FSRA Stakeholder Advisory Committee for Pensions

Summary of the Meeting of June 18, 2020
Via Teleconference

Stakeholder Advisory Committee Members Present:

Rachel Arbour – The Healthcare of Ontario Pension Plan
Simon Archer – Goldblatt Partners LLP
Julie Belair – OPTrust
Kathryn Bush – Blake, Cassels & Graydon LLP
Gareth Gibbins – OMERS
Evan Howard – CAAT Pension Plan
Stephanie Kalinowski – Hicks Morley
Hugh Kerr – Sun Life Financial
Mariana MacIntosh – Ontario Teachers' Pension Plan Board
Alex D McKinnon – United Steelworkers
Wendy Mizuno – George Weston
Scott Perkin – Ontario Teachers' Federation
JP Provost – Mercer
Peter Shena – Ontario Pension Board

Board Members Present:

Bryan Davies – Chair of the Board
Blair Cowper-Smith – Director
Joseph Iannicelli – Director
Brigid Murphy – Director
Lawrence Ritchie – Director
Brent Zorgdrager – Director

Management Members Present:

Mark White – Chief Executive Officer
Caroline Blouin – Executive Vice President, Pensions
Glen Padassery – Executive Vice President, Policy & Chief Consumer Officer
Jordan Solway – Executive Vice President, Legal and Enforcement
Judy Pfeifer – Chief Public Affairs Officer
David Bartucci – Director, Policy – Pensions
Mark Eagles – Director, Advisory Services
Andrew Fung – Head, Relationship Management and Prudential Supervision
Jennifer Rook – Head, Pension Operations and Regulatory Effectiveness

Corporate Secretary’s Office:

Alena Thouin – Corporate Secretary and Deputy General Counsel
Margaret Kingerski – Assistant Corporate Secretary

General Comments

The Committee advised that they have appreciated FSRA’s reaction, engagement and responsiveness on COVID-19-related matters. The Committee encouraged FSRA to consider retaining electronic filing and other measures put in place during the provincial emergency order once the sector returns to a more business as usual environment.

Feedback on F2019-20 Priorities and Outlook for F2020-21

The Committee provided feedback on FSRA’s future priorities and expressed that they were pleased by the rollout of service standards. They encouraged FSRA to continue to focus on principles-based regulation and look for opportunities to weave innovation into all committees and engagements. One of the suggested ways to incorporate more innovation is to consider all opportunities for digital transformation on platforms such as the Pension Services Portal.

The Committee supports the collection and publishing of data to help demonstrate where regulatory efforts are being focused, and relate this to fees assessed. The Committee recommended that FSRA continue supporting the development and implementation of a target benefit framework.

The Committee also suggested that FSRA think about financial literacy and consider how COVID-19 is changing the structure of industries, and engage with businesses on this.