Meeting Summary

Audit & Actuarial Committee – November 16, 2017

Investment Performance Reports to the SC

At its meeting on May 22, 2014, the OAC Board agreed that quarterly reporting on the results of the Primary Plan fund would be released to the Sponsors Corporation once the Audit & Actuarial Committee met and reviewed the quarterly financial results.

The AAC approved the OMERS Investment Performance and OMERS Asset Mix Exposure Report, as at September 30, 2017, with both to be provided to the SC. 

Assurance & Advisory – 2018 Assurance Plan

The mandate and work plan of the Audit & Actuarial Committee and the Assurance & Advisory Charter require the review and approval of the annual assurance plan of the Global Head of Assurance & Advisory (“Global Head A&A”).

The Global Head A&A presented the 2018 Assurance Plan which was developed using a risk-based approach and in consultation with individuals and groups across the enterprise.

Following a discussion and question period, the AAC approved the 2018 Assurance Plan.

Anti-Terrorist Financing & Money Laundering Policy

The Audit & Actuarial Committee Mandate requires the Committee to approve the Anti-Terrorist Financing & Money Laundering Policy (the “ATF/ML Policy”).

The ATF/ML Policy sets OMERS commitment to:

  • prevent the use of OMERS operations for money laundering or financing terrorism;
  • comply with applicable laws and regulations intended to prevent and combat these activities; and
  • prevent dealings with individuals, entities or restricted countries designated in the Canadian and applicable international sanctions and terrorist financing lists.

Compliance & Ethics reviewed the ATF/ML Policy in collaboration with representatives of Business Units and suggested certain amendments.

Following a question and discussion period, the Audit & Actuarial Committee approved the amended Anti-Terrorist Financing & Money Laundering Policy, effective January 1, 2018. In accordance with OAC’s practice, this Policy is posted on the OMERS website.

Anti-Fraud Framework

The Audit & Actuarial Committee mandate requires that the Committee approve the Anti-Fraud Framework (“Framework”) which is presented every two years.  The Framework outlines the policies, guidelines, tools and stakeholders that collectively form the OMERS fraud governance model.

The Global Head of Assurance & Advisory advised that Assurance & Advisory reviewed the Framework in collaboration with representatives of the Business Units, Risk, Compliance & Ethics and Legal and suggested a number of updates.

Following a question and discussion period, the Audit & Actuarial Committee approved the amended Anti-Fraud Framework, effective December 1, 2017.