February 19, 2009

SC Composition had been reviewed by the CGC and discussed in detail at the January meeting; the restated by-law was brought forward and a number of amendments approved. Amended By-Law #4 can be summarized as emphasizing the policy of providing representation on the SC to the sponsor groups with the largest populations, based on the most recent statistics provided by the AC.

Further to assistance from the external facilitator, AC Board Composition was confirmed by adoption of By-Law #13; it was noted that the new composition closely mirrors that of the SC. The process of seeking nominations from sponsor organizations would follow a strict timeline in order to allow for consideration of nominations and appointments by the SC to be effected June 30, 2009.

A joint session of the SC and AC Boards had occurred on February 18, where the preliminary 2008 valuation was reviewed prior to AC approval; the (approved) 2008 Annual Valuation was formally received by the SC on February 19.

Three technical plan change proposals to amend the OMERS Primary Pension Plan were approved by the SC: Income Tax Act Age Rules for Pension Commencement; Partial Wind-Up; Extension of NRA 60 Benefits. Three other proposals were referred back to the PDIC for further research.

The Expert Commission Working Group had prepared responses and circulated the joint response to the SC prior to its submission.

The audited 2008 financial statements were approved; the Audit Committee reported that the external auditor had given significant approval to the internal controls.

The SC approved a resolution to authorize SC staff to participate in OMERS Pension Plans.