Meeting Summary

OAC Board - June 29, 2017

Risk Oversight Committee

The OAC Board considered a report describing a number of important risk management issues, including the development of an overall Risk Appetite Statement for OMERS.  The report discussed an approach to provide more attention to risk management overall as the Board works on finalizing the Risk Appetite Statement.  For that reason, the Board Chair had recommended to the Governance Committee that the Board establish an ad hoc Risk Oversight Committee (“ROC”) to guide this work.  

The Board Chair proposed names for the Risk Oversight Committee chair and membership.

A draft Mandate for the Risk Oversight Committee was provided to the Board for review and approval, as reviewed by the Governance Committee at its meeting held on June 29, 2017, immediately prior to the Board meeting. The Board Chair noted that the ROC would have the opportunity to review the draft Mandate at its first meeting and recommend to the Board any changes to the Mandate that the Committee feels are required.

Following discussion and with no further questions from the Board, and as recommended by the Governance Committee at its meeting held on June 29, 2017, the OAC Board approved the following:

  • the establishment of an ad hoc Risk Oversight Committee, consisting of four members, in accordance with the Mandate; and
  • the appointment of Penny Somerville as Chair of the Risk Oversight Committee, and the appointment of Darcie Beggs, Laurie Hutchinson and Cliff Inskip as members of the Risk Oversight Committee.