January 25, 2013 - Update
Today, Mr. Bob Chiarelli, Ontario's Minister of Municipal Affairs and Housing released the final Report of Mr. Tony Dean, the Reviewer under the OMERS Review Act 2006. As stipulated in 2006, the Review Act requires an independent review of the governance model created by the Ontario Municipal Employees Retirement System Act, 2006. The Report provides the Reviewer's observations and recommendations.
Mr. Dean began his work in May 2012, following his appointment by the Minister of Municipal Affairs and Housing. The Review was to focus on the governance and administration of OMERS since the OMERS legislation was proclaimed in 2006.
On behalf of the Boards of Directors of the OMERS Sponsors Corporation (SC) and the OMERS Administration Corporation (OAC), we commend Mr. Dean for his work as Reviewer and for his tireless efforts to balance the interests of all OMERS members, retirees, sponsors and other stakeholders. We thank Mr. Dean and his staff for their hard work and dedication to the Review.
We believe this work is very important to OMERS and for this reason the leadership of both Boards have been actively engaged throughout the process. We agree with Mr. Dean's observation that OMERS has been a success story, both in Canada and internationally, and we welcome his suggestions to enhance OMERS governance to ensure its continued strength.
The SC and the OAC are fully committed to working together to address the various recommendations contained in Mr. Dean's Report. As noted in the Report, through our participation in the review process, the OAC and SC have already collaboratively addressed some of the issues raised by Mr. Dean. We will ensure that stakeholders are kept apprised of our activities as we move through the process and implement changes. Progress updates will be posted to OMERS.com and OMERSSC.com.
We believe that addressing these recommendations will lead to an even stronger OMERS, and we look forward to continuing to work together to achieve that objective.
|Marianne Love, Co-Chairs
Brian O'Keefe, Co-Chair
Rick Miller, Chair