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Governance Manual, Policies and Guidelines

Here is an overview of key policies and guidelines for OMERS, including Investments, Members, Employers etc., where policies have been approved by the AC Board or its standing committees or where plan members would benefit from understanding how our policies impact how we conduct our business.


Privacy

Protection of personal information is a key responsibility, especially with a plan the size of OMERS. The AC Privacy Statement describes how we collect, use, retain and, where necessary, dispose of the personal information in the administration of the OMERS Pension Plans. We take this responsibility very seriously. 


Governance Manual

Please note that capitalized terms are described in Policy Terms and Definitions PDF  published by OMERS Compliance & Ethics Department. All documents below are PDF files.

Introduction

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Introduction .pdf
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(124 KB)
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Governance Principles .pdf
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(142 KB)

Mandates and Roles

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Board of Directors Mandate .pdf
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(278 KB)
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Appeals Committee Mandate .pdf
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(209 KB)
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Audit & Actuarial Committee Mandate .pdf
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(234 KB)
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Governance & Risk Committee Mandate .pdf
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(179 KB)
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Human Resources Committee Mandate .pdf
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(273 KB)
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Investment Committee Mandate .pdf
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(173 KB)
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Management Mandate .pdf
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(263 KB)
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Board and Director Competencies .pdf
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(179 KB)
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Board Chair Role Description .pdf
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(161 KB)
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Committee Chair Role Description .pdf
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(209 KB)
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Board Member Role Description .pdf
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(182 KB)
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CEO Role Description .pdf
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(221 KB)

By-laws

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By-law No. 1 - General .pdf
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(282 KB)
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By-law No. 2 – Borrowing and Banking .pdf
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(118 KB)
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By-law No. 3 – Committees .pdf
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(136 KB)
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By-law No. 4 – Appeals Process .pdf
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(159 KB)

Policies

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Anti-Bribery & Corruption .pdf
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(196 KB)
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Anti-Terrorist Financing & Money Laundering .pdf
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(151 KB)
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Board Education & Expense .pdf
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(160 KB)
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Charities & Not-for-Profits .pdf
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(155 KB)
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Code of Conduct and Ethics .pdf
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(202 KB)
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Director Remuneration .pdf
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(137 KB)
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External Auditor Independence .pdf
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(172 KB)
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Financial Disclosure .pdf
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(164 KB)
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Funding Policy – Primary Plan .pdf
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(140 KB)
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Funding Policy – RCA .pdf
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(389 KB)
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Institutional Trading .pdf
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(171 KB)
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Lobbying .pdf
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(139 KB)
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Personal Trading .pdf
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(187 KB)
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Political Donations .pdf
No political donations were made in 2021
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(376 KB)
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Related Party Transactions Review .pdf
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(136 KB)
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Sponsors Corporation Support and Reimbursement .pdf
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(352 KB)
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Statement of Investment Authorities .pdf
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(146 KB)
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Statement of Investment Beliefs .pdf
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(133 KB)
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Statement of Investment Policies and Procedures (SIP&P) - Primary Plan .pdf
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(207 KB)
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Statement of Investment Policies and Procedures (SIP&P) - Retirement Compensation Arrangement (RCA) Plan .pdf
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(191 KB)
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Statement of Investment Policies and Procedures (SIP&P) - Supplemental Plan .pdf
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(203 KB)
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Sustainable Investing Policy .pdf
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(219 KB)
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Valuation of Investments .pdf
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(215 KB)
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Workplace Investigations Policy .pdf
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(170 KB)

Accessibility at OMERS

Commitment to service for people with disabilities

OMERS strives at all times to provide its services in a way that respects the dignity and independence of people with disabilities. We are committed to giving people with disabilities the same opportunity to access our business and services in the same place and in a similar way as others. In Ontario, this policy forms part of our framework to fully comply with the standards developed under the Accessibility for Ontarians with Disabilities Act (“AODA”) (see Appendix ‘A’, Multi-Year Accessibility Plan).


Accessibility Policy

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Accessibility Policy .pdf
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(209 KB)

If you are having an issue viewing the reports, please right click on 'Download', click 'Save link as' and view on Adobe Reader.

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Accessibility Report 1 .pdf
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(2.3 MB)
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Accessibility Report 2 .pdf
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(2.3 MB)
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Accessibility Report 3 .pdf
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(2.3 MB)

OMERS Dispute Resolution Process

OMERS Administration Corporation (AC) is responsible for the administration of the OMERS Pension Plans. In this role, AC ensures that benefit entitlements are paid in accordance with the terms of the Plan and applicable legislation while also ensuring that Plan members are treated consistently and fairly.

To learn more about the process, please visit OMERS Dispute Resolution Process.

To see the AC Appeals Decisions since 2005 click here.


OMERS Tax Strategy

Introduction

Established in 1962, OMERS is a defined benefit pension plan that invests and administers pensions for employees of municipalities, non-teaching staff of school boards, emergency services and local agencies across Ontario, Canada. OMERS investment strategy is intended to build long-term value that supports our obligation to pay pensions today and in the future.

Canadian pension plans, including OMERS, are exempt from Canadian income tax on investment income. This tax status was designed to encourage retirement savings by deferring the tax on pension contributions and investment returns until payments are received by pensioners, at which time the retirement income is fully taxed at an individual level. Globally, several other governments also provide similar tax exemptions on investment income to pension plan investors, including OMERS.

The tax strategy outlined below applies to all OMERS businesses across all locations where we operate.


Attitude towards tax planning and level of risk

As a global investor, OMERS is subject to tax laws in each of the countries where we have offices or hold investments. Integrity is a core value at OMERS and we comply with all tax laws, regulations and obligations in the jurisdictions in which we operate and invest, taking a sustainable approach to tax risk and tax planning. Consistent with our approach to risk management, OMERS has procedures, processes and policies in place to ensure that tax risk is maintained at an acceptably low level. In keeping with our obligations as a pension plan, we plan our tax affairs to be efficient – to support the business activities of the enterprise and our ability to pay pensions to our members.

OMERS supports the various OECD initiatives, including the Base Erosion and Profit Shifting (BEPS) project which creates a framework to ensure that profits are taxed where economic activities are performed and value is created.  In accordance with enhanced BEPS filing obligations, OMERS produces Country-by-Country Reporting, to promote tax transparency globally.


Governance and management of tax risk

OMERS governance framework includes tax-risk management. The Audit & Actuarial Committee assists the Board of Directors in fulfilling oversight responsibilities for the organization’s processes for monitoring compliance with tax laws and regulations. The Chief Financial Officer has executive responsibility for tax matters and is supported by a team of tax professionals led by the Head of Tax. Given the evolving external tax environment in which we operate, we actively monitor global tax developments to ensure continued compliance. We are committed to upholding high standards of business conduct and ethics, as reflected in our published Code of Conduct and Ethics PDF.

Tax law is complex.  OMERS uses reputable external tax advisers to obtain expert, objective advice on the application and interpretation of tax law.  In the event that a difference of opinion arises between OMERS and tax authorities, we will openly engage in discussions with authorities and support our position as appropriate.


Approach to dealing with tax authorities

When we engage with tax authorities, we are transparent in disclosing all relevant facts, striving to maintain positive long-term working relationships. We believe there is value in actively participating in consultations with tax authorities and policy makers to promote certainty in tax-law interpretation.

OMERS regards the publication of this document to comply with the requirements set out in U.K. legislation, under Schedule 19, Finance Act 2016, for the fiscal 2023 year.


OMERS Social Media Community Guidelines

When you engage with OMERS on social media, you’re agreeing to these Community Guidelines, which may be updated from time to time, in addition to the terms and conditions of the respective Platform(s), which may be updated from time to time.

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OMERS Social Media Community Guidelines .pdf
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(70 KB)