August 23, 2012

Specified Plan Change (SPC) Proposals

The formal implementation of any SPC requires a by-law. The contribution rates and new earnings definition agreed to at the June meeting were codified in By-Law #29

The SPCs also necessitated changes to the Statement of Plan Design Objectives and Strategy (SPDOS) for the Primary Plan and the RCA.  The SC approved revised By-Laws #20 and #28 which contains the SPDOS of the Primary Plan and the RCA respectively, and which now reflect the impact of the 2012 SPCs.

Governance

2012 Review

The Co-Chairs reported back to the SC on their meeting with Mr. Dean, indicating that he had been appreciative of the information and feedback provided by the SC and Co-Chairs.  The SC again committed to on-going engagement with the Reviewer and having the Co-Chairs meet with Mr. Dean as the need arose.  Submissions to the Reviewer had been made by the SC and the OAC and posted on the respective websites.

Board Appoinments

The Board received an update from the Corporate Governance Committee (CGC) which had been tasked with reviewing the composition and appointment process for the SC and OAC Boards as contained in By-Laws #4 and #13, respectively. The CGC reported that it would continue to consider the matter, including the 19 stakeholder submissions received, and asked for the SC’s views on a variety of points. Final recommendations of the CGC will depend on input from the 2012 Reviewer, who will consider stakeholder feedback received under that process.

Further to the nominations and appointments packages which had been sent to sponsoring organizations regarding January 1st, 2013 board appointments, the Nominations Advisory Committee, consisting of the CGC Chair, SC Co-Chairs as well as the OAC Chair, OAC Governance Committee Chair and some SC and OAC staff met with sponsoring organizations. This was an opportunity to share more information with sponsors about the process and was well received.

Appointment of External Auditor

At the recommedation of the Audit Committee, the Board confirmed the continued engagement of the auditor for the 2012 financial year.