Policies

Executive Compensation

Ontario Pension Board (OPB) administers Ontario's Public Service Pension Plan (PSPP), a defined-benefit pension plan serving approximately 41,000 active members and their employers, as well as more than 43,000 retired and former members. With $24.4 billion in net assets under management, the PSPP is one of the largest and oldest pension plans in Canada. For more information, please access our annual report.

As a Crown agency, OPB's remuneration policies respect the fiscal accountability of the public sector. We are committed to providing world-class client service and protecting the pension promise for our members cost effectively. Our total expense-to-average-assets ratio is one of the lowest among our peers and our compensation typically trends below market average and our peer plans. Our steadfast commitment to industry-leading governance practices ensures full accountability, effective decision-making, prudent investment management, fiscal responsibility and legal compliance.

About the Executive Compensation Framework Regulation

The Government of Ontario implemented a new framework for broader public sector executive compensation through the Executive Compensation Framework Regulation, which came into effect on September 6, 2016. The Regulation applies to all designated employers under the Broader Public Sector Executive Compensation Act, 2014 (BPSECA) and requires all designated employers to have a written Executive Compensation Program that describes the compensation they can provide to executives. It must include:

  • the organization's compensation philosophy;
  • salary and performance-related pay caps;
  • comparative analysis details; and
  • a description of other elements of compensation.

In accordance with the Regulation, OPB posted its proposed Executive Compensation Program on its website on January 4, 2018 for the required thirty (30) day consultation period and invited comments from the public. The consultation period has now ended and OPB has reviewed the feedback.

Following Treasury Board Secretariat minister approval of the final Program submission, the Human Resources Committee of OPB’s Board of Directors recommended the Program to the Board, who subsequently approved OPB to adopt and implement the Program. OPB posted its finalized Program on February 28, 2018.

OPB's Executive Compensation Program (PDF)