First, the board is accountable for all the decisions made at committees. The Office of the Superintendent of Financial Institutions supervises financial institutions and ensures that all the important decisions are made at the board and that the board is accountable for all those decisions.
The legislation has rules on what can be delegated. I don't have it in front of me right now, but, for instance, there are two committees of the board that are mentioned in the legislation. There is the audit committee and another committee.
All the decisions have to go back. Financial statements have to be approved by the board, as do the major decisions. The superintendent also issues guidelines to financial institutions to ensure that the board is accountable for the decisions. The residency requirement will remain at the board level.