News Story

OMERS Review Updates

January 8, 2013

Status Update Posted By Reviewer

The most recent (third) MMAH status update was published in late December 2012. The Reviewer expects to deliver his final report to the Minister early in the New Year.

More details can be found at the Ministry of Municipal Affairs and Housing (MMAH) website:

http://www.mah.gov.on.ca/Page9860.aspx

 

September 6, 2012 - OMERS 2012 Review Submissions

As announced in May, Mr. Tony Dean was appointed by the Ontario Government to review OMERS governance model in accordance with the OMERS Review Act, 2006.  Mr. Dean requested written submissions from stakeholders to assist in his review.  The deadline for those submissions, September 4, 2012, has now passed.

The OMERS Sponsors Corporation made two submissions to Mr. Dean, which are provided as follows:

For reference, the OMERS Administration Corporation has also made a submission to Mr. Dean which can be found on the OMERS website.

The OMERS Sponsors Corporation would like to thank Mr. Dean for the opportunity to provide its thoughts on the 2012 Review.

 

June 12, 2012 - Consultation Framework Available

On June 7, 2012, the Consultation Framework document for the 2012 OMERS Review was posted on the Ministry of Municipal Affairs website.  Please note that all submissions are due by September 4, 2012.

View Framework Document

 

May 16, 2012 - Reviewer Appointed

On May 15, the Ministry of Municipal Affairs and Housing, Kathleen Wynne, announced on her Ministry's website that Mr. Tony Dean was appointed as the Reviewer of the OMERS Act 2006, as per the Ontario Municipal Employees Retirement System Review Act, 2006.

 

May 14, 2012 Letter from Minister Wynne to the OMERS membership announcing Mr. Tony Dean as Reviewer   [20 KB]

 

May 14, 2012 letter from Tony Dean to the OMERS stakeholders outlining his plans and directing them to the Ministry's OMERS Governance Review webpage  [33 KB]

 

The Review Act requires an independent review of the governance model created by the Ontario Legislature in 2006 for OMERS under the Ontario Municipal Employees Retirement System Act, 2006.  The Review will focus on the actual governance and administration of OMERS since the 2006 OMERS legislation was proclaimed.  It will address and evaluate matters that include: (i) the efficiency and effectiveness of decision-making by the OMERS Sponsors Corporation; (ii) the governance model’s effectiveness in ensuring OMERS overall fairness and financial stability; (iii) the governance model’s effectiveness and fairness for employers, members and former members of the plan; and (iv) the governance model’s effectiveness and fairness in ensuring the accountability of OMERS.  According to the terms of reference published by the Ontario Government, the following basic principles are to guide the Governance Review:

    o    Openness – anyone who wants to participate/contribute to the Review should be given the opportunity to do so.

    o    Transparency – information about the Review should be shared with stakeholders to the fullest extent appropriate.

    o    Timeliness – The Review should be conducted in as efficient and timely a manner as possible.

    o    Scope – The Review should adhere to the issues laid out in the legislation.

Regular updates can be found on the Ministry website at http://www.mah.gov.on.ca/Page316.aspx (English)  http://www.mah.gov.on.ca/Page2422.aspx (French).