The most recent U of G Board of Governors meeting was held Oct. 23. Below are key highlights from the meeting. A full synopsis of the meeting is available on the University Secretariat’s website.
Audited Financial Statements Approved
The University’s audited financial statements are prepared by the University and reviewed by its audit firm, Ernst & Young. Following this review, the Board approved the University’s audited statements for 2018-19.
Transition to University Pension Plan Continues
In July 2019, U of G, the University of Toronto and Queen’s University reached the consent threshold required under the Pension Benefits Act to proceed with the conversion of their pension plans into the jointly sponsored University Pension Plan, Ontario (UPP).
Now that the consent process is complete, several technical, administrative and regulatory steps are required in order to create the new UPP. On Oct. 23, the Board passed a motion that provides the University with authorization to undertake these next steps, form the UPP with the other founding partners and, ultimately, to proceed with the transfer of assets and liabilities from the University’s current plans to the new UPP.
Membership Changes
Since its last regular meeting in June, the Board has welcomed several new members:
- Andrew Duncan – U of G engineering alumnus, joined the Board as a Lieutenant Governor in Council appointee
- Danyelle Liddle – graduate student, joined the Board following a by-election held this Fall
- Rocky Ieraci – Managing Director and Head of Investment Risk at the Canada Pension Plan Investment Board, was appointed by the Board to its Investment Subcommittee
The Board also said farewell and offered its sincere gratitude to Mary Deacon, Chair of the Bell Mental Health Initiative, who has served as an external member of the Board since 2015.