News

March 08, 2013

2012 Governance Review Updates

Updates: March 8, 2013
January 25, 2013
January 11, 2013
September 4, 2012
June 7, 2012
May 16, 2012

 


March 8, 2013 - Progress Report

On January 25, 2013 the Ontario Government released the Report on OMERS governance undertaken over the course of 2012 by Mr. Tony Dean. The OMERS Governance Review Report directed the OMERS SC Board and the OAC Board to provide regular information and updates on OMERS progress in addressing the Report’s recommendations. This document provides a summary for OMERS members, employers, sponsors and stakeholders on the efforts made to date to address the Report’s recommendations. Further updates will be made available on omers.com and omerssc.com as progress is made in our continuing efforts to address the recommendations.


January 25, 2013 - Update

Today, Mr. Bob Chiarelli, Ontario's Minister of Municipal Affairs and Housing released the final Report of Mr. Tony Dean, the Reviewer under the OMERS Review Act 2006. As stipulated in 2006, the Review Act requires an independent review of the governance model created by the Ontario Municipal Employees Retirement System Act, 2006. The Report provides the Reviewer's observations and recommendations.

Mr. Dean began his work in May 2012, following his appointment by the Minister of Municipal Affairs and Housing. The Review was to focus on the governance and administration of OMERS since the OMERS legislation was proclaimed in 2006.

On behalf of the Boards of Directors of the OMERS Sponsors Corporation (SC) and the OMERS Administration Corporation (OAC), we commend Mr. Dean for his work as Reviewer and for his tireless efforts to balance the interests of all OMERS members, retirees, sponsors and other stakeholders. We thank Mr. Dean and his staff for their hard work and dedication to the Review.

We believe this work is very important to OMERS and for this reason the leadership of both Boards have been actively engaged throughout the process. We agree with Mr. Dean's observation that OMERS has been a success story, both in Canada and internationally, and we welcome his suggestions to enhance OMERS governance to ensure its continued strength.

The SC and the OAC are fully committed to working together to address the various recommendations contained in Mr. Dean's Report. As noted in the Report, through our participation in the review process, the OAC and SC have already collaboratively addressed some of the issues raised by Mr. Dean. We will ensure that stakeholders are kept apprised of our activities as we move through the process and implement changes. Progress updates will be posted to OMERS.com and OMERSSC.com.

We believe that addressing these recommendations will lead to an even stronger OMERS, and we look forward to continuing to work together to achieve that objective.

Sincerely,

Marianne Love, Co-Chairs
OMERS SC

Brian O'Keefe, Co-Chair
OMERS SC

Rick Miller, Chair
OMERS AC

For more information:

OMERS SC Governance Review Page
MMAH OMERS Review Page


January 11, 2013 - Update

The most recent (third) MMAH status update was published in late December 2012. The Reviewer expects to deliver his final report to the Minister early in the New Year.

More details can be found at the Ministry of Municipal Affairs and Housing (MMAH) website:

http://www.mah.gov.on.ca/


September 4, 2012 - Update

Today, the OMERS Administration Corporation's (OAC) Board of Directors officially released its formal submission to Mr. Tony Dean. This submission has the unanimous approval of the OAC Board. Download submission [9MB].

(September 26, 2012: The attached [96KB] describes the process the OAC followed to develop its submission to the Reviewer.)

Mr. Dean was appointed in May 2012 by the Ontario Government (with the concurrence of Chief Justice Warren Winkler) to review OMERS governance model in accordance with the OMERS Review Act, 2006.

The OAC Board was invited by Mr. Dean to make a submission, and it has done so on the basis that it has a fiduciary duty to participate on behalf of the OAC and all the OMERS Plan members and employers it serves.

In accepting this responsibility, the OAC Board undertook a fully transparent and accountable process to ensure that the views of all OAC Board members were considered and imbedded in the submission. This process included:

  • convening four days of facilitated sessions on OMERS governance between May and August 2012;
  • developing a governance paper for each session based on the deliberations and input provided during previous sessions, and;
  • following the conclusion of the third day's deliberations, sharing a draft of the OAC Board's work-in-progress with the Sponsors Corporation (SC) by way of a joint presentation at an OAC / SC Joint Council meeting on July 19, 2012.

Following these sessions, the OAC Board adopted a series of principles to shape its submission. These principles are described in the Chair's letter introducing its submission and reflect the importance that the OAC Board places in its duty to Plan members and employers:

"The OAC Board accepts that it has a fiduciary duty to make a submission on behalf of OMERS and all the plan members it serves. The governance of a pension-based institution that is important to so many Ontarians deserves broad-based and transparent consultation. How OMERS is governed and by whom is also critical to relationship building with a wide array of stakeholders and investment partners in Ontario, across Canada and increasingly worldwide."

The OAC Board wishes to thank Mr. Dean for the opportunity to make the submission.


June 7, 2012 - Update

On June 7, 2012, the Consultation Framework document for the 2012 OMERS Review was posted on the Ministry of Municipal Affairs website. Note that all submissions are due by September 4, 2012.

View the Framework


May 16, 2012

On May 15, the Minister of Municipal Affairs and Housing, Kathleen Wynne, announced on her Ministry's website that Mr. Tony Dean was appointed as the Reviewer of the OMERS Act 2006, as per the Ontario Municipal Employees Retirement System Review Act, 2006.

May 14, 2012 Letter from Minister Wynne to the OMERS membership announcing Mr. Tony Dean as Reviewer [20 KB]

The Review Act requires an independent review of the governance model created by the Ontario Legislature in 2006 for OMERS under the Ontario Municipal Employees Retirement System Act, 2006. The Review will focus on the actual governance and administration of OMERS since the 2006 OMERS legislation was proclaimed. It will address and evaluate matters that include: (i) the efficiency and effectiveness of decision-making by the OMERS Sponsors Corporation; (ii) the governance model's effectiveness in ensuring OMERS overall fairness and financial stability; (iii) the governance model's effectiveness and fairness for employers, members and former members of the plan; and (iv) the governance model's effectiveness and fairness in ensuring the accountability of OMERS. According to the terms of reference published by the Ontario Government, the following basic principles are to guide the Governance Review:

  • Openness – anyone who wants to participate/contribute to the Review should be given the opportunity to do so.
  • Transparency – information about the Review should be shared with stakeholders to the fullest extent appropriate.
  • Timeliness – The Review should be conducted in as efficient and timely a manner as possible.
  • Scope – The Review should adhere to the issues laid out in the legislation.

Further updates will be made, as more information becomes publicly available, to News and Events on our website. More details can be found at http://www.mah.gov.on.ca/Page316.aspx (en Français http://www.mah.gov.on.ca/Page2422.aspx).

May 14, 2012 letter from Tony Dean to the OMERS membership outlining his plans and directing them to the OMERS Governance Review webpage [33 KB]