In its fall economic statement, the Ontario government said it’s introducing legislation that would amend the Ontario Municipal Employees Retirement System Act, enabling provisions intended to enhance the OMERS’ governance, strengthen transparency and accountability.
The introduction of legislation takes place following a 2024 governance review that was completed earlier this fall. In his report, special advisor Robert Poirier proposed several measures, including establishing minimum standards in the Act for communication, transparency, engagement and mandatory consultations with plan sponsors and stakeholders and establishing a periodic governance review by the Minister of Municipal Affairs and Housing in five years from the current review and every 10 years after.
Read: OMERS facing first governance review in more than 10 years
The government also reiterated support for the Building Ontario fund, which received a $5 billion boost in the 2025 budget. “The fund is accelerating its efforts to collaborate with Canadian institutional investors and project proponents to continue growing its pipeline of infrastructure projects that will deliver lasting economic impacts and public benefits.”
Read: Ontario proposing additional $5BN to infrastructure bank, enhancing support for Indigenous projects