Sponsor Organizations are in the process of finding nominees for five of the 15 seats on the OMERS Administration Corporation Board of Directors. Other governance initiatives are also underway.
Sponsor Organizations are working to find nominees for consideration by the OMERS Sponsors Corporation (SC) for appointment to the OMERS Administrative Corporation (OAC) Board. The deadline for nominees is July 31, 2014.
As reported in the March issue, building new capacity requirements for the OAC Board was one of the key recommendations of the OMERS Governance Review conducted in 2012 by Tony Dean. The nomination process for OAC Board directors is a collaborative effort between OMERS and sponsor organizations. On April 16 we sat down together to discuss the 2014 process, the capacity needs of the OAC Board and to offer OMERS support to sponsor organizations as they proceed through their recruitment processes. It is now up to those Sponsor Organizations to find the right individuals for nominations. We offer our thanks to them as they go about this important task – the goal of delivering a high-capacity and effective OAC Board is now in their hands.
Good governance is also about meaningful two-way communication. The SC Co-Chairs have been meeting with representatives of organizations not affiliated with the sponsor organizations and that have expressed interest in further dialogue with OMERS. The most recent meetings were centered on the Specified Plan Change (SPC) process with discussion of the SPC process itself and the 2014 SPC proposals. The next meeting is scheduled for this fall.
In addition, another recommendation from the OMERS Governance Review was for us to report back to the Minister of Municipal Affairs and Housing. We are pleased that we could report significant progress on all the recommendations. Reporting back represents a milestone in the process, but the work continues. The details about what we have done and continue to do to address the recommendations from OMERS Governance Review are available.
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