Ontario Initiates Governance Review of OMERS

The Ontario government has appointed Robert Poirier as a third-party advisor to conduct a governance review of the Ontario Municipal Employees’ Retirement System (OMERS). This marks the first review of its kind since 2012. The review aims to assess the governance model of OMERS to ensure it aligns with the interests of its members and supports the plan's long-term financial sustainability.

Robert Poirier, who has previously served on the Metrolinx board and as chair of the Toronto Port Authority, will lead the review. He is tasked with providing recommendations to the Minister of Municipal Affairs and Housing. The review will focus on the governance structures of the OMERS Sponsors Corporation and the OMERS Administration Corporation, including board representation and investment decision-making processes.

The review will not address financial specifics such as contribution rates or the fairness of plan benefits. Instead, it will explore best practices in pension governance that could be adopted by OMERS.

OMERS is one of Canada's largest defined benefit pension plans, involving over 1,000 employers and more than 600,000 members, including municipal employees, public utility workers, and emergency services personnel across Ontario.

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