February 20, 2013

Financial Results

 

The 2012 SC audited financial statements recommended by the Audit Committee were approved for inclusion in the 2012 Annual Report.

 

Under an annual process, a presentation of the 2012 Actuarial Valuations of the Primary Plan and the RCA were provided to the SC and OAC on February 19th.  The funded status and contribution rates of the OMERS Pension Plans were considered.

 

The SC CEO was authorized to receive the 2012 Annual Actuarial Valuations of the Primary Plan and the RCA from the OAC which was expected in the days following the meeting.  Such receipt would formally launch the 2013 cycle for consideration of Specified Plan Changes. 

 

Governance

 

The Board reconfirmed the high-level work plan that it initially approved at its meeting in January.  The work plan remains appropriate considering Mr. Tony Dean’s report on the 2012 Review which was released on January 25th.  The two Boards issued a communication (also dated January 25th) to plan members and stakeholders in support of Mr. Dean’s report.

 

In addition, the Board approved a process for recruiting an Independent Board Chair for the OAC Board.

 

The Board received a report from the Corporate Governance Committee (CGC) on the status of its review of the governance by-laws.  The Board provided its endorsement in principle on various elements of the review to allow the CGC to proceed with the next phase of its review in a focused manner.

Compensation

In 2012 the OAC Board restructured its meetings and committees to create efficiencies at the OAC Board.   

SC By-Law #6, which sets out the compensation of the Directors of the SC and OAC Boards, did not contemplate the new meeting and committee structures.  Consequently, the Board approved interim changes to By-Law #6 which would set 2013 compensation at a level consistent with the original intent of By-Law #6.

A more comprehensive review of the compensation by-law is currently underway.