A Letter from the Chair
Since 2013, I have had the privilege of serving as OMERS Administration Corporation (AC) Independent Board Chair. Our Board is comprised of 15 professionals who bring depth and breadth to their work and a deep commitment to the members served by the Plan.
As a pension plan that pays pensions over decades, OMERS has a long-term perspective. The Board and management together embrace their fiduciary duty to act in the interest of Plan members, providing excellent service today, while also striving to ensure the Plan will continue to pay benefits, on time and in full, as it has done for 64 years.
As OMERS reports 2025 results, the Board is particularly pleased to see the continued progress in OMERS funded position, which has been improving consistently from a low point of 86% in 2012 to 99% in 2025. From that same point in 2012, the discount rate has been reduced from 4.25% to 3.70%, lowering Plan risk. This steady improvement in the Plan’s financial health is to the benefit of all members and employers.
2025 was a pivotal year for OMERS governance. Under the current governance model, established by provincial legislation in 2006 and later reviewed in 2012/13, the organization was governed by two corporations: the OMERS Sponsors Corporation (SC) and the AC. In response to requests from certain Plan sponsors, the Ontario government launched a governance review in late 2024, led by Special Advisor Robert Poirier. The final report, published in November 2025, prompted legislative changes that set the stage for winding down the current corporate SC entity and establishing a Sponsors Council.
At the time of publication for this annual report, the transition to the new structure has not yet taken effect as the government finalizes enabling regulations. The governance changes are structured to enhance the Plan’s transparency and effectiveness while providing greater representation to those who the Plan serves. Following these changes, our governance model will be more closely aligned with other Canadian jointly sponsored pension plans, while accommodating the diverse makeup of our members and Plan sponsors. From the start, the AC Board welcomed and fully cooperated with the governance review. Our goal is an even stronger governance system for OMERS members and employers.
As we look to what lies ahead, our Board has tremendous confidence in OMERS management team, led by President and CEO Blake Hutcheson, to guide the Plan to an even stronger future, one built to serve generations to come. His management team are experts in their respective areas, fully committed to serving members in everything they do, and believe deeply in the pension promise. Each member of our Board recognizes and has experienced this expertise first-hand, and it gives all of us clear assurance and enthusiasm for what is to come for the Plan and for the members who count on us.
George Cooke
Independent Board Chair
OMERS Administration Corporation
2025 AC Board Activities
The AC Board and its Committees met quarterly in 2025 to oversee management activities in areas including investments, actuarial assumptions, risk management, governance, pension services, and human resources. Through the Investment Committee, the Board also monitored foreign currency strategy, liquidity, investment management, portfolio construction, and economic trends. The Board maintained its oversight of OMERS sustainable investing strategy and Climate Action Plan ambition toward net zero carbon emissions by 2050. As a skills-based board, Directors continued to enhance their expertise and knowledge on topical matters, including artificial intelligence, the geopolitical landscape and cybersecurity.
The Board welcomed Mr. David McCann, who was appointed effective January 1, 2026. Mr. McCann replaced Mr. Bill Butt, whose term ended December 31, 2025, and who was not eligible for reappointment, having reached the term limit for AC directors. The AC Board would like to thank Mr. Butt for his significant contributions during his tenure.
