FSRA Stakeholder Advisory Committee for Pensions

Summary of the Meeting of November 24, 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
Sean Hewitt – Toronto Transit Commission Pension Fund Society
Evan Howard – CAAT Pension Plan
Cameron Hunter – Eckler Ltd.
Stephanie Kalinowski – Hicks Morley
Hugh Kerr – Sun Life Financial
Mariana MacIntosh – Ontario Teachers' Pension Plan
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
Joanne De Laurentiis – 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
Stephen Power – Executive Vice President, Corporate Services
Randy Nanek – Chief Financial Officer
Judy Pfeifer – Chief Public Affairs Officer
David Bartucci – Director, Pensions Policy
Mark Eagles – Director, Advisory Services
Reesha Hossein – Director, Legal Services and Deputy General Counsel
Jennifer Rook – Head, Pension Operations and Regulatory Effectiveness
John Slowakiewicz – Senior Manager, Pensions Policy

Corporate Secretary’s Office:

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

General Comments

The Chair of the Board called the meeting to order and provided introductory remarks. The members were advised that the FRSA Board of Directors had resolved to extend their term for an additional year.

Feedback on Draft F2021–2022 Priorities and Business Plan

The Committee provided feedback on the draft F2021-2022 Priorities and Business Plan, and confirmed its support. The Committee noted that implementation of the Target Benefit Framework is a priority for the sector, and it encouraged FSRA to advocate for further engagement with the government on this topic.

The Committee reflected that the new technical advisory committees provide an opportunity for FSRA to demonstrate thought leadership.

The Committee inquired about the frequency of claims paid out under the Pension Benefits Guarantee Fund (“PBGF”) and asked about a report on this topic. FSRA management advised that it will enhance its reporting for the stability and sustainability of the PBGF over the coming years. Research is underway to understand practices at other international pension regulators that administer similar guarantee funds.