Meeting Summary 

Audit & Actuarial Committee – November 14, 2019

Anti-Fraud Framework

The Audit & Actuarial Committee Mandate requires that the Committee approve the Anti-Fraud Framework (Framework) every two years.  The Framework outlines the policies, guidelines, tools and stakeholders that collectively form the OMERS fraud governance model.

The Vice President, Operational Risk, advised that the Risk Group had reviewed the Framework in collaboration with representatives from Compliance & Ethics and Internal Audit and suggested non-significant editorial amendments.

Following a question and discussion period, the Audit & Actuarial Committee approved the amended Anti-Fraud Framework, effective December 1, 2019.

Valuation of Investments Policy

The Audit & Actuarial Committee Mandate requires the Committee to approve accounting and financial reporting policies.

The Senior Vice President, Financial Services, advised that Management had made some minor edits to include private credit investments and to make explicit the application of the Valuation of Investments Policy to mid-year valuations.

There being no questions from the Committee, the AAC approved the Valuation of Investments Policy, effective November 14, 2019.  In accordance with AC’s practice, the Policy is posted on the OMERS website.

Investment Performance Reports to the SC

Since 2014, the AC provides quarterly reporting on the results of the Primary Plan fund to the OMERS Sponsors Corporation once the AAC had met and reviewed the quarterly financial results.  

Following questions and discussion, the AAC approved the OMERS Investment Performance and OMERS Asset Mix Exposure Report, as at September 30, 2019, with both to be provided to the SC.