Overview

Special Advisor Robert Poirier was appointed in 2024 to conduct a review of the OMERS governance model. The review was initiated in response to fairness, equity and transparency concerns raised by stakeholders who are part of the pension plan.

It had been more than a decade since the last review was undertaken in 2012. After extensive consultations with key plan employee associations and employers, the Special Advisor submitted his report to the government, including his findings and recommendations. The government is considering these recommendations and any future changes to the OMERS governance model would be informed by this report in a manner that supports the plan’s long-term sustainability.

The government will not be making any changes to contribution rates, plan benefits or the supplemental plan.

Below is an executive summary excerpt of the Special Advisor’s report.

Executive summary from the review

This 2025 OMERS Governance Review marks a critical juncture in the ongoing evolution of OMERS. Despite a more than decade-long window following the 2012 review, the steps to implement meaningful reforms have fallen well short. Rather than improving, the governance structure has become inward-looking and drifted further away from the fundamental objective of a jointly sponsored pension plan.

The Sponsors Corporation has increasingly operated within the confines of the Board and its affiliated corporation. This inward focus has significantly limited its engagement with the broader Sponsor and Non-Sponsor community and plan members, undermining transparency and accountability.

Faced with a governance structure that has failed to adapt and evolve since 2006, the proposed amendments in this report aimed to realign the governance model with its original intent. The return to the foundational principle of pension governance as a collaborative agreement between employees and employers — where both parties actively participate in negotiating the plan design, contribution levels and the types of benefits that best support members’ retirement security.

To address these challenges and restore alignment with the original purpose of a jointly sponsored plan, the report proposed the following key recommendations:

  • maintain the current jointly sponsored, bicameral (two-entity) model
  • maintain the current Sponsor representation and voting
  • maintain the Sponsors’ statutory powers related to the ABCs (Appointments, Benefits and Contributions)
  • replace the Sponsors Corporation with a new Sponsors Council
  • establish an additional 5 non-voting members (Observers) in the Sponsors Council
  • establish minimum standards in the act for communication, transparency, engagement and mandatory consultations with Sponsors and Non-Sponsors, (including other Non-Sponsor retiree groups), on specified changes
  • enshrine the current 12-year board term limits in the act and allow for changes by regulations
  • establish a transition period and increase the term limit from 12 to 16 years for the current Sponsor-appointed independent chair to oversee the transition
  • establish a report back to the Minister of Municipal Affairs and Housing on the progress of the implementation and transition by June 2027
  • establish a periodic governance review by the Minister of Municipal Affairs and Housing in 5 years from this review and every 10 years thereafter

In conclusion, this 2025 Governance Review presented a critical opportunity to restore trust, transparency and accountability within the governance model of one of the largest pension plans.

By embracing the recommendations in this report, OMERS can better serve its diverse membership, strengthen its long-term sustainability and reinforce its mandate to safeguard the retirement security of its members.

Full review

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