Annual Report on Travel, Hospitality and Conference Expenditures

Office of the Superintendent of Financial Institutions Canada 2018 - 2019

As required by the Treasury Board Directive on Travel, Hospitality, Conference and Event Expenditures, this report provides information on travel, hospitality and conference expenditures for Office of the Superintendent of Financial Institutions Canada for the fiscal year ended March 31, 2019.

Travel, hospitality and conference expenditures incurred by a federal department or agency relate to activities that support the department or agency’s mandate and the government’s priorities.

Mandate:

OSFI's travel, hospitality and conference expenditures support the delivery of the following core programs and services to Canadians: The advancement of a regulatory framework designed to control and manage risk; The supervision of federally regulated financial institutions and pension plans to determine whether they are in sound financial condition and meeting regulatory and supervisory requirements. This includes promptly advising financial institutions and pension plans if there are material deficiencies, and taking corrective measures or requiring that they be taken to expeditiously address the situation; The monitoring and evaluation of system-wide or sectorial developments that may have a negative impact on the financial condition of federally regulated financially institutions.

Office of the Superintendent of Financial Institutions Canada Travel, Hospitality and Conference Expenditures for Year ending March 31, 2019

Travel, Hospitality and Conference Expenditures

Expenditure category

Expenditures for year ended March 31, 2019 ($ thousands)

Expenditures for year ended March 31, 2018 ($ thousands)

Variance ($ thousands)

Travel

Operational activities

$1,981.00

$2,309.00

-$328.00

Key stakeholders

$439.00

$112.00

$327.00

Internal governance

$159.00

$121.00

$38.00

Training

$687.00

$427.00

$260.00

Other

$44.00

$29.00

$15.00

A. Total travel

$3,310.00

$2,998.00

$312.00

B. Hospitality

$198.00

$186.00

$12.00

C. Conference fees

$4.00

-$2.00

$6.00

Total [A+B+C]

$3,512.00

$3,182.00

$330.00

International travel by minister and minister's staff (included in travel)

$0.00

$0.00

$0.00

Explanation of significant variances compared with previous fiscal year

Total travel:

Compared with fiscal year 2017–18, departmental travel expenditures increased slightly mainly due to growth in OSFI's staff complement, and training and development for new employees.

Hospitality:

Departmental hospitality expenditures will fluctuate from year to year due to the periodicity of certain national and international activity and regulator events. OSFI's costs will be higher in a year when it is hosting an annual event as opposed to a year when another participant is hosting the same event. During fiscal year 2018-19, OSFI hosted the Canada Pension Plan (CPP) Seminar on Demographic and Economic and Investment Perspectives for Canada. While less significant, another factor is the implementation of the human capital strategy.

Conference fees:

Compared with fiscal year 2017–18, departmental conference fee expenditures increased due to participation in the Financial Sector Forum. For 2017-18, OSFI's conference fee expenditures were NIL. The negative balance represents an erroneous account coding classification discovered after the 2017-18 year-end.

Minister and minister’s exempt staff - International travel:

Not applicable to OSFI as the Minister of Finance's travel expenditures are recorded and reported through the Department of Finance.
Date modified: