A strong governance structure – including OPB’s Board of Directors and Senior Leadership team – forms the foundation of our continued success.

How OPB Is Run

To protect the pension promise for more than 85,000 members and retired members of the Public Service Pension Plan, we have established a structure that enables us to meet legislative requirements, to operate effectively and efficiently, to prudently invest and manage the Plan’s assets and to protect the best interests of Plan beneficiaries.

It is a structure that ensures transparency, accountability and prudent risk management. At the same time, as OPB’s pioneering in-house Advisory Services program and our significant contribution to the creation of IMCO demonstrate, it also supports innovation. Good governance is an essential foundation for the sustainability of the PSPP.

Role of the Board

In their role as stewards of the Plan, OPB’s Board of Directors has delegated responsibility for the day-to-day operations of the Plan to OPB’s management team. It has delegated specific responsibilities to five committees: the Governance Committee, Investment Committee, Audit Committee, Pensions Committee and Human Resources Committee.

The Board retains overall responsibility for supervising OPB’s business affairs. This responsibility includes:

• approving OPB’s strategic plan, business plan and budget;
• ensuring that management has identified and is managing risks;
• ensuring a management succession plan is in place;
• conducting performance and compensation reviews for the President & CEO;
• approving the Strategic Asset Allocation, which drives investment management asset mix decisions;
• supervising and approving all audit matters;
• ensuring that management is maintaining a culture of integrity;
• conducting an annual review of OPB’s Statement of Investment Policies & Procedures;
• approving any recommendations made to the Plan Sponsor regarding Plan amendments and funding; and
• monitoring compliance with OPB’s governance documents.

 

Members of the Board are directly accountable to:

• the Plan’s beneficiaries (i.e., active and retired members);
• the Financial Services Commission of Ontario (the organization that oversees registered pension plans in Ontario); and
• the Government of Ontario (the Plan Sponsor).

Managing Risk

Managing the Plan effectively requires robust and prudent risk management. Over the course of the year, we launched the following initiatives to ensure we are effectively mitigating risk:

• We introduced an enhanced approach to the analysis and reporting of emerging risks. OPB’s management team meets regularly to identify emerging risks, such as geopolitical risk, and determine whether these risks warrant full analysis as enterprise risks.
• We implemented a series of risk appetite statements and a new risk scale to better specify and objectively measure acceptable levels of risk for specific business priorities.
• We implemented a Risk Management Dashboard for IMCO activities to assist the Board of Directors in its oversight of the transition of OPB’s investment management activities to IMCO.

Board of Directors

Members of OPB’s Board of Directors are appointed based on their expertise, commitment, integrity and vision. Working together, they ensure the Plan’s governance structure and practices reflect the highest standards.

Former Members of the Board

Directory of Key Personnel

Officers