Item - 2024.EX14.10
Tracking Status
- This item was considered by Executive Committee on May 14, 2024 and was adopted without amendment.
EX14.10 - Nomination Process for the City of Toronto Representatives to the OMERS Sponsors Corporation and the OMERS Administration Corporation
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Decision
The Executive Committee:
1. Received the report (April 30, 2024) from the City Manager for information.
Origin
Summary
The purpose of this report is to provide a review of the current appointment processes for a City of Toronto representative to the OMERS Sponsors Corporation (SC) Board of Directors and the Administration Corporation (AC) Board of Directors. In addition, this report outlines the steps necessary for implementing a new process for appointing a City of Toronto representative to the OMERS SC and AC Boards.
OMERS AC and SC Boards have distinct roles and responsibilities under the Ontario Municipal Employees Retirement System Act, 2006 (the OMERS Act). The OMERS By-laws outline the roles and responsibilities of the Board members and outline the key qualifications required to be appointed to the Boards. It is the City’s mandate to ensure that the appointment and nomination process of the representatives is transparent, inclusive, and effectively considers a broad source of candidates.
Background Information
https://www.toronto.ca/legdocs/mmis/2024/ex/bgrd/backgroundfile-245382.pdf