OMERS Sponsors Corporation Unanimously Elects Chair and Vice-Chair, Following Enactment of Key Governance Enhancements
OMERS Governance Model Completes Significant Evolutionary Step, Reinforcing Stewardship of OMERS Pension Plans
(August 20, 2020 – Toronto) – The OMERS Sponsors Corporation Board is pleased to announce the unanimous election of Frank Ramagnano and Barry Brown as the Board’s Chair and Vice-Chair, respectively, for a two-year term. The unanimous decision comes after thoughtful study and discourse by the Sponsors Corporation, to replace its legacy Co-Chair approach to Board leadership with a Chair/Vice-Chair arrangement.
“This good news represents a key evolution for the OMERS governance and decision-making model,” said Michael Rolland, CEO, OMERS Sponsors Corporation. Under its previous board leadership structure, the SC had two co-chairs; one chosen by its employee sponsor group, and the other by its employer sponsor group.
“This change reinforces the SC Board’s fiduciary responsibilities, in that both the Chair and Vice-Chair will formally focus on the best interest of OMERS as a whole – rather than being elected to represent the employee and employer groups’ perspectives,” he continued.
“For the first time in its history, the SC’s Board leadership has been chosen with the full participation of the entire board. The unanimous support for Frank and Barry underlines their aptitude, experience and close understanding of OMERS,” Mr. Rolland added.
“I am honoured to have been chosen to serve the OMERS Sponsors Corporation in my new role,” said Mr. Ramagnano. “I look forward to working with Barry and our fellow SC Board members, our OMERS Administration Corporation colleagues and all OMERS stakeholders to help ensure that, in today’s complex environment, the OMERS Pension Plans remain affordable, meaningful and sustainable,” he added.
Established under the OMERS Act in 2006, the OMERS Sponsors Corporation works closely and collaboratively with the OMERS Administration Corporation to represent the interests of sponsors, stakeholders, plan members and beneficiaries of the OMERS Pension Plans.
Further information about the Sponsors Corporation’s bylaws and governance structure can be found by visiting www.omerssc.com.
About Frank Ramagnano:
Frank Ramagnano was appointed to the OMERS Sponsors Corporation (SC) in March 2009. In 2016, he became Co-Chair of the Board, serving on all SC committees. In 2020, he became the SC’s first-ever Board Chair following a unanimous election.
Mr. Ramagnano was elected President of the Toronto Professional Fire Fighters’ Association in 2014, and was Secretary-Treasurer from 2002 to 2014. He was a board member of The Fire Department Credit Union for nine years and has been a full-time firefighter for over 25 years with the City of Toronto, holding the position of Fire Captain. Mr. Ramagnano is a graduate of the Credit Union Director Achievement (CUDA) Program, and holds certificates in Pension Plan Administration and the Pension Plan Trustee Development Program from Humber College’s Centre for Employee Benefits. In 2013, he completed the Governance Program at Queen’s University.
Mr. Ramagnano has received a certificate in Labour Studies from George Brown College, and has been certified as a Company Officer by the Ontario Fire College. He has also graduated from the Harvard Law School/University of Ottawa Executive Leadership Program in 2014.
He has served on many Boards and committees, including the Ontario Professional Fire Fighters Pension Committee, and has been recognized by his peers for his community volunteerism.
About Barry Brown:
Barry Brown was appointed to the OMERS Sponsors Corporation (SC) in 2015. In 2019, he became Co-Chair of the Board. In 2020, he was unanimously selected by the SC Board to serves as its first-ever Vice-Chair.
Mr. Brown practiced employment and labour law for 30 years, retiring from Hicks Morley in 2014. Throughout his career, he worked with a variety of unions and other employee representatives to find mutually acceptable solutions to challenging workplace issues.
Mr. Brown received his BA and MA from the University of Western Ontario before graduating from its Law School as the School’s Gold Medalist. He recently completed the Board Effectiveness Program for Pension and Other Long-Horizon Investment Institutions at the Rotman School of Management, University of Toronto.
