OMERS Administration Corporation and OMERS Sponsors Corporation are guided by shared governance documents, provided below.
Memorandum of Understanding
OMERS Administration Corporation and the OMERS Sponsors Corporation have distinct roles and responsibilities under the OMERS Act, 2006. At times, the roles and responsibilities of the two Corporations may intersect. The principles-based Memorandum of Understanding is intended to manage these intersections, by setting out key areas of cooperation and processes to guide the actions and behaviour of both Corporations. The Memorandum of Understanding is effective January 1, 2017.
OMERS Act, 2006
The Ontario Municipal Employees Retirement System Act, 2006 (OMERS Act, 2006) outlines OMERS governance model.
OMERS Act, 2006
The OMERS Act, 2006 was proclaimed into force on June 30, 2006, and established a new independent governance model for OMERS.
OMERS Review Act, 2006
Under the OMERS Review Act, 2006 the Minister of Municipal Affairs and Housing is required to ensure the appointment of a person to conduct a review in 2012 of the governance model established for OMERS in 2006 under the OMERS Act, 2006. In accordance with the statute, the review will be based on actual governance and administration of OMERS since the new governance model became effective. The statutory review is to address the effectiveness and fairness of the OMERS governance model in representing the interest of employers as well as members of the plans, and the efficiency of the governance model, and the effectiveness of the governance model in ensuring the financial stability of OMERS. Upon completion of the review, the person appointed to conduct the review shall submit a report, including any recommendations for changes to the governance model of OMERS, to the Minister.
On May 15, 2012, Kathleen Wynne, the Minister of Municipal Affairs and Housing announced on her Ministry’s website that Mr. Tony Dean was appointed as the Reviewer of the OMERS Act, 2006.
On January 25, 2013, Mr. Dean’s Review Report was released by the Minister of Municipal Affairs and Housing.