Investment Committee Advisor and/or Investment Fund Risk Oversight Committee Advisor

Company:Ontario Power Generation Inc.
Location:Toronto
Date:08/27/2014

Description:

Ontario Power Generation Inc. (“OPG”) was incorporated under the Business Corporations Act (Ontario) on December 1, 1998 and is wholly owned by the Province of Ontario. OPG is an Ontario-based electricity generation company whose principal business is the generation and sale of electricity in Ontario and to interconnected markets.

OPG’s Fund Management group is responsible for the implementation and management of the investment program related to the OPG Pension Fund (the “Fund”), and co-managing the investment program related to the Ontario Nuclear Funds. Together the assets under management of the Fund and the Ontario Nuclear Funds are approximately $26 billion.

SOLICITATION OF APPLICATIONS FOR ADVISOR POSITIONS

OPG’s Pension Committee (the “PC”) is soliciting applications from interested individuals to fill two non-voting advisory positions (“Advisor”) on the OPG Pension Fund’s:

i. Investment Committee (“IC”); and the,
ii. Investment Fund Risk Oversight Committee (“IFROC”)
(collectively the IC and IFROC are referred to as the “Committees”).

Candidates may request to be considered for the Investment Advisor, the Risk Advisor, or both Advisor positions, but will not be selected for both positions.
The IC consists of three senior OPG employees appointed by the PC to approve investment decisions based on risk and capital allocation limits established by OPG’s Board of Directors (the “Board”). More specifically, the IC is responsible for approving the investment style (active and passive proportion/location, geographic positioning, value, growth, momentum, etc), approving actions when risk tolerance exceeds the zone of authority delegated to OPG’s Chief Investment Officer (“CIO”), approving private asset investments, and recommending changes to the Fund’s asset allocation and hedging programs. The IC typically meets on average between 6-8 times per year for approximately 2 hours per meeting.

The IFROC consists of three senior OPG employees appointed by the PC to oversee the risk monitoring of the Fund. More specifically, the IFROC is responsible for escalating risk communication to higher levels of authority within OPG and/or to the Board, evaluating the risk posture of the Fund from multiple lenses, the effectiveness of hedging programs, and approving performance and risk benchmarks, risk services providers and risk calculation methodologies, and recommending changes to the Fund’s investment operations. The IFROC meets on average 4-6 times a year and each meeting is approximately 2 hours.

The Investment and Risk Advisors are expected to perform the following functions:

• Review materials submitted for each Committee and attend meetings, as applicable;
• Provide advice to IC and IFROC’s voting members with respect to proposals submitted by consultants, investment managers, and internal investment staff that require Committee approval;
• Annually, provide recommendations on how to improve the functioning, operations, or mandate of the IC and/or IFROC;
• Continuously provide advice, as considered appropriate, on best practices with respect to portfolio management, risk management, and governance; and,
• Advise the PC, as may be required.

The initial term of this position will be for three years with annual renewal thereafter. However, the PC reserves the right to terminate the appointment at any time. It is expected that the Advisor attend most, if not all, meetings in person; however, this is flexible in the event a meeting is required on short notice. Please note that the Advisor will be invited to all applicable meetings but may not be required at every meeting.

To be considered for this particular position on either the IC or the IFROC, the candidates will have ten or more years of relevant portfolio management, investments or risk management experience, and have direct senior management experience working at a similar sized pension fund or other related investment entity. The candidates should also possess one or more of the following degrees or professional designations: CFA, CAIA, FRM, Master’s and/or PhD in a relevant discipline.
Applications may be downloaded from the following website, www.biddingo.com, or by contacting Catherine Giorgetti (Catherine.giorgetti@opg.com; 905-839-6746).