OMERS SC Board Conducts Board Effectiveness Review
OMERS Sponsors Corporation (SC) Board is conducting a Board Effectiveness Review with the goal of ensuring OMERS has the most effective possible arrangements to meet the highest contemporary governance standards.
Under the OMERS Act, the SC Board has been entrusted with the responsibility of determining the governance arrangements for OMERS. Like any well-run organization, we review our governance arrangements periodically as provided in our By-Laws. Ensuring that we have an effective and collaborative governance model is one of our key aspirations as an organization. It is also part of our strategy.
The SC’s Corporate Governance Committee met several times in 2019 to focus on this review, and was supported in its work by both OMERS Management, as well as outside governance and legal experts. The goal was to improve the SC’s governance regime and promote effective decision-making.
As a result, the SC Board has approved changes that will strengthen our governance framework and support our commitment to our members, employers and other stakeholders. These changes will also help ensure that Directors bring the right skills and competencies to their roles on the Board.
We are confident that these changes will help us to focus on our mission of making OMERS a sustainable, affordable and meaningful defined benefit pension plan, as noted in our Strategy introduced earlier this year.
The SC Board firmly believes that both OMERS Boards should continue to feature equal representation from both employer and employee Sponsor organizations. There is nothing in this package of changes that alters this fundamental aspect of OMERS governance structure.
We will continue to assess our Board effectiveness in the future to ensure we keep an appropriate and collaborative governance model.
If you have any questions or comments, please feel free to contact the Sponsors Corporation office directly at contact@omerssc.com.