Annual Report on Travel, Hospitality and Conference Expenditures
Office of the Superintendent of Financial Institutions Canada 2024 - 2025
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, 2025.
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 its purpose of contributing to public confidence in the Canadian financial system by regulating and supervising approximately 400 federally regulated financial institutions (FRFIs) and 1200 federally regulated pension plans (FRPPs).
OSFI’s mandate is to:
• ensure FRFIs and FRPPs remain in sound financial condition
• ensure FRFIs protect themselves against threats to their integrity and security, including foreign interference
• act early when issues arise and require FRFIs and FRPPs to take necessary corrective measures without delay
• monitor and evaluate risks and promote sound risk management by FRFIs and FRPPs
In exercising its mandate:
• for FRFIs, OSFI strives to protect the rights and interests of depositors and creditors while having due regard for the need to allow FRFIs to compete effectively and take reasonable risks
• for FRPPs, OSFI strives to protect the rights and interests of pension plan members, former members and entitled beneficiaries
Office of the Superintendent of Financial Institutions Canada Travel, Hospitality and Conference Expenditures for Year ending March 31, 2025
Expenditure category |
Expenditures for year ended March 31, 2025 ($ thousands) |
Expenditures for year ended March 31, 2024 ($ thousands) |
Variance ($ thousands) |
|---|---|---|---|
| Travel | |||
Operational activities |
$1,024.00 |
$875.00 |
$149.00 |
Key stakeholders |
$440.00 |
$239.00 |
$201.00 |
Internal governance |
$27.00 |
$74.00 |
-$47.00 |
Training |
$70.00 |
$170.00 |
-$100.00 |
Other |
$98.00 |
$47.00 |
$51.00 |
| A. Total travel | $1,659.00 |
$1,405.00 |
$254.00 |
| B. Hospitality | $22.00 |
$78.00 |
-$56.00 |
| C. Conference fees | $31.00 |
$6.00 |
$25.00 |
| Total [A+B+C] | $1,712.00 |
$1,489.00 |
$223.00 |
| 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 to fiscal year 2023-24, travel expenditures increased primarily because more meetings and events with regulated financial institutions and international partners returned to in-person .
Hospitality:
Compared to fiscal year 2023-2024, the decrease in hospitality expenditures is due to refocusing government spending as a result of measures announced in Budget 2023.
Conference fees:
Compared to fiscal year 2023-2024, the increase in conference expenditures is primarily due capturing these events as conferences in 2024-2025. In the past some were coded to training.Minister and minister’s exempt staff - International travel:
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