November 5, 2009

Best Interests Statement

Following from the September offsite retreat, the SC Members formally reconsidered and approved a ‘best interests statement’ which reflects their fiduciary duty to the SC.

Proposed Plan Changes and Policies

As a result of discussions at the September and October meetings, AVC policy considerations were formally debated and consensus was reached on a list of 19 issues, with approval in principle given for the program.

Two plan policies, reflecting existing practices, were formally approved: “Termination of Participation in an OMERS Pension Plan” and “Conditions for Associated Employer Participation”.

Committee Reports

At the recommendation of the HRCC (Human Resources and Compensation Committee), the SC reviewed policies for staff performance management and compensation, as well as SC Member expense policies.

The Audit Committee presented an audit plan for the coming year end; internal control policies and reimbursement protocols had been reviewed by the Committee.