For 2022, the OMERS Administration Corporation (AC) Board of Directors (the AC Board) has five standing committees which assist the Board in discharging its responsibilities. The AC Board also uses sub-committees and ad hoc committees from time to time to deal with special situations.
Audit & Actuarial Committee
The purpose of the Audit & Actuarial Committee is to assist the AC Board in meeting its fiduciary oversight and related obligations by overseeing:
the integrity of the financial reporting process and financial statements;
funding and actuarial matters;
the system of internal control and disclosures;
risk management and risk reporting for risks within the purview of the Committee;
the internal audit function;
the external audit and review of AC’s financial statements;
the organization’s processes for monitoring compliance with policies, laws and regulations and the Code of Conduct and Ethics; and
whistleblower mechanisms and special investigations.
Chair: Penny Somerville
Members: John Armstrong, Monty Baker, Michael Fenn, Karen Figueiredo, Cliff Inskip, Charlene Mueller, Kevin Skerrett, George Cooke (ex officio)
Governance & Risk Committee
The purpose of the Governance & Risk Committee is to assist the AC Board in meeting its fiduciary oversight and related obligations in relation to governance, risk, plan administration, and operations (including communications, government relations, and technology) matters and particularly in relation to AC’s governance principles by identifying governance practices and standards (and supporting processes and practices) that promote and enhance effective Board and Management decision-making to ensure the OMERS plans are governed and administered in the best interest of its members and beneficiaries.
Chair: Paul Elliott
Members: Karen Figueiredo, Debbie Fischer, Charlene Mueller, Penny Somerville, David Tsubouchi, Yung Wu, George Cooke (ex officio)
Human Resources Committee
The purpose of the Human Resources Committee is to assist the AC Board in meeting its fiduciary oversight and related obligations by overseeing: (i) Chief Executive Officer (CEO) performance and compensation; (ii) a robust succession management process for the position of CEO and Senior Executives; and (iii) strategy relating to attracting, engaging and retaining excellent leadership at the senior executive level who are committed to the AC Mission Statement, Core Values and Leadership Competencies.
Chair: Monty Baker
Members: Bill Butt, Paul Elliott, Debbie Fischer, Kevin Skerrett, Rajiv Silgardo, David Tsubouchi, George Cooke (ex officio)
The purpose of the Investment Committee is to assist the AC Board with respect to its oversight of investment strategy, risk, policies, and performance, and the approval of large transactions which exceed limits delegated to Management.
Chair: Bill Butt
Members: John Armstrong, Michael Fenn, Cliff Inskip, Rajiv Silgardo, Penny Somerville, Yung Wu, George Cooke (ex officio)
The purpose of the Appeals Committee is to assist the AC Board in meeting its fiduciary oversight and related obligations by acting as the final internal appeals body for determinations by the President governing benefit entitlement under the OMERS Pension Plans. The AC Board has delegated authority to adjudicate appeals to the Committee under By-law No. 4. The Committee also assists the AC Board in maintaining a strong administrative law decision-making process by reviewing and making recommendations to the AC Board on changes to the rules respecting practice and procedure before the Committee (the Rules).
Chair: David Tsubouchi
Members: Paul Elliott, Debbie Fischer, Charlene Mueller, George Cooke (ex officio)
This sub-committee was formed in 2009 as a venue in which to address matters of importance to either AC or SC with respect to oversight and governance of the OMERS Pension Plans including the Memorandum of Understanding between AC and SC.
Members: George Cooke (Board Chair), Paul Elliott (Chair of Governance & Risk Committee), Penny Somerville (Past Chair of Governance & Risk Committee)