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OMERS SC Revises the Composition of the OMERS Boards

June 28, 2013

Under the OMERS Act, 2006 the OMERS Sponsors Corporation (SC) has been given a very important role in the governance of OMERS. The SC is responsible for establishing the composition and method of choosing the members of the SC and OMERS Administration Corporation (OAC) Boards.

In 2006, the Ontario Government also enacted the OMERS Review Act, 2006 which mandated a review of OMERS governance in 2012. On January 25, 2013 the Minister of Municipal Affairs and Housing released the report from the review (the Report).

Over the course of 2012 and 2013 the SC undertook a review of  By-Law #4 (SC Composition) and By-Law #13 (OAC Composition). With the release of the Report, the SC was able to complete its analysis and, on April 25, 2013, the SC approved new (amended/restated) by-laws incorporating its decisions. In addition, the SC approved  amendments to By-Law #6, which sets the compensation for SC and OAC Directors.

The report from the SC provides information related to the revised by-laws and some insight into the related SC decision-making.