On February 10, 2010 Mississauga City Council rejected OMERS request that the City provide funding to cover the costs of OMERS participation at the Judicial Inquiry. OMERS position on funding with the City was that the City's criteria should not be limited to whether a party "can" pay for its own representation but should include a consideration of whether the party “should” be required to pay for its own legal representation based on principles of fairness. OMERS played no part in the decision to call this Inquiry which was initiated to review certain government activities undertaken by the City, but OMERS is obliged to participate as the activities being reviewed involve OMERS investment assets. OMERS view is that where the City has chosen to examine its own governance and involve OMERS in the process, OMERS participation should not be at the expense of all members of the OMERS Pension Plan who are municipal workers throughout the province and their employers.
We want to assure all members of the OMERS Pension Plan that we will continue to vigorously defend OMERS interests and reputation as we move through this process and will do all we can to support a timely resolution to this Inquiry.
We will consider our next steps in light of Council's decision and will continue to post updates here as the Inquiry process moves forward.