News

OMERS OAC Board Chair's response to Toronto Sun article dated Saturday, November 13

November 15, 2010

The Toronto Sun published an article on Saturday related to business expense costs incurred by some members of the OMERS executive team.

In response to that article, I would like to assure OMERS employees and OMERS members that both I, the OMERS AC Board Chair, and Rick Miller, Chair of the Board's Leadership, Resources and Compensation Committee, on behalf of the Board, fully support Michael Nobrega and the OMERS management team and their very high ethical standards in carrying out OMERS business. Expenses incurred by OMERS are related to advancing our objectives with our business partners. Compensation to and expenses incurred by our executives contribute directly to our growth strategy. OMERS members gain the direct benefit of this growth. Our compensation and expense policies and practices are developed and reviewed regularly by the OMERS Board of Directors. Our compensation practices undergo a regular external review by a third party expert to ensure they are consistent and competitive with other organizations with whom we compete for talent.

OMERS employees should take pride in the efforts of your management team to grow the fund on behalf of OMERS members, and OMERS members should be assured that your Board has close oversight of your Plan and ensures that management practices set an industry standard for ethics and transparency.