When the OMERS Act, 2006 was proclaimed, the OMERS Sponsors Corporation (SC) replaced the Ontario government as the Plan sponsor. The original 14 Members of the SC were appointed under an Order in Council, with seven representatives from among the employers of Plan members and seven from plan member organizations. Subsequent by-laws regarding composition and leadership of the SC and its committees are regularly reviewed and amended when appropriate, both to ensure equitable representation of Plan participants and to address evolving requirements.
While the original roles and responsibilities of both the SC and the OAC were defined in legislation, over time, practical and effective methods and protocols have been developed.
The 14 Board Members are appointed by their sponsor organizations, generally for a period of three years. Immediate leadership is provided by two Co-Chairs, one appointed by the SC employer representatives, one by plan member representatives.
There are four standing committees to assist the Board in discharging its responsibilities. In addition, the SC and OAC have established a Joint Council to address matters of importance to both Boards.
The SC is supported by a small team of professionals dedicated to serving the Board and to ensuring that stakeholders are kept informed.