THE COMPANY

The Ontario Pension Board (OPB) administers the Ontario Public Service Pension Plan (PSPP), serving employees of the provincial government and affiliated organizations. OPB is responsible for the financial security and well-being of 100,000 members and $31 billion in net assets under management. OPB focuses on excellent client service, transparent governance, and protecting the pension promise.

OPB's investment management approach is characterized by its partnership with the Investment Management Corporation of Ontario (IMCO). Together they pursue diverse investment opportunities adhering to responsible and sustainable practices. OPB navigates market challenges through strategic initiatives and robust risk management, integrating Environmental, Social, and Governance (ESG) considerations into their strategies.

In addition to financial management, OPB fosters an inclusive, respectful, and collaborative work environment. Emphasizing core values like respect, integrity, and teamwork, OPB promotes continuous professional growth and a hybrid work setting. Its commitment to diversity, equity, and inclusion (DEI) enhances its service to stakeholders and creates a supportive atmosphere for employees.

For more information about OPB please visit: www.opb.ca

CONTEXT TO THE POSITION & OPPORTUNITY

The recent retirement of the incumbent Chief Investment Officer has created the opportunity for OPB to search for a new CIO to oversee the investment function and ensure OPB delivers on its pension promise.

The CIO at OPB operates within a unique construct, as they provide an oversight function while working in close partnership with OPB’s investment manager - the Investment Management Company of Ontario (IMCO). IMCO is OPB’s sole asset manager and as such is responsible for portfolio construction and management services and the investment of OPB's assets. Assets are invested in accordance with a Statement of Investment Policies and Procedures which reflects OPB's investment philosophies and beliefs and a recently renewed Strategic Asset Allocation, as well as an Investment Management Agreement (IMA) which outlines the contractual relationship with IMCO.

KEY RESPONSIBILITIES AND SUCCESS FACTORS

Reporting to the President & CEO, the Chief Investment Officer (CIO) is responsible for ensuring that the execution of OPB’s investment achieves the organization’s objectives. Accordingly, OPB’s CIO oversees and monitors IMCO’s performance and will provide OPB’s CEO and the Investment Committee of the Board with updates, and an independent perspective on IMCO’s investment performance and ability to support OPB’s long-term liabilities and objectives. As a member of the Executive Leadership team, the CIO will work effectively with other team members on a host of strategic issues relating directly to the CIO’s responsibilities as well as fulfilling the organization’s strategic mandate.

• Lead the development of OPB’s total fund investment strategy, including the Strategic Asset Allocation (SAA), based on asset-liability studies, best practices and in accordance with the long-term investing objectives to ensure the long-term sustainability of the Plan.
• Facilitate and oversee the delivery of investment management services through IMCO by providing guidance, expertise and support to IMCO as it executes the strategy in accordance with the SAA, OPB’s policies and risk measures, ensuring investment strategies and risks are well understood and consistent with OPB’s long-term objectives.

• Strategically allocate assets across various classes (e.g., equities, bonds, real estate, private credit, and other alternative investments) to optimize returns while managing risk.
• Work closely with Chief Pension Officer and Actuary Services to conduct and review Asset Liability Studies
• Conduct annual SAA reviews.
• In collaboration with CFO, manage debt issuance.

• Monitor, assess, and report regularly to the Board of Directors and specifically the Investment Committee of the Board on IMCO’s investment performance and compliance with their contractual obligations and relevant policies, as well as the achievement of OPB’s expectations for investment management.
• With the input of the Board and IMCO, implement effective methods for monitoring investment management performance.
• Monitor and report on costs associated with IMCO executing on its strategy.

• Identify issues and make recommendations for solutions to the Investment Committee.
• Foster understanding and confidence in the Board re: investment strategy for the plan, including IMCO’s performance.
• Ensure appropriate progress on ESG/Sustainability issues by both OPB and IMCO.
• Organize and prepare reports/updates, develop annual work plans, coordinate quarterly meetings and review meeting minutes and ensure action items are addressed.

• Develop and build strong positive and collaborative working relationships with key IMCO staff.
• Evaluate and monitor -
  
  • organizational management and governance
  • sustainable investing execution
  • investment strategy execution and performance
  • asset allocation, investment risk exposures against limits (market, credit, liquidity etc.).
  • review/approve relevant IMCO policies, investment strategy revisions and operational processes
  • ongoing review and updates to IMA and Implementation and Support Agreement (ISA)

• Regularly communicate with internal stakeholders, including OPB’s board and investment committee, members and bargaining agents, OPB’s executive leadership team, specifically the CEO, CFO and CPO to provide updates on investment performance and strategies, elicit feedback and to educate interested parties.
• Collaborate with OPB colleagues to communicate effectively with external stakeholders including IMCO, Ontario Government (Ministry of Finance, TBS), FSRA, Credit Rating Agencies, Plan Members and others.

• Integrate environmental, social, and governance (ESG) factors into investment decisions where appropriate to ensure sustainable long-term returns and alignment with the values of the plan’s stakeholders.
• Compliance and Regulatory Adherence:
• Ensure that all investment activities comply with relevant laws, regulations, and ethical standards.
• Executive Responsibilities:
• Contribute to leadership, culture, and general management of OPB.
• Represent OPB at external functions.
• Engage with peer pension plans across Canada. Be aware of industry trends and best practices relating to pension industry investment management in Canada and Globally.

• 15+ years’ experience in investment management, including 8-10 years progressive management experience at a senior level and exposure to a broad array of asset classes including both public and private.
• Experience with investing (ideally pension) assets, including creating asset allocation strategies and leading investment reporting.
• Experience reporting to a Board of Directors or similar governing entity.
• Experience with Provincial organizations managing public sector assets as well as outsourced investment management more generally.
• Excellent oral and written communication skills, including presentation skills, with the ability to report complex information clearly and concisely to senior executives and board members to influence action. The stature to engage in peer-to-peer “C-level” conversations.
• Superior relationship-building/management skills to establish and maintain positive working relationships with all client and stakeholder groups and in providing strategic advice as well as advancing organizational goals, operations and the delivery of service.
• Strong advocacy and persuasion skills to effectively navigate through complex situations and influence key stakeholders, including bargaining agents and government and regulatory contacts.
• Knowledge of investment industry trends and issues and ability to take these trends into account in developing strategies.
• Exceptional analytical with strong research skills and outstanding attention to detail.
• Highly collaborative with a well-developed service orientation.
• Proven ability to work independently, think strategically, manage multiple initiatives and serve as an integral part of various committees.
• An advocate for defined benefit pension plans, who appreciates working within the public sector.
• The educational and professional credentials commensurate with such a role. A technical undergraduate degree is expected. A CFA/FSA designation is desirable.

OPB is committed to fostering a culture of diversity, equity, and inclusiveness that reflects the diverse communities we serve, and welcomes and encourages applications from those who may contribute to the further diversification of ideas. OPB is committed to providing accommodation for people with disabilities in its recruitment process. Please advise LHH Knightsbridge if you require accommodation, and we will work with you to meet your needs. The successful candidate being considered for this position will be required to submit to a background screening.

CONTACT INFORMATION

Lisa Knight, Managing Partner lisa.knight@lhhknightsbridge.com 416 928 4565

Nick Protti, Partner nicholas.protti@lhhknightsbridge.com 604 788 7541

Melanie Barbieri, Senior Consultant melanie.barbieri@lhhknightsbridge.com 416 640 4305

ABOUT LHH KNIGHTSBRIDGE - www.lhhknightsbridge.com