Ontario Government Launches Governance Review of OMERS
James Bradshaw of the Globe and Mail reports the Ontario government plans governance review at pension fund manager OMERS: The Ontario government is launching a governance review of the province’s largest pension fund for municipal employees, responding to pressure from associations representing police and firefighters that complained of a perceived lack of transparency from one of the pension plan’s two boards of directors. The review will examine how effective the governance model for the Ontario Municipal Employees Retirement System (OMERS) has been. It will also look at decision-making processes, the composition and effectiveness of two separate boards that oversee OMERS, and the level of engagement with employees and employers. The review was ordered in August by Ontario’s Municipal Affairs and Housing Minister, Paul Calandra, and revealed publicly at an annual update OMERS gave to Toronto city councillors on Wednesday. Over the summer, multiple associations represen