This paper examines the top 250 corporations and associated networks of interlocking directorates in Canada and Australia in the 1990s. Interlocks are interpreted both as social relations of class hegemony and as vehicles in the accumulation of capital along an integrated financial‐industrial axis (finance capital). In Canada both these sides of corporate power are highly centralized within a predominantly national corporate elite. The Australian network is much sparser but still has a discernible core, although its financial sector has less presence at the core, and foreign interests while not dominant are somewhat more structurally prominent. The Canadian capitalist class exhibits all the characteristics suggested by finance capital; the mechanisms of capitalist class integration through corporate interlocking in Australia are weaker. We argue that different systems of class integration are historically embedded in the two countries, and speculate about the role of nationally organized finance capital in the contemporary globalization of capital.