Meeting Summary

OAC Board – August 15, 2019

2020 Gap Analysis

In 2017, the Governance Committee substantially updated the OAC Board Competency Framework and the corresponding Gap Analysis process.  The Competency Framework was revamped and updated to reflect current strategic priorities; a process for receiving input from the SC was implemented; and the Governance Committee was tasked with assessing and confirming the individual skills assessments and aggregate Skills Matrix of the current OAC Directors.  These enhancements, combined with an accelerated timeframe, enable the OAC Board to identify skills gaps (including gaps created by retiring Directors) and provide a Gap Analysis to the SC well in advance of the process for making renewal and replacement decisions.

The Competency Framework was last updated in December 2017 to reflect input from the SC.  No further changes were recommended.  It is anticipated that the Competency Framework will be reviewed again in 2020 as part of a three-year cycle.

The Skills Matrix was revised to reflect the addition of a fourth competency for a current Director as well as identify those Directors whose terms are expiring at the end of 2020 and may be renewed and the one Director who is facing his term limit at the end of 2020.

As recommended by the Governance Committee at its meeting held on August 13, 2019, the OAC Board:

  • approved the Competency Framework and Skills Matrix with such non-material amendments thereto as may be determined by the OAC Board Chair and the Chair of the Governance Committee;

  • authorized and directed the OAC Board Chair and the Chair of the Governance Committee to communicate with the SC regarding preferred qualifications for appointments to be made to the OAC Board effective January 1, 2021, as described in the Competency Framework.  Any feedback from the SC on such communication would be reviewed by the Governance Committee and the OAC Board; and

  • authorized the Governance Committee to update the Skills Matrix to reflect the skills assessment of the two 2020 incoming Directors as approved by the Committee.

2022 Board and Committee Meeting Schedule

The Governance Committee is responsible for reviewing and recommending the annual schedule of meetings for the OAC Board and its Committees.  In assessing and recommending the meeting schedule for 2022, lessons learned from 2018 and 2019 have been incorporated into the rolling three-year Board calendar for 2020, 2021 and 2022.

As recommended by the Governance Committee at its meeting held on August 13, 2019, the OAC Board approved the draft 2022 meeting schedule for the OAC Board and Standing Committees.

2019 Mid-Year Financial Statements, Financial Highlights and Private Investment Valuations

Pursuant to its mandate, the Audit & Actuarial Committee is to recommend to the OAC Board approval of the mid-year financial statements, including financial highlights and management discussion and analysis, prepared by Management and reviewed by the external auditors.

As recommended by the Audit & Actuarial Committee at its meeting held on August 14, 2019, the OAC Board approved the mid-year financial statements and related materials.