A Financial Services Commission of Ontario(FSCO)report has found there was no wrongdoing or waste of pension fund money by anyone associated with the sale of Borealis Capital Corporation to OMERS.
“The report confirms what we have known from the beginning—that no wrongdoing occurred,” says David Kingston, chair of the OMERS Administration Corporation.
FSCO examined allegations about the relationship between OMERS and Borealis between 1997 and 2004.
These allegations relate primarily to contracts and payments associated with the decision by OMERS to outsource asset management of its real estate, infrastructure and private equity investments to Borealis and then bring asset management in-house in 2004.
The regulator also examined governance practices as far back as 1997. “We are studying FSCO’s report with a view to incorporating its requirements and recommendations in our governance practices,” Kingston says. “As it is, we have made many governance improvements since 2002 that the FSCO report acknowledges.”
To read the FSCO report on the OMERS website, click here.
To comment on this story, email craig.sebastiano@rci.rogers.com.