OPB 2016 Annual Report
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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.

Geri Markvoort (Chair)

Geri Markvoort (Chair)

Geri is a retired senior human resources executive, with more than 40 years’ experience in large complex organizations. She has aligned the delivery of human resources with the needs of business in various industries (e.g., Shell Canada, Quality Safety Systems, Jannock, CIBC, KPMG and KPMG Global). Significant organizational change, global service models, total rewards delivery, effective client relationships and the evolution of the HR function have challenged and engaged her throughout her career. A passionate champion for change and strong HR leadership, Geri’s board experience has included governance roles as Chair of the Board of Governors, George Brown College; Chair of the Board, Dress for Success Toronto; and board member of Lawn Summer Nights and the Cystic Fibrosis Toronto Chapter.

Appointed to the Board on January 5, 2015.
Appointed as Chair on February 2, 2017.
Current appointment ends February 1, 2020.

Patti Croft, ICD.D (Vice-Chair)

Patti Croft, ICD.D (Vice-Chair)

Patti has over 30 years of experience as an economist, with extensive institutional investment management experience, focusing on asset allocation strategies. She has held a number of high-profile positions, including Vice-President and Chief Economist for Phillips, Hager & North Investment Management, Chief Economist for RBC Global Asset Management, and Vice-President and Chief Economist for Sceptre Investment Counsel. Patti is a member of the Institute of Corporate Directors.

Appointed to the Board on May 1, 2013.
Appointed as Vice-Chair on December 3, 2014.
Appointed as Acting Chair between June 2016 and February 2017.
Current appointment ends May 1, 2019.

Michael Briscoe

Michael Briscoe

Michael Briscoe worked for 27 years in the Ontario and municipal government as an HR professional. With a focus on labour relations, he was Chief Negotiator and Senior Manager of HR for the Simcoe County District School Board. Michael was hired by the Ontario Provincial Police Association in 2013 as its Executive Labour Advisor and as its Chief Administrative Officer in 2015. He is also a former Strategic Issues Advisor with the Ontario Provincial Police and a Client Relationship Coordinator for the Strategic Business Unit with the Ministry of Community Safety and Correctional Services. Michael holds a Bachelor of Arts degree and is a Certified Human Resources Professional.

Appointed to the Board on August 15, 2016.
Current appointment ends August 14, 2019.

Dave Bulmer

Dave Bulmer

Dave Bulmer is the President of AMAPCEO – Ontario’s Professional Employees and has been since 2015. He previously held the offices of Chief Financial Officer, Board Chair, Director-at-Large, Finance Committee Chair and Pension Committee Chair. His home position in the OPS is within the Emergency Health Services Branch of MOHLTC. Dave is a long-time community activist who has volunteered his time as a coach in elite-level sports and with PFLAG and Crohn’s & Colitis Canada.

Appointed to the Board on November 16, 2016.
Current appointment ends November 15, 2019.

Lynne Clark

Lynne Clark, ICD.D

Lynne Clark is a recently retired senior Deloitte partner with over 35 years of public accounting experience and a former leader of the Deloitte National Financial Services Industry. She is the 2012 recipient of the Queen Elizabeth II Diamond Jubilee Medal for community service, is a former Treasurer of the Junior Achievement Foundation (Canadian Business Hall of Fame) and is past chair of Junior Achievement of Canada. She was also a Director of The Easter Seals Society of Ontario. Lynne is a Fellow Chartered Professional Accountant of Ontario and received her ICD.D designation from the Institute of Corporate Directors. She also holds a Master’s in Business Administration from the Schulich School of Business and a Bachelor of Science from the University of Toronto. She is currently a member of the audit committee and investment committee at North York General Hospital.

Appointed to the Board on June 22, 2016.
Current appointment ends June 21, 2019.

Kevin Costante

Kevin Costante

Kevin Costante retired from the Ontario Public Service in 2014. Kevin spent 36 years with the Ontario and Saskatchewan public services, including the last 15 years as a Deputy Minister in the Ontario ministries of Government Services; Education; Northern Development and Mines; Cabinet Office (Policy); Training, Colleges and Universities; and Community and Social Services. Kevin is currently an Adjunct Professor at the School of Policy Studies at Queen’s University and serves on several government and not-for-profit boards.

Appointed to the Board on December 2, 2015.
Current appointment ends December 1, 2018.

Sean Hanley

Sean Hanley

Sean is Counsel with the Constitutional Law Branch, Ministry of the Attorney General. As past President of the Association of Law Officers of the Crown, he established a successful track record of advocacy on behalf of public sector lawyers in collective bargaining, pension sustainability, defending professional employees’ rights and independence in the workplace, and promoting continuing professional development for public sector lawyers. He was also the founder of the National Pension Strategy Committee of the Canadian Association of Crown Counsel, which co-ordinates education and advocacy with respect to public sector pension developments affecting Crown counsel in all Canadian jurisdictions.

Appointed to the Board on December 3, 2014.
Current appointment ends December 2, 2017.

Dr. John T. Por

Dr. John T. Por

Dr. John Por is Founder and President of the Decumulation Institute. He is the former Founder and President of Cortex, a pension governance consultancy, and a National Partner with Mercer Canada. He holds a Master’s degree in Engineering from Budapest Technical University (Hungary) and a PhD from the University of Veszprém (now known as the University of Pannonia, Hungary) in Engineering Physics. Dr. Por has served as a senior advisor in the pension and investment industry for over 30 years.

Appointed to the Board on June 22, 2016.
Current appointment ends June 21, 2019.

Michelle Savoy, ICD.D

Michelle Savoy, ICD.D

Michelle is a corporate director with over 25 years’ experience in the financial services industry, including investment management and capital markets. She currently serves as a Director for the Laurentian Bank of Canada (LB-T), Pizza Pizza Royalty Corp. (PZA-T) and Nav Canada, and held numerous senior executive positions with The Capital Group of Companies, a global investment management organization, including President of Capital Guardian Canada, until her retirement in 2011. Michelle is a member of the Institute of Corporate Directors.

Appointed to the Board on January 15, 2016.
Current appointment ends January 14, 2019.

Former Members of the Board

M. Vincenza Sera

Appointment from September 2004 to June 2016.

Hugh G. Mackenzie

Appointment from December 2002 to June 2016.

Lisa Hillstrom

Appointment from March 2015 to August 2016.

Directory of Key Personnel


Mark J. Fuller

President & CEO

Jill Pepall

Executive Vice-President & Chief Investment Officer

Peter Shena

Executive Vice-President & Chief Pension Officer

Valerie Adamo

Chief Technology Officer

R. Paul Edmonds

Chief Legal & Governance Officer

Gayle Fisher

Chief Administrative Officer

Michel J. Paradis

Chief Financial Officer

Glenn Hubert

Managing Director, Private Debt

Tanya Lai

Managing Director, Public Markets

Sean Macaulay

Managing Director, Private Markets

Brian Whibbs

Managing Director, Real Estate

Mila Babic

Vice-President, Client Services

Kevin Clinton

Vice-President, Investment Counsel

John McNair

Vice-President, Investment Risk Management & Analytics