A strong governance structure keeps OPB strong and is the foundation of our continued success. OPB’s governance structure meets – and in many cases exceeds – industry standards and best practices. Our steadfast commitment to industry-leading governance practices ensures full accountability, effective decision making, prudent investment management, fiscal responsibility, legal compliance and smart risk-taking. In short, it ensures that we are – at all times – protecting and promoting the best interests of the Plan and its beneficiaries.

Underpinning our governance framework is a series of documents that define our organizational structure, responsibilities and governance practices. Collectively referred to as the Governance Documents, these documents include a Statement of Governance Principles, a General By-law, Statements of Mandate and Authority, and a Code of Conduct.

Our Governance Documents clearly define roles and responsibilities, draw a clear link between responsibility and accountability, set expectations for ethical behaviour and entrench conflict-of-interest guidelines. They also establish a well-defined system of checks and balances on all power and authority.

Role of the Board

OPB’s Board of Directors holds the ultimate responsibility for the Plan’s stewardship. That said, the Board has delegated to management the responsibility for the day-to-day operations required to administer the Plan and manage the Fund, and approved the appointment of IMCO as OPB’s sole and exclusive investment manager to manage the investment and reinvestment of the Fund and as OPB’s non-exclusive investment advisor.

As part of IMCO’s appointment, the Board has delegated to management (primarily to the Chief Investment Officer) the responsibility to monitor, assess and report on IMCO in respect of its investment returns and risk management, and its performance in fulfilling its duties, responsibilities and obligations under the IMA and the ISA, including with respect to financial reporting, audit and internal controls.

The Board has also chosen to delegate specific responsibilities to five committees of the Board: the Governance Committee, Investment Committee, Audit Committee, Pensions Committee and Human Resources Committee.

The Board retains overall responsibility for supervision of OPB’s business affairs. For example, it:

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

In fulfilling their duties, 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).

OPB is consistently recognized as an example of good governance within Ontario’s public service. The Board is committed to maintaining a best-in-class governance model, and ensuring OPB can continue to drive innovation and build a strong future for all PSPP stakeholders.

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