Meeting Summary 

Audit & Actuarial Committee – May 15, 2019

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 AAC had met and reviewed the quarterly financial results.

Following a question and discussion period, the AAC approved the OMERS Investment Performance and OMERS Asset Mix Exposure Report, as at March 31, 2019, with both to be provided to the SC.

External Auditor Audit Plan and Engagement Letter & Fees for 2019

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 questions and discussion, the Audit & Actuarial Committee approved the following:

  • the External Audit Plan for the 2019 fiscal year audit;
  • the external auditor engagement letter and fees for the 2019 interim review and year-end audit;
  • authorization for 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 was last approved in May 2018 by the AAC.  In advance of the next scheduled renewal in December 2021, Management proposed amendments to the Policy to support the listing of OMERS Finance Trust’s (OFT) Medium Term Notes on the Luxembourg Stock Exchange.  The proposed amendments would create a new control process to identify information that must be disclosed under European Market Abuse Regulations.  

Following a question and discussion period, the AAC approved the revised Financial Disclosure Policy, effective June 1, 2019.  In accordance with OAC’s practice, the Policy is posted on the OMERS website.