Ontario appoints Robert Poirier to assess pension fund governance
- Robert Poirier has been appointed by the Ontario government to conduct a thorough review of OMERS's governance model, focusing on its effectiveness for plan members.
- Concerns about transparency and communication have been raised by associations representing police and firefighters, particularly regarding planned changes to contribution rates.
- The review aims to ensure the governance model is fair, equitable, and transparent, enhancing the accountability of the SC board to its members.
In Ontario, the provincial government appointed Robert Poirier, a businessman and corporate director, to lead a review of the governance model of the Ontario Municipal Employees Retirement System (OMERS). This decision comes in response to concerns raised by various associations representing OMERS members, particularly police and firefighter groups, about the transparency and effectiveness of the system. Poirier's appointment on November 22, 2024, followed a period of scrutiny that included a request from multiple OMERS employers for a comprehensive review of the pension fund's governance structure. His mandate is set for 10 months, focusing on understanding whether the current governance, which operates under two distinct boards of directors, is serving plan members fairly and clearly. Concerns have centered on the Sponsors Corporation (SC) board, which some members feel has not effectively communicated planned changes regarding contribution rates, set to take effect in 2027. Although Poirier was involved with Metrolinx, one of the pension fund's employers, prior to his appointment, he has assured stakeholders of his impartiality going forward. The chair of the Administration Corporation (AC) board expressed support for the review, indicating a commitment to working collaboratively with Poirier to achieve positive outcomes for the 628,000 OMERS members across Ontario.