One of the most important responsibilities of the OMERS Sponsor Corporation (SC) is the appointment of Directors to the OAC Board, including the Independent Board Chair.
The OAC Board has 7 seats with terms expiring at December 31, 2016, as well as the Independent Board Chair. The SC has received nominations for three of these seats with more expected shortly. To help ensure continuity, certainty and assist with planning, the SC Board:
approved George Cooke’s reappointment as the Independent Board Chair of the OAC for a 3-year term effective January 1, 2017; and
amended By-Law No. 13 to allow acceleration of the appointment process.
In addition, as part of good governance practice, the SC approved a further amendment to the by-law to require background checks for nominees (whether new or incumbent).
The SC CEO announced her retirement earlier in the year and the SC approved a process for identifying a replacement, including an external advisor to assist in the process.