On Jan 25, 2013, Municipal Affairs Minister Bob Chiarelli officially released the final report of Mr. Tony Dean, the Reviewer appointed under the OMERS Review Act, 2006. As stipulated in 2006, the Act required that by 2012, an independent review be conducted of the governance model which was created by the OMERS Act, 2006; the Report provides the Reviewer's observations and recommendations. Mr. Dean began his work in May 2012, following his appointment as Reviewer by the Minister of Municipal Affairs and Housing. The Review was to focus on the governance and administration of OMERS since the OMERS legislation was proclaimed in 2006.
The Co-Chairs of the OMERS Sponsors Corporation (SC) Board of Directors and the Chair of the OMERS Administration Corporation (OAC) Board of Directors, immediately responded to the release of Mr. Dean's report with a letter thanking him and his staff for their work, and for their tireless effort to balance the interests of all OMERS members, retirees, sponsors and other stakeholders.
The letter from the Co-Chairs and Chair states that "We agree with Mr. Dean’s observation that OMERS has been a success story, both in Canada and internationally, and we welcome his suggestions to enhance OMERS governance to ensure its continued strength. The SC and the OAC are fully committed to working together to address the various recommendations contained in Mr. Dean's Report. As noted in the Report, through our participation in the review process, the OAC and SC have already collaboratively addressed some of the issues raised by Mr. Dean. We will ensure stakeholders are kept apprised of our activities as we move through the process and implement changes. Progress updates will be posted to OMERS.com and OMERSSC.com. We believe that addressing these recommendations will lead to a stronger OMERS, and we look forward to working together to achieve that objective."
For more information:
Co-Chairs and Chair letter, visit:
2012 OMERS Review
Upon its proclamation into force on June 30, 2006, the OMERS Act, 2006 established a new, independent governance model for OMERS. A process for reviewing the new model in 2012 is defined in the OMERS Review Act, 2006. In 2010 the OAC and SC began work to evaluate internal processes and prepare for the 2012 Review. Many of the areas discussed by the Reviewer had already been identified by the two boards through their internal review as areas for improvement. This work has prepared OMERS to take action on the Reviewer’s recommendations.