New leadership, renewed focus

Just over a year ago, we announced the appointment of our new Chief Executive Officer, Derek Dobson. Since that time, the Plan has undergone additional changes at the staff level as well as at the Board of Trustee level. With new leadership comes a fresh perspective and a renewed outlook as we build upon our already solid foundation.

We have sharpened our focus on what's important by prioritizing short-term projects and long-term objectives. Several new initiatives have been set in motion, which will help ensure the long-term stability of the Plan. For example, we have reached out to the Ontario government to urge the adoption of solvency funding relief for plans like ours. As of the writing of this newsletter, we have seen positive signs in the Provincial budget that some form of relief is being considered.

In addition, we are working more closely with our employers and sponsors to enhance our pension services for the benefit of our active and retired members. So far this year we have held member education sessions at several Colleges, and more are planned in the coming months. These sessions allow us to speak directly to members about their pensions and retirement planning, and address any concerns.

Internally, we are increasing our overall organizational expertise to make sure we remain a complete and reliable resource for retirement income information. The Plan operates within several business areas - pension services, investments, finance, education and governance to name a few - and part of our revitalization involves finding new and better ways to communicate and collaborate with our industry partners. The environments in which we operate can be complex, but we have a team with the right expertise to meet future challenges.

Strong executive team

To remain on track and focused on our goals, the Plan relies on the leadership of an accomplished executive team. With a mix of industry experience and a commitment to our long-term objectives, this team has placed the Plan in an even better position to adapt to the legislative changes and meet the funding challenges we will face in the coming years.

Derek Dobson, Chief Executive Officer, brings to the Plan 20 years of experience in the pension industry. Mr. Dobson is an Associate of the Society of Actuaries and Vice Chair of the Ontario Regional Council of the Association of Canadian Pension Management. He brings a wide range of expertise in the areas of funding, strategic planning, client services and communications.

Julie Cays has been the Plan's Chief Investment Officer since 2006. With over 25 years of capital market and pension investment experience, Ms. Cays has been instrumental in tailoring the Plan's portfolio towards achieving our long term funding goals. She is a Chartered Financial Analyst and an active member of the Pension Investment Association of Canada, and was selected as one of Benefits Canada's Top 25 Most Influential Plan Sponsors in 2009.

Kevin Rorwick, the Plan's Chief Financial Officer since last September, completes the executive team. Mr. Rorwick is a Chartered Accountant with over 18 years of experience in the financial service sector and a strong background in investment operations and risk management.

We are entering an exciting time that will certainly involve even more changes. One thing that will not change is our core mandate - our mission to help members achieve their financial security in retirement.

Governance update

Our executive team reports to our Board of Trustees, the body that is responsible for Plan administration. The Board has also experienced a number of changes over recent months. The latest addition is Alnasir Samji,who joined the Board, effective April 1, as a representative appointed by Colleges Ontario on behalf of the Boards of Governors of the Colleges. Mr. Samji is a pension and professional services consultant and a Fellow of the Canadian Institute of Actuaries.

Mr. Samji replaces Robert Michelson, who retired from the Board after more than 10 years of service. We thank Mr. Mitchelson for his contributions.

Board members are appointed by one of the Plan's three sponsors - Colleges Ontario, on behalf of the Boards of Governors of the Colleges, the Ontario Public Service Employees Union, and the Ontario College Administrative Staff Association. Board members bring to the Plan a variety of professional qualifications and experience within the Ontario College system.

The Board has three operating committees: Audit, Finance and Administration, and Investment. Each Committee includes equal representation for both employer and employee groups, and some subject matter experts chosen from among the 12 Trustees.

Current members of the Board of Trustees:
Alec Ip, Chair
James Simpson, Vice Chair
Darryl Bedford
Bernard Belanger
Harry Gibbs
Pierre Giroux
Duane McNair
John Rigsby
Alnasir Samji
Beverley Townsend
Donald Walcot
Donald Wright

A second governance body is the Sponsors' Committee, also composed of members representing the three Plan sponsors. This Committee is responsible for making amendments to Plan provisions, and deciding when to file actuarial valuations (subject to legal requirements). The Committee takes advice from the Board of Trustees on these matters before reaching a decision.

All members of both the Board of Trustees and the Sponsors' Committee have a responsibility to act in the best interests of Plan members when making decisions concerning the Plan.

Current members of the Sponsors' Committee:
Shirley McVittie, Co Chair
Rick Miner, Co Chair
Barbara Cameron
Stephen Campbell
Rick Helman
Peggy McCallum
Margaret Rae
Damien Wiechula