Meeting Summary

Audit & Actuarial Committee – May 22, 2018

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 OMERS 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, 2018, with both to be provided to the SC.

External Auditor Engagement Letter and Fees for 2018

The Audit & Actuarial Committee Mandate requires the Committee to approve the annual audit plans of the External Auditor and approve the fee for the External Auditor for the upcoming audit year.

Following discussion, the Audit & Actuarial Committee approved the external auditor engagement letter and fees for the 2018 interim review and 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.

Financial Disclosure Policy

The Audit & Actuarial Committee Mandate requires the Committee to approve accounting and financial reporting policies. The Financial Disclosure Policy (the Policy) was scheduled for review in May 2018.

The SVP, Financial Services advised that there were no significant changes to the Policy and reviewed the proposed minor revisions.

Following a question and discussion period, the AAC requested several additional revisions to the Policy.

The AAC approved the revised Financial Disclosure Policy, effective June 1, 2018. In accordance with OAC’s practice, the Policy is posted on the OMERS website.

Anti-Bribery & Corruption Policy

The Audit & Actuarial Committee Mandate requires that the Committee review and approve the Anti-Bribery & Corruption Policy (the 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.  Compliance & Ethics reviewed the Policy in collaboration with representatives of the Business Units and suggested several changes.

Following a question and discussion period, the AAC requested an addition to the Policy.

The AAC approved the amended Anti-Bribery & Corruption Policy, effective June 1, 2018. In accordance with OAC’s practice, the Policy is posted on the OMERS website.