May 25, 2010

OMERS Administration Corporation CEO Michael Nobrega meets with the SC from time to time, and at this meeting he discussed plan performance and the OAC Strategic Plan, noting that consideration of the funded position of the plan is one of the key drivers, as well as pension services review and pension reform.

Plan Valuations

The SC approved filing the December 31st Supplemental Plan (for Police, Firefighters and Paramedics) Valuation with the regulators, noting that this provides flexibility and an additional three-year window.

Updated information was received from the OAC regarding the 2009 Primary Plan Valuation with respect to the Plan’s solvency funded ratio. This updated information could provide additional options to the SC regarding future filings of the annual valuation with the regulators.

Specified Plan Changes

The deadline for amendments to current proposals was extended again to allow additional review of some of the multi-dimensional proposals under consideration. Two of the ten proposals were brought forward for deliberation and decision; neither received the required two-thirds majority.

Board Administration

The HRCC mandate includes reviewing compensation of the SC Co-Chairs and the OAC Chair; the Committee recommended and received approval from the SC that the current structure remain in place with a more comprehensive review of all board compensation to be undertaken in 2011. Meeting fees and expense reimbursement policies were also reviewed, and internal policies approved which confirmed acceptable levels.