Effective and transparent governance is fundamental in fulfilling the pension promise. Throughout our history, OMERS has focused on achieving high standards in governance and has continued to evolve our governance model and practices.
The OMERS Act, 2006 provides that OMERS Sponsors Corporation determines the composition of the two OMERS Boards, including the nomination and appointment process for the OAC Board Chair and Directors. In 2017, an updated Competency Framework process for the OAC Board was developed.
In 2018, the two Boards also conducted an evaluation of the performance of OAC’s Board Chair, which resulted in a unanimous decision by both Boards to reappoint George Cooke for a third three-year term.
Effective January 1, 2018, Yung Wu was appointed to the OAC Board to replace Eugene Swimmer. Also effective January 1, 2018, the following Directors were reappointed to the OAC Board: Monty Baker, Cliff Inskip and Charlene Mueller.
Effective April 1, 2018, Jason Chan was appointed to the SC Board to replace Tim Maguire. Jennifer Richards was appointed to the SC Board on January 1, 2019, to replace Diana Clarke.
In 2018, we thanked Marianne Love for her leadership as a Co-Chair of the SC Board since the inception of the OMERS Sponsors Corporation, and we welcomed Barry Brown to that role effective January 1, 2019.
The SC and OAC have collaborated on the oversight and governance of the Plan. In 2015, the two corporations worked together to develop one joint Strategy for OMERS. Each Board approved those aspects of the 2020 Strategy related to their respective roles and responsibilities, and endorsed the overall direction. Similarly, the Boards are both responsible for monitoring the implementation and effectiveness of the 2020 Strategy.
In 2018, the two Boards continued their planning for the development of OMERS medium- and longer-term strategies, and advanced these joint discussions.
Further details about the specific governance practices of the SC are at www.omerssc.com/Sponsors/Governance, while more details about the specific governance practices of OAC are at www.omers.com/governance.