Sponsors Corporation
Established under the OMERS Act in 2006, the Sponsors Corporation (SC) works closely and collaboratively with the Administration Corporation (AC) to represent the interests of sponsors, stakeholders, members and beneficiaries of the OMERS Pension Plans.
Our overriding objective is to ensure – through informed decision-making and leading governance practices – that the OMERS Pension Plans remain affordable, meaningful and sustainable in today’s complex and fast-changing world.
This is a simple goal, but a demanding and complex task – all supported by a deeply committed executive team and an experienced Board of Directors nominated by the designated Plan sponsors.
We believe that good governance is the foundation for effective Plan management. To successfully fulfill the SC’s mandate under the OMERS Act, 2006, we have developed a range of effective policies and practices with input and advice from expert third-party advisors.
At the Sponsors Corporation (SC), we are accountable for what we call the “ABCs” of OMERS:
Appointments;
Benefits; and
Contributions.
Specifically, we are solely responsible for:
Determining benefit levels and contribution rates for the Plans, and
Setting compensation levels and appointment protocols for both the SC and AC Boards. This includes formal protocols related to the nomination, appointment and reappointment of Directors for both the AC and SC Boards. The intent is to select qualified candidates to provide effective oversight based on, among other things, their considerable experience, proven competencies, sector knowledge, and commitment to the DB pension model.
For additional information on Board appointments, please contact contact@omerssc.com.
Board of Directors
We have a 14-member Board.
Committee Composition
There are four standing committees to assist the Board in discharging its responsibilities. In addition, the SC and AC have established a Joint Council to address matters of importance to both Boards.
SC Board Work Plan
In order to enhance transparency and deepen engagement with stakeholders we are providing a high-level overview of the SC Board’s work plan.
Meeting Summaries
To stay transparent and maintain consistent communications with you, our stakeholders, all significant activities and decisions made at each SC meeting have been posted.
Governance Manual
The Governance Manual documents our governance practices, structures and policies. It is intended primarily for the use and benefit of Directors of the Sponsors Corporation Board and management team.
By-laws and Policies
The governance structure of the Sponsors Corporation itself is defined in a number of corporate by-laws and policies, which are reviewed and updated, as required, and to provide a best-practice foundation.
Plan Texts
Plan texts are legal documents that define the benefits and administration rules of a registered pension plan, and are filed with the regulators. Any change to the OMERS Primary and/or Supplemental Pension Plan requires development of a by-law to capture the plan text amendments.
Plan Sponsors
OMERS Sponsor organizations represent Plan members and employers.