President And Chief Pension Officer

Leading Ontario’s Public Sector Pension Plan into the Future

THE COMPANY & CONTEXT

Ontario Pension Board (OPB) administers Ontario’s Public Service Pension Plan (PSPP), a defined-benefit pension plan serving over 92,000 members – current, retired, and deferred. The membership of the Plan is comprised of eligible employees of the Ontario Government and certain of its Agencies, Boards and Commissions. With $31 billion in net assets under management, the PSPP is one of the largest and oldest pension plans in Canada. OPB is governed by its Board of Directors, the Chair of which is accountable to the President of the Treasury Board for OPB’s performance in fulfilling its mandate. More information about Ontario Pension Board can be found at: www.opb.ca.

In the context of two upcoming C-level retirements, the EVP & Chief Pension Officer at the end of 2023 and the President & CEO at the end of 2024, OPB’s board of directors is moving forward with the execution of its succession plan, which will support a deliberate, phased leadership transfer that builds in ample time for knowledge sharing and allows for some overlap to ensure leadership continuity and a smooth transition.

To initially replace the EVP & CPO, the Board has created the transitional role of President & Chief Pension Officer. The intention is that the successful candidate for this role will ultimately become OPB’s new President and CEO at the end of 2024 when the current CEO retires. This is part of a careful and prudent approach to ensure a smooth leadership transfer over a period of time and enable the continued delivery of operational excellence throughout the transition.

In the first 6 months of their tenure, the successful candidate will work alongside the EVP & CPO and the Pensions group to gain a deep understanding of the PSPP, how OPB protects the pension promise and their advisory approach to delivering services and retirement planning support to members. The successful candidate will also work closely with incumbent President & CEO, particularly during 2024, as they prepare for the transition to President & CEO. Together, these two most senior executives in the organization will focus on ensuring there is an effective knowledge transfer for all the other critical functions within the organization, including investments oversight, governance, technology, finance, and human resources and corporate services.

PURPOSE STATEMENT

Reassuring things happen when we look after each other and work together in common cause. Over the course of their working lives, our public-servant clients support strong and sustainable communities across Ontario. We understand the importance of helping others build toward a strong and sustainable future. Through our Advise & Protect mission, we assist our clients to effectively plan for a retirement with security and dignity – a retirement in which they can thrive and continue contributing to their communities. Our team of diverse professionals supports every stage of our clients’ careers, ensuring the pensions they have earned are protected along the way through strategic and prudent fiscal oversight.

Our commitment is to be there. There for life.

ROLE OVERVIEW

As President and Successor to the CEO

Reporting to the President & Chief Executive Officer, the President & Chief Pension Officer is responsible for contributing to the overall strategic direction of OPB by protecting the long-term sustainability of the Plan and delivering superior, cost-effective service to clients and stakeholders.

While reporting formally to the CEO, it is the intention of both the Board and the CEO that, during the transition year, the President & CPO build a direct relationship with the Board. It is expected that the Board Chair, the CEO and the President & CPO will develop an explicit understanding as to how to enable and support the development of that relationship. As an example, the CEO has committed to including the President & CPO in his bi-weekly update meetings with the Board Chair. In addition, it is the intention that, gradually and over the course of the transition year, the President & CPO build a relationship with the employees across the organization as their leader. The CEO and the President & CPO will be expected to develop an explicit arrangement to affect that result.

The President & CPO leads by example, reinforcing the organization’s culture and values, and ensuring understanding and alignment of business priorities with the service excellence orientation of the Advise & Protect mission. They demonstrate corporate values in words and actions to support organizational purpose, mission and vision and reinforce the accountability of the leadership team for creating and sustaining a positive workplace culture and employee experience.

The President & CPO plays a critical role in integrating OPB’s purpose, mission and vision through the delivery of business priorities and operational objectives, with a focus on engagement and advancing inclusion efforts to support a positive workplace culture and employee experience.

As Chief Pension Officer

The President & CPO holds full responsibility for the Chief Pension Officer mandate as well as critical functions as further identified and defined working with the Chief Executive Officer to learn and grow, during the transition period, into the role of President & CEO role at OPB.

The President & CPO leads and is accountable for the entirety of the pension administration line of business of OPB which includes administration of PSPP and all other managed pension and benefit plans. Specifically, the position manages the core functions of Client Services, Actuarial, Pension Policy & Advocacy, Managed Plans & Regulatory Affairs, Stakeholder Relations & Plan Sustainability, External & Digital Communications, and Client Education.

Importantly, currently OPB is undertaking a significant, multi-year Pension Modernization initiative that will modernize the organization’s pension administration systems and business processes. The President & CPO will work closely with the CTO, to ensure the success of this critical initiative. There are also special projects that may arise during the transition year which the President & CPO will be accountable for leading. To assist with these special projects and to ensure an orderly knowledge transfer, the current EVP & CPO has agreed to work on a part-time basis during 2024.

KEY STRATEGIC PRIORITIES

• Continue to deliver on the “pension promise” to members
• Continue to build and enhance win-win relationships with a diverse set of stakeholders, including:
• Set the vision and strategy with the Board in the creation of a new 5-year Strategic Plan
• Advance and accelerate pension modernization
• Ensure fund sustainability and identify growth opportunities
• Manage the leadership transition effectively and create stability in the organization during the succession process

1. ensuring the relationships with the Plan sponsor and bargaining agents retain their positive mutually beneficial positioning
2. ensuring the relationship with IMCO continues to evolve and progress and that IMCO continues to provide fund management returns/approach aligned with OPB requirements

• Preserve, inspire and evolve a strong culture of highly engaged employees, while ensuring alignment, collaboration, accountability, passion for excellence; and building future talent and capacity

KEY LEADERSHIP COMPETENCIES

• Member and Sponsor focused
• Drives Innovation
• Vision for the future
• Executive presence
• Engages and inspires others
• Operational excellence
• Influencing to drive impact
• Connects with Empathy
• Stakeholder management, partnership and relationship building
• Decision making in a complex context
• Committed to EST and DEI

ADDITIONAL LEADERSHIP ATTRIBUTES

• Humility
• Resilience
• Agility
• Inclusivity
• Integrity/authenticity/fairness
• Collaboration
• Courage
• Passion
• Analytica skills
• Judgement

About LHH– www.lhh.com

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