January 17, 2012

Internal Governance Review

The OAC and SC received the report of the external advisor retained to conduct the internal governance review and discussed findings with the advisor.

The report confirmed that the governance model at OMERS is generally efficient and effective given the statutory framework in place, and the report made recommendations to the SC and OAC to improve and streamline OMERS governance practices.  The SC will study the recommendations and will work together with the OAC to develop a plan to address the recommendations, including Board composition and strategy.

Governance

The Board reviewed and agreed on the desired outcomes and proposed timelines for the work leading up to, and following, the September Joint Strategic Planning Session with the OAC.  This Joint Strategic Planning Session will lead to a common set of principles to guide both OMERS corporations to ensure coordination of efforts in the best interest of plan members.

The SC agreed to post information on member affiliation in an effort to inform stakeholders who may wish to make submissions on Board composition and the related by-laws.

Independent Review of Contribution Rate Allocation

In 2011 it had been agreed to initiate an independent review to provide advice and assistance in determining principles to guide future allocation of contribution rates.   The independent actuary presented preliminary findings of the contribution rate allocation review and additional feedback was solicited from the Board.  The final report will be discussed at the February Board meeting.