Meeting Summary

Audit & Actuarial Committee – August 16, 2018

Appointment – Global Head of Internal Audit

The Audit & Actuarial Committee Mandate stipulates that the Committee is responsible to approve the hiring for the position of the Global Head of Internal Audit.

On the completion of the interview process, the Board Chair, the AAC Chair and the Chief Risk Officer unanimously recommended the appointment of Colin Shaw to the role of Global Head of Internal Audit to the Committee for approval. On July 16, 2018, the AAC approved the appointment electronically.

The AAC ratified and confirmed the appointment of Colin Shaw to the role of Global Head of Internal Audit, effective July 31, 2018.

Investment Performance Reports to the SC

At its meeting on May 22, 2014, the OAC Board agreed that quarterly reporting on the results of the Primary Plan fund would be released to the OMERS Sponsors Corporation once the Audit & Actuarial Committee met and reviewed the quarterly financial results.

The AAC approved the OMERS Investment Performance and OMERS Asset Mix Exposure Report, as at June 30, 2018, with both to be provided to the SC.

External Auditor 2018 Audit Plan

The Audit & Actuarial Committee Mandate requires the Committee to approve the annual audit plans of the External Auditor and approve the fee for the External Auditor for the upcoming audit year.

Following discussion, the AAC approved the External Audit Plan for the 2018 fiscal year audit.

Investigation of Complaints Policy

The Audit & Actuarial Committee Mandate requires the Committee to review the Investigation of Complaints Policy (the Policy). The Policy was reviewed in collaboration with Compliance & Ethics and the Oversight Committee.  No material changes were recommended, although minor administrative updates were applied.

Following discussion, the AAC approved the amended Investigation of Complaints Policy, effective September 1, 2018. In accordance with OAC’s practice, the Policy is posted on the OMERS website.

Personal Trading and Institutional Trading Policies

The Audit & Actuarial Committee is responsible for reviewing and approving the Personal Trading Policy and the Institutional Trading Policy (the Policies) on a bi-annual basis. The Policies were last reviewed and approved in 2016 and were due for renewal this year.  Compliance & Ethics conducted a review of the Policies, consulted with relevant stakeholders in the Business Units, and recommended several amendments.

Following discussion, the AAC approved the Personal Trading Policy and the Institutional Trading Policy, both effective September 1, 2018. In accordance with OAC’s practice, the Polices are posted on the OMERS website.