November 24, 2009
Measures were taken last week to protect OMERS good name in the face of a recently launched judicial inquiry by Mississauga City Council. To ensure OMERS interests are protected during the inquiry, the OMERS Administration Corporation Board of Directors has unanimously given OMERS management their endorsement to investigate the option to request a judicial review.
A judicial review will look at the scope and terms of the inquiry, whose current scope includes two of OMERS investments in Mississauga, one involving OMERS interests in Enersource, a local utility, and the other the sale of lands adjacent to Square One in Mississauga.
"We are confident that all of our dealings with the City have been handled by OMERS representatives in a manner that is ethically and commercially appropriate," said John Pierce, OMERS VP of Corporate Communications. “We've said from the beginning we believe the scope of this inquiry goes well beyond the original conflict of interest charges leveled by a group of councillors against Mayor McCallion."
Over the next two weeks, OMERS will be looking at the option of applying for a judicial review, which provides an avenue to request the court strike the resolution down and send it back to the City to be narrowed to a more reasonable scope in relation to its impact on OMERS. This is an initial step, and OMERS will continue to take whatever steps are necessary to protect its reputation and good name.
"We owe it to OMERS members and retirees, over 17,000 of whom live or work in Mississauga, and we owe it to our current and future investment partners," Pierce said.
OMERS will continue to provide updates on this issue as they become available.
The Ontario Municipal Employees Retirement System (OMERS) serves over 390,000 current and former employees of more than 920 municipal governments, school boards, libraries, police and fire departments, children’s aid societies and other local agencies throughout Ontario.
