OMERS Act, 2006

Upon its proclamation into force on June 30, 2006, the Ontario Municipal Employees Retirement System Act, 2006 (OMERS Act, 2006) established a new, independent governance model for OMERS.

A process for reviewing the new model in 2012 is defined in the OMERS Review Act, 2006.

View the OMERS Act, 2006

View the OMERS Review Act, 2006

 

Governance Model Review Updates 

September 30, 2014 - Update - Progress Report

The progress document originally posted on March 8th, 2013, has been updated to reflect developments since the last progress report of August 31, 2014.

August 31, 2014 - Update - Progress Report

The progress document originally posted on March 8th, 2013, has been updated to reflect developments since the last progress report of July 31, 2014.


July 31, 2014 - Update - Progress Report

The progress document originally posted on March 8th, 2013, has been updated to reflect developments since the last progress report of May 31, 2014.


May 31, 2014 - Update - Progress Report

The progress document originally posted on March 8th, 2013, has been updated to reflect developments since the last progress report of April 30, 2014.


April 30, 2014 - Update - Progress Report

The progress document originally posted on March 8th, 2013, has been updated to reflect developments since the last progress report of March 31, 2014.


March 31, 2014 - Update - Progress Report

The progress document originally posted on March 8th, 2013, has been updated to reflect developments since the last progress report of February 28, 2014.


February 28, 2014 - Update - Progress Report

The progress document originally posted on March 8th, 2013, has been updated to reflect developments since the last progress report of January 31, 2014.


January 31, 2014 - Update - Progress Report

The progress document originally posted on March 8th, 2013, has been updated to reflect developments since the last progress report of December 31, 2013.


December 31, 2013 - Update - Progress Report

The progress document originally posted on March 8th, 2013, has been updated to reflect developments since the last progress report of November 26, 2013.


Novembe 26, 2013 - Update - Progress Report

The progress document originally posted on March 8th, 2013, has been updated to reflect developments since the last progress report of October 23, 2013.


October 23, 2013 - Update - Progress Report

The progress document originally posted on March 8th, 2013, has been updated to reflect developments since the last progress report of September 24, 2013.


September 24, 2013 - Update - Progress Report

The progress document originally posted on March 8th, 2013, has been updated to reflect developments since the last progress report of August 19, 2013.


August 19, 2013 - Update - Progress Report

The progress document originally posted on March 8th, 2013 has been updated to reflect developments since the last progress report on July 17, 2013.


July 17, 2013 - Update - Progress Report

The progress document originally posted on March 8th, 2013 has been updated to reflect developments since the last progress report on June 27, 2013.


June 28, 2013 Update - Review of OMERS Governance By-Laws - SC Decisions

Over the course of 2012 and 2013 the SC undertook a review of the relevant Board composition by-laws. With the release of the 2012 Review Report, the SC was able to complete its analysis and, on April 25, 2013, the SC approved new (amended/restated) by-laws incorporating its decisions. In addition, the SC approved amendments to By-Law #6, which sets the compensation for SC and OAC Directors.

The report from the SC provides information related to the revised by-laws and some insight into the related SC decision-making.


June 27, 2013 - Update - Progress Report

The progress document originally posted on March 8th, 2013 has been updated to reflect developments since the last progress report on May 29, 2013.


May 29, 2013 - Update - Progress Report

The progress document originally posted on March 8th, 2013 has been updated to reflect developments since the last progress report on April 22, 2013.


April 22, 2013 - Update - Progress Report

The progress document originally posted on March 8th, 2013 has been updated to reflect recent development.

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 8, 2013 - Governance Review - Progress Report

On January 25, 2013 the Ontario Government released the Report on OMERS governance undertaken over the course of 2012 by Mr. Tony Dean.  The OMERS Governance Review Report directed the OMERS SC Board and OAC Board to provide regular information updates on OMERS progress in addressing the Report's recommendations.  This document provides a summary for OMERS members, employers, sponsors and stakeholders on the efforts made to date to address the Report's recommendations.  Further updates will be made available on www.omers.com and www.omerssc.com  as progress is made in our continuing efforts to address the recommendations.


January 25, 2013 - 2012 Review Report Posted by Ministry

 

Today, Mr. Bob Chiarelli, Ontario’s Minister of Municipal Affairs and Housing, released the final Report of Mr. Tony Dean, the Reviewer under the OMERS Review Act 2006.  As stipulated in 2006, the Review Act requires an independent review of the governance model created by the Ontario Municipal Employees Retirement System Act, 2006. The Report provides the Reviewer’s observations and recommendations. 

Mr. Dean began his work in May 2012, following his appointment by the Minister of Municipal Affairs and Housing. The Review was to focus on the governance and administration of OMERS since the OMERS legislation was proclaimed in 2006.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On behalf of the Boards of Directors of the OMERS Sponsors Corporation (SC) and the OMERS Administration Corporation (OAC), we commend Mr. Dean for his work as Reviewer and for his tireless efforts to balance the interests of all OMERS members, retirees, sponsors and other stakeholders.  We thank Mr. Dean and his staff for their hard work and dedication to the Review. 

We believe this work is very important to OMERS and for this reason the leadership of both Boards have been actively engaged throughout the process.  We agree with Mr. Dean’s observation that OMERS has been a success story, both in Canada and internationally, and we welcome his suggestions to enhance OMERS governance to ensure its continued strength.

The SC and the OAC are fully committed to working together to address the various recommendations contained in Mr. Dean’s Report.   As noted in the Report, through our participation in the review process, the OAC and SC have already collaboratively addressed some of the issues raised by Mr. Dean.  We will ensure that stakeholders are kept apprised of our activities as we move through the process and implement changes. Progress updates will be posted to OMERS.com and OMERSSC.com.

We believe that addressing these recommendations will lead to an even stronger OMERS, and we look forward to continuing to work together to achieve that objective.

Marianne Love, SC Co-Chair           Brian O'Keefe, SC Co-Chair           Rick Miller, OAC Chair

A letter from the Minister of Municipal Affairs and Housing addressed to Stakeholders announcing the conclusion of the review, and additional background from the Ministry can be found on the Ministry website. Throughout the Review, regular status updates about the actions and progress have been posted on the following websites:

2012 OMERS Review (Tony Dean)

OMERS Administration Corporation

OMERS Sponsors Corporation - scroll down

January 8, 2013 - Status Update Posted By Reviewer

The most recent (third) MMAH status update was published in late December 2012.  The Reviewer expects to deliver his final report to the Minister early in the New Year.

More details can be found at the Ministry of Municipal Affairs and Housing (MMAH) website:

http://www.mah.gov.on.ca/Page9860.aspx

 

September 6, 2012 - OMERS 2012 Review Submissions

As announced in May, Mr. Tony Dean was appointed by the Ontario Government to review OMERS governance model in accordance with the OMERS Review Act, 2006.  Mr. Dean requested written submissions from stakeholders to assist in his review.  The deadline for those submissions, September 4, 2012, has now passed.

The OMERS Sponsors Corporation made two submissions to Mr. Dean, which are provided as follows:

For reference, the OMERS Administration Corporation has also made a submission to Mr. Dean which can be found on the OMERS website.

The OMERS Sponsors Corporation would like to thank Mr. Dean for the opportunity to provide its thoughts on the 2012 Review.

 

June 12, 2012 - Consultation Framework Available

On June 7, 2012, the Consultation Framework document for the 2012 OMERS Review was posted on the Ministry of Municipal Affairs website.  Please note that all submissions are due by September 4, 2012.

View Framework Document 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May 16, 2012 - Reviewer Appointed

On May 15, the Minister of Municipal Affairs and Housing, Kathleen Wynne. announced on her Ministry's website that Mr. Tony Dean was appointed as the Reviewer of the OMERS Act 2006, as per the Ontario Municipal Employees Retirement System Review Act, 2006.

May 14, 2012 Letter from Minister Wynne to the OMERS membership announcing Mr. Tony Dean as Reviewer   [20 KB]

May 14, 2012 letter from Tony Dean to the OMERS stakeholders outlining his plans and directing them to the Ministry's OMERS Governance Review webpage  [33 KB]

 

The Review Act requires an independent review of the governance model created by the Ontario Legislature in 2006 for OMERS under the Ontario Municipal Employees Retirement System Act, 2006.  The Review will focus on the actual governance and administration of OMERS since the 2006 OMERS legislation was proclaimed.  It will address and evaluate matters that include: (i) the efficiency and effectiveness of decision-making by the OMERS Sponsors Corporation; (ii) the governance model’s effectiveness in ensuring OMERS overall fairness and financial stability; (iii) the governance model’s effectiveness and fairness for employers, members and former members of the plan; and (iv) the governance model’s effectiveness and fairness in ensuring the accountability of OMERS.  According to the terms of reference published by the Ontario Government, the following basic principles are to guide the Governance Review.

  • Openness – anyone who wants to participate/contribute to the Review should be given the opportunity to do so.
  • Transparency – information about the Review should be shared with stakeholders to the fullest extent appropriate.
  • Timeliness – The Review should be conducted in as efficient and timely a manner as possible.
  • Scope – The Review should adhere to the issues laid out in the legislation.

Regular updates can be found on the Ministry website at http://www.mah.gov.on.ca/Page316.aspx (English)  http://www.mah.gov.on.ca/Page2422.aspx (French). 

February 29, 2012 - Governance Review Update

Under the OMERS Review Act, 2006 the Minister of Municipal Affairs and Housing is required to ensure the appointment of a person to conduct a review in 2012 of the governance model established for OMERS in 2006 under the Ontario Municipal Employees Retirement System Act, 2006 (the “OMERS Act, 2006”).  In accordance with the statute, the review will be based on actual governance and administration of OMERS since the new governance model became effective.  The statutory review is to address the effectiveness and fairness of the OMERS governance model in representing the interest of employers as well as members of the plans, and the efficiency of the governance model, and the effectiveness of the governance model in ensuring the financial stability of OMERS. Upon completion of the review, the person appointed to conduct the review shall submit a report, including any recommendations for changes to the governance model of OMERS, to the Minister.

OAC and the SC are looking forward to the announcement of the process the Minister intends to follow for the 2012 Review and will be prepared to respond to the process when this occurs. 

On a separate but related matter, in mid-2011, a notice was posted on the OAC website indicating that, with the assistance of a third-party independent external advisor, the Boards of both the SC and OAC would undertake a joint internal review to assess the adequacy of the OMERS governance model in light of the pending statutory review.

The SC and OAC have diligently worked together with their advisor to undertake this internal review and have now received advice confirming that the governance model at OMERS is generally efficient and effective given the statutory framework in place.  The external advisor has also made recommendations to the SC and OAC to improve and streamline OMERS governance practices.  The two boards are currently studying these recommendations and working together to develop a plan to address the recommendations, including Board composition and strategy.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

August 19, 2013 - Update Progress Report

The process document originally posted on March 8, 2013 has been updated to reflect the developments since the last progress report on July 17, 2013.