For 2020, the AC Board has five standing committees which assist the Board in discharging its responsibilities. The AC Board also uses sub-committees and ad hoc committees from time to time to deal with special situations.
Audit & Actuarial Committee
The Audit & Actuarial Committee assists the AC Board in fulfilling its oversight responsibilities for the:
integrity of the financial reporting process and financial statements;
funding risks and actuarial matters;
system of internal control and disclosures;
risk management and risk reporting for risks within the purview of the Committee;
Internal Audit function;
external audit of the financial statements;
organization’s processes for monitoring compliance with policies, laws and regulations and the Code of Conduct & Ethics; and
whistleblower mechanism (Ethics Hotline) and special investigations.
Chair: Laurie Hutchinson
Members: Monty Baker, Darcie Beggs, Paul Elliott, Michael Fenn, Cliff Inskip, Charlene Mueller,
George Cooke (ex officio)
Governance & Risk Committee
The Governance & Risk Committee assists the AC Board in meeting its fiduciary oversight and related obligations in relation to governance, risk, plan administration, and technology matters and particularly in relation to AC’s governance principles by identifying governance, risk, plan administration, and technology practices and standards (and supporting processes and practices) that promote and enhance effective Board and Management decision-making to ensure the OMERS Plan is administered in the best interest of its members and beneficiaries.
Chair: Penny Somerville
Members: Paul Elliott, Debbie Fischer, Laurie Hutchinson, Charlene Mueller, David Tsubouchi, Yung Wu, George Cooke (ex officio)
Human Resources Committee
The purpose of the Human Resources Committee is to assist the AC Board in meeting its fiduciary oversight and related obligations by:
attracting, retaining and motivating excellent leaders at the senior executive level who are committed to the AC Mission Statement and Core Values;
overseeing a robust succession planning process for the position of CEO; and
overseeing senior executive performance, compensation and compensation policies.
Chair: Monty Baker
Members: David Beatty, Darcie Beggs, Bill Butt, Debbie Fischer, Rajiv Silgardo, David Tsubouchi, George Cooke (ex officio)
The purpose of the Investment Committee is to enable the AC Board, through a Committee of the Board, to approve transactions which exceed limits delegated to Management and to consider and advise the AC Board on investment policies and strategies.
Chair: Bill Butt
Members: David Beatty, Michael Fenn, Cliff Inskip, Rajiv Silgardo, Penny Somerville, Yung Wu, George Cooke (ex officio)
The purpose of the Appeals Committee is to assist the AC Board in meeting its fiduciary oversight and related obligations by acting as the final internal appeals body for determinations by the President governing benefit entitlement under the OMERS Pension Plans. The AC Board has delegated authority to adjudicate appeals to the Committee under By-law No. 4. The Committee also assists the AC Board in maintaining a strong administrative law decision-making process by reviewing and making recommendations to the AC Board on changes to the rules respecting practice and procedure before the Committee.
Chair: David Tsubouchi
Members: Darcie Beggs, Paul Elliott, Debbie Fischer, George Cooke (ex officio)
This sub-committee was formed in 2009 as a venue in which to address matters of importance to either AC or SC with respect to oversight and governance of the OMERS Pension Plans including the Memorandum of Understanding between AC and SC.
Members: George Cooke (AC Board Chair), Penny Somerville (Chair of Governance & Risk Committee)