March 31, 2009

Further to the 2008 Annual Valuation, initial projection valuations prepared by OMERS actuaries were brought forward and reviewed by the SC and its advisors, to assist with decision-making surrounding specified plan change proposals and whether to file an annual valuation.

Three specified plan change proposals were tabled. The PDIC was tasked with seeking background information to allow for due diligence and preparation for the prescribed amendment period (May 1 – May 14) before proposals came back for debate and decision (May 25 and June 22nd meetings.)

OMERS CEO Michael Nobrega gave an update on the recent Spring Information Meeting and presentation of annual results, and gave a broad overview of AC Investment Strategy in the current economic conditions.

The HRCC brought forward a recommendation regarding compensation for both the AC and SC Boards. The Committee had undertaken an extensive review, utilizing external compensation consultants and a market analysis of relevant pension plan peer groups, as well as reviewing information and experience from both boards. Following discussion, a new compensation policy combining an annual flat fee and meeting fees to a defined maximum was agreed to and incorporated into amended By-Law #6 PDF [56.3 KB].