News Story

Board Composition - Decisions

June 9, 2016

The OMERS Sponsors Corporation (SC) is responsible for the composition of the Boards which govern the OMERS Pension Plans.

As part of good governance, the SC committed to reviewing the related by-laws every three years.  For that purpose, in 2015 the SC reached out to stakeholder organizations seeking input for its consideration.  Having heard from stakeholders, and after careful consideration, the SC has decided to maintain the current structure of the OMERS Boards, with the following changes:

  • Imposing term limits of six years for the SC Co-Chair positions.  While this limit has retroactive application, as a transition measure one of the incumbent Co-Chairs is eligible to serve for another three years in the position.
  • Adopting a more formalized and rigorous approach to engage members who are not affiliated with sponsor organizations.

The SC believes that the decision to maintain the current Board structure is consistent with the recommendations of the review conducted by Tony Dean under the OMERS Review Act, 2006 and will help to ensure stable and mature governance of the OMERS Pension Plans.  In addition, the SC believes that the new engagement approach will ensure that the views and concerns of members are heard and taken into account in Board deliberations.
 
The SC is looking forward to working with unaffiliated members through the enhanced approach and offers its thanks to those organizations already engaging with OMERS.  Management will be reaching out to unaffiliated member groups shortly as a first step to solicit their interest in connecting directly with the SC.

The SC has prepared a report documenting the rationale for its decisions, which is available here.