February 18, 2014


Financial Results

As part of an ongoing annual process, the draft results of the 2013 Actuarial Valuations of the Primary Plan and the RCA was provided to the SC and OAC Boards on February 18, which followed a preparatory session held in December.  The funded status of the OMERS Pension Plans at December 31, 2013 was reviewed.

The SC CEO was authorized to receive the approved, final 2013 Actuarial Valuations, which were expected in the days following the meeting.  Such receipt would formally launch the 2014 cycle for consideration of Specified Plan Changes.

The OAC Board Chair has made a practice of attending SC Board meetings to provide an update on OAC Board activities and to enhance communications between the SC and OAC.  At this meeting, considerable attention was given to the upcoming public release of information about fund performance and the relevant communications.

The 2013 SC audited financial statements recommended by the Audit Committee were approved for inclusion in the 2013 Annual Report.


Joint Strategic Planning

One of the results of the September 2013 joint strategic planning session held by the SC and OAC Boards was the development of a number of commonly agreed objectives.  Working groups continue to develop these and report back to the respective Boards and Committees.  The SC approved the updated 'Goals Statement and Related Principles', the 'Joint Communications Principles' and the 'Joint Funding Strategy'.



2014 OAC Board Nomination and Appointment Process

The Nomination Advisory Committee (NAC), consisting of SC Co-Chairs and SC Chair of the Corporate Governance Committee with the OAC Chair, OAC Governance Chair and one other OAC Board Member, had met to review the OAC Board nomination and appointment process.  As a result of this review, the SC Chair fo the CGC recommended a number of changes for improving the process in 2014, which were approved by the SC Board.  It was also agreed that information packages would be distributed to the nominating sponsor organizations by the end of February.

Director Education

As part of its mandate, the Human Resources and Compensation Committee (HRCC) reviews the education requirements for SC Board Members to identify effective and relevant training programs.  Recommendations, including the priority of the programs, were approved.  The New Member orientation program had also been updated and provided to the two new SC Board Members.

Plan Design

The OMERS Primary Plan and Supplemental Plan Texts had not been updated since 2011, and the current versions of each required reference to a number of SC By-Laws incorporating specified plan changes.  Restated versions of each were approved and will be available on the SC website.