined by:

OSFI provided The Strategic Counsel, an independent research firm, with a list of CEOs of federally regulated financial institutions. The research firm invited the CEOs to participate in either an online or a telephone survey, and 166 (61%) participated. OSFI does not know which CEOs participated. The complete report is available on OSFI’s Web site under Organization / Reports/ Consultations and Surveys.

Yup, the people who can put me out of business tomorrow are doing just a fine job, no question, yup.

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