OMERS Governance Review- Special Advisor

Ministry

Municipal Affairs and Housing

URL

https://www.ontario.ca/page/ministry-municipal-affairs-housing

Address

777 Bay Street, 13th Floor
Toronto
M7A2J3

Background

Ontario Municipal Employees Retirement System Act, 2006, S.O. 2006 (opens a new window)

Ontario Municipal Employees Retirement System Review Act, 2006, S.O. 2006, c. 9, Sched. K (opens a new window)

Function

The Special Advisor would evaluate the current OMERS governance model to assess the: effectiveness of the OMERS Sponsors Corporation (SC) Board in making plan decisions; the effectiveness of the OMERS Administration Corporation (AC) Board in managing Plan assets and making investment decisions; the composition of the SC Board and its impacts on fair and equitable decisions for plan members; the composition of the AC Board and it impacts on plan performance; the SC Board’s decision-making processes, including its engagement with employer/employee on plan decisions; and, the AC Board’s decision-making processes, including the information it provides to the SC Board to inform plan decisions.

At the conclusion of the review, the Special Advisor would prepare a final report providing the Minister of Municipal Affairs and Housing with recommendations for strengthening the governance of the OMERS pension plan that reflects the perspectives of Employer/Employee organizations as well the best practices in the field of pension plan governance.

Membership

The Minister will appoint one (1) Special Advisor.

Qualifications

The Special Advisor has expertise in pension plan administration and collective bargaining, and is independent of the government, employers that participate in OMERS, members and former members of OMERS and persons and organizations that represent those employers, members, and former members.

In addition to these qualifications required under the Ontario Municipal Employees Retirement System Review Act, 2006 (OMERS Act, 2006), the Special Advisor has the executive leadership skills, technical expertise, political acuity, and stakeholder relationship management competencies to consult with diverse stakeholder groups (including employers and unions), provide strategic direction, and lead a skilled team.

Term

The term is anticipated to begin on October 10, 2024, and end on September 19, 2025.

Meetings

The Special Advisor will meet/consult with the Minister of Municipal Affairs and Housing or their delegate, on a regular basis to ensure effective implementation of the OMERS governance review.

Remuneration

The appointee (Special Advisor) will be remunerated at a rate of up to $1500 per diem for a maximum of 235 days, amounting to a total remuneration, not to exceed $352,500 over the length of the appointment term.

As specified in section 3.4 of the Agencies and Appointments Directive (AAD), “per diem” is to be interpreted as the amount payable for work periods exceeding three hours. As specified under the AAD, the appointees would receive only one government per diem remuneration per working day, or half of the per diem if the appointee works for less than three hours.

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