Statement from George Cooke, Independent Board Chair, OMERS Administration Corporation
Release of the Special Advisor’s report on OMERS governance
Yesterday, the Ontario government published the report of the Special Advisor, Robert Poirier, following his review of the OMERS governance model.
This review was initiated more than a year ago by Ontario's Minister of Municipal Affairs and Housing, and the report sets the stage for a new chapter in OMERS governance. As OMERS Independent Board Chair, accountable to some 640,000 Plan members, I thank Robert Poirier for his work on this report.
In my view, the report successfully balances the heart of the 2006 OMERS Act which underlines the important role Plan sponsors play, with the governance concerns raised by Plan sponsors and stakeholders during the review in 2012 and most recently in late 2024. Those concerns included transparency in the Sponsors Corporation Plan design decisions, the lack of representation of some OMERS members and employers in the governance model, and the inefficiencies that come from the duplication of resources between the AC and SC.
From the start, the AC Board welcomed and fully cooperated with the review. The AC Board believes that decisions about Plan design and contribution rates should be in the hands of OMERS sponsors, acting on behalf of members and employers. We are pleased to see that the report recognizes the importance of maintaining OMERS as a jointly sponsored pension plan and clearly delineates the accountabilities and respective roles of the administration and the sponsors.
The report also recommends a course of action to address the unique and duplicative structure where OMERS is run by two corporations, two Boards and two management teams, as established in the 2006 Act.
We are pleased with the report’s vision that would provide additional stakeholder groups with visibility on governance matters and plan design decisions as well as the recommendation that sponsor representatives be able to freely share information and act directly on their constituents’ behalf.
The issuance of this report is a step forward in making OMERS governance better for our members, employers, sponsors, and stakeholders. More than 640,000 members and their families rely on this Plan as a source of stable retirement income, and we appreciate this work on their behalf.
George Cooke
Independent Board Chair
OMERS Administration Corporation Board of Directors
Background on OMERS governance: |
OMERS is governed by two boards that lead two corporations – the Administration Corporation (AC) and the Sponsors Corporation (SC) – that oversee different elements of OMERS governance under distinct mandates: |
AC Board | SC Board |
The AC Board is responsible for administering the OMERS Plan, serving members and employers, and investing Plan funds globally. | The SC is responsible for determining benefit levels, setting contribution rates, and appointing the board members on both Boards. |