Meeting Summary

Audit & Actuarial Committee - May 17, 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 March 31, 2017, with both to be provided to the SC.

External Auditor Engagement Letter and Fees for 2017

The Audit & Actuarial Committee Mandate requires the Committee to carry out the following duties: recommend to the OAC Board the appointment of the External Auditor, including the general terms of the engagement and remuneration process; approve the fees for the External Auditor for the upcoming audit year; and approve the annual audit plans of the External Auditor.

Following a question and discussion period, the Audit & Actuarial Committee approved the external auditor engagement letter and fees for the 2017 year-end audit and authorized the Chair of the Committee and the Chief Financial Officer to sign the engagement letter with PricewaterhouseCoopers on behalf of OAC.

Anti-Bribery and Corruption Policy

The Anti-Bribery & Corruption Policy (the “Policy”) deals with expectations around due diligence and risk assessments that support a no-tolerance approach to bribery and corruption in OMERS business activities.  The Policy is reviewed annually to accommodate any applicable regulatory changes as well as other practical updates that promote clarity of understanding.

The Director, Compliance, provided an overview of the proposed changes and responded to questions from the Audit & Actuarial Committee. The AAC requested an additional wording change to the Policy.

The AAC approved the amended Anti-Bribery & Corruption Policy, effective June 1, 2017. In accordance with OAC’s practice, the Policy is posted on the OMERS website.

External Auditor Independence Policy

The Audit & Actuarial Committee Mandate requires the Committee to approve accounting and financial reporting policies.  The Senior Vice President, Financial Services, provided an overview of the minor revisions proposed to the External Auditor Independence Policy (the “Policy”).

Following discussion, the AAC requested a revision to the Policy for clarity.

The AAC approved the revised External Auditor Independence Policy, effective June 1, 2017. In accordance with OAC’s practice, the Policy is posted on the OMERS website.