Meeting Summary

Audit & Actuarial Committee – August 14, 2019

Investment Performance Reports to the SC

At its meeting on May 22, 2014, the OAC Board agreed that quarterly reporting on the results of the Primary Plan fund would be released to the OMERS Sponsors Corporation once the AAC had met and reviewed the quarterly financial results.

Following questions and discussion, the AAC approved the OMERS Investment Performance and OMERS Asset Mix Exposure Report, as at June 30, 2019, with both to be provided to the SC.

Internal Audit Mandate Review

The Audit & Actuarial Committee Mandate requires the Global Head of Internal Audit to review and, if appropriate, recommend to the Committee changes to the Internal Audit Mandate.  Following the review, the Global Head of Internal Audit determined that none of the proposed changes to the Audit & Actuarial Committee Mandate necessitated changes to the Internal Audit Mandate.

Because the Internal Audit Mandate is a relatively static document, the Global Head of Internal Audit recommended that the review cycle be changed to once every three years, such that the next review will be in August 2022.  If there are any external or internal factors that require changes in the interim, they will be brought back off-cycle.

There being no questions from the Committee, the AAC approved the revised Internal Audit Mandate, effective August 14, 2019.