a new way to think pension management / A N N U A L R E P O R T

Transcription

1 a new way to think pension management / A N N U A L R E P O R T

2 O U R V I S I O N The Rotman International Centre for Pension Management (Rotman ICPM) is an internationallyrecognized, high-impact catalyst for fostering effective pension design and management. Its four primary tools to achieve this goal are the funding of objective and transformative research, the organization of interactive, action-oriented discussion forums, the publication of a readable journal relevant to professionals in the pensions and related fields, and the delivery of the globe s #1 governance education program for Board members of pension and other long-horizon investment institutions. 2

3 TABLE OF CONTENTS OurVision...2 Dean smessage...4 BoardChair smessage...5 Director smessage...6 ResearchPartners...7 ResearchFundingProgram...8 Rotman International Journal of Pension Management Rotman-ICPM Board Effectiveness Program DiscussionForums...11 Discussion Forum Participants FinancialSummary...14 Board of Directors / Research Committee Chris van Boetzelaer, Algemene Pensioen Groep (Netherlands) John Gandolfo, World Bank Lucian Bebchuk, Harvard Law School (United States) 3

4 D E A N S M E S S A G E In my role as Dean of the University of Toronto s Rotman School of Management, one of my priorities has been to ensure that the School continues to make a profound contribution to our complex and challenging world. Our research networks are a crucial component of this mission. Through the production of ground-breaking work in a range of academic disciplines, Rotman has become an important voice in the global business discourse. I am extremely proud of what we have accomplished thus far and recognize we can continue to push ahead on this front. ROGER MARTIN Dean and Professor of Strategic Management, Rotman School of Management, University of Toronto Rotman ICPM continues to be exemplary in this regard. Not content to rest on past accomplishments, Director Keith Ambachtsheer and his team have continued to pursue yet-higher ambitions. With an ever-expanding research network, an active online presence and the Rotman International Journal of Pension Management, the Centre has extended its footprint beyond Canada and powerfully influenced the global pension management discussion. With the ICPM Professorship in Pension Management and a globally relevant, highly successful Board Effectiveness Program in executive education designed for pension institutions, the Centre s influence and reach continues to make a significant contribution to this important sector. We are proud to have ICPM as part of the Rotman family and to serve as the home base for this truly world-class organization. utoronto.ca/icpm 4

5 BOARD CHAIR S MESSAGE A year ago, I reported that the Rotman ICPM Board had conducted its first set of assessments aimed at improving our individual and collective effectiveness as a Board. Strategy is one of a Board s critical responsibilities and in that regard, the Board decided to spend more time at our in-person meetings on key strategic issues facing ICPM. DONALD M. RAYMOND Chair of the Board Rotman International Centre for Pension Management, and Adjunct Professor of Finance, Rotman School of Management, University of Toronto The first step was to prioritize the strategic issues and we were fortunate that David Beatty, Professor of Strategic Management at the Rotman School of Management, agreed to facilitate our initial strategy discussions. At that session we discussed and more importantly made significant progress on three important and inter-related topics; i) ICPM s research program (relevance, coherence, priorities), ii) the integration of our four programs (research, discussion forums, Board Effectiveness Program, distribution (journal, website, etc.), and iii) Research Partners (membership criteria, number). We continued strategic discussions at subsequent Board meetings throughout the year. Brief highlights follow: On the topic of pensions-related research, we concluded that in addition to funding our own research projects, ICPM should scan the research universe for other research findings of relevance to ICPM Research Partners, and integrate these findings into forum agendas and journal articles. On the topic of how many Research Partners ICPM should have and what constitutes an ideal Research Partner, we agreed that the engagement of senior decision makers is paramount and that a good mix of organization type (pension delivery, regulator, etc.) and geographic representation are also important. Given the grey area that many organizations now occupy, we found it difficult to crisply define the commercial orientation of the ideal Research Partner. We agreed unanimously, however, that a No Marketing policy be communicated and enforced to preserve the open communication at discussion forums. We decided to expand the number of Research Partners to a maximum of 40. This will enable us to fund a broader range of programs and also maintain one of the defining hallmarks of ICPM, that of small, highly interactive discussion forums. In closing, I would like to thank all ICPM directors for their dedication to ICPM over the past year and especially to outgoing director, Leo de Bever for his contributions and guidance. I look forward to working together with the Board of our highly talented management team as we continue on our journey of making ICPM a catalyst for improving pension fund management globally. utoronto.ca/icpm 5

6 DIRECTOR S MESSAGE One of the tangible results of an off-site discussion with the Board of Directors last year was the recognition that ICPM s original statement of its vision and mission needed updating. The resulting updated statement can be found on the inside front cover of this Report. We have, in many ways, become the organization that we said we aspired to become seven years ago. We have indeed been funding transformative research, creating interactive Discussion Forums, and publishing a relevant, readable Journal. Importantly, in all three of these dimensions, we continue to move forward. New research proposals will be funded this year. The June and October ICPM Forums have exciting agendas. The editorial line-ups of the 2012 Spring and Fall issues of the Rotman International Journal of Pension Management will make notable additions to the body of knowledge important to pension professionals. KEITH AMBACHTSHEER Director, Rotman International Centre for Pension Management, and Adjunct Professor of Finance, Rotman School of Management, University of Toronto Further, with the first two offerings of the Rotman-ICPM Board Effectiveness Program under our belt, we can now say that ICPM (together with our Rotman Executive Education partners) has successfully launched the globe s #1 program in governance education for the board members of pension funds and other long-horizon investment institutions. The 72 attendees from 10 countries assigned an average 6-out-of-7 satisfaction ranking to the Program, with 87% saying they would definitely recommend the Program to fellow Board members. They also made some very constructive suggestions on how the Program can be made even better. These suggestions will be fully incorporated in BEP3, scheduled to be conducted in the November period. Another strategic ICPM Board decision last year was to raise the Research Partner ceiling from 30 to 40. We are delighted to welcome Commonfund (USA), AP1 (Sweden), Railways Pension Trustee Company (United Kingdom) as new Research Partners in FY 2011/12. We expect to be welcome a number of additional Research Partners in 2012/13 in fact, Pensionskassernes Administration (Denmark) has already confirmed their participation. The additional fee revenues will allow us to strengthen our human capital, and move forward with a number of new website initiatives, including a joint effort with Top1000Funds.com to develop a Community Portal for Research Partners, and online submission portals via PRESTO! with University Toronto Press. In closing, I want to acknowledge the major contributions of ICPM Associate Directors Ann Henhoeffer (Business Development and Operations) and Rob Bauer (Programs) to making FY 2011/12 such a success. Kudos also to Stefan Lundbergh (Chair, ICPM Research Committee) and Alexander Dyck (ICPM Professor of Management, Rotman School) for their hard work and dedication. We all look forward to working with our Board, our Research Partners, and with the Rotman School to continue to expand ICPM s global reach in the years ahead. utoronto.ca/icpm 6 ROB BAUER ICPM Associate Director, Programs, Rotman ICPM, and Professor of Institutional Investors, Maastricht University (Netherlands) ALEXANDER DYCK ICPM Professor of Pension Management and Professor of Finance and Business Economics, Rotman School of Management, University of Toronto (Canada) ANN HENHOEFFER Associate Director, Business Development and Operations, Rotman ICPM (Canada) STEFAN LUNDBERGH Chair, Rotman ICPM Research Committee and Head of Innovation, Algemene Pensioen Groep (Netherlands)

7 R O T M A N I C P M R E S E A R C H P A R T N E R S Our Research Partners play a vital role in establishing Rotman ICPM research priorities, identifying top research talent, and in assembling Rotman ICPM Discussion Forum agendas. They have preferred access to Rotman ICPM-sponsored research findings, opportunities for knowledge-sharing and network-building, and receive preferred invitations to Rotman ICPM educational events. Through these activities, our Research Partners have the satisfaction of participating in building a leading Centre that converts integrative research into effective pension fund management. This will benefit their stakeholders directly, and at the same time improve the quality of retirement income systems around the world. Rotman ICPM has a goal to work with forty thought-leading Research Partners from around the globe on a long-term basis. Each Research Partner makes a financial commitment of C$25,000 to fund the activities of Rotman ICPM. These commitments are renewed annually at the option of each organization. Canada 7 Research Partners Europe 5 Research Partners Nordic Countries 4 Research Partners United States 5 Research Partners United Kingdom 4 Research Partners Asia 1 Research Partner International 1 Research Partner I n t e r n a t i o n a l World Bank A u s t r a l i a Australia Future Fund Australian Super Queensland Investment Corporation (QIC) QSuper SunSuper C a n a d a Alberta Investment Management Corp (AIMCo) Alberta Local Authorities Pension Plan (ALAPP) Canada Pension Plan Investment Board (CPPIB) Caisse de dépôt et placement du Québec Healthcare of Ontario Pension Plan (HOOPP) Ontario Municipal Employees Retirement System (OMERS) Ontario Teachers Pension Plan Board (OTPP) Public Service Pension Plan (PSP) D e n m a r k Danish Labour Supplementary Pension (ATP) Pensionskassernes Administration (PKA) F i n l a n d Finland State Pension Fund J a p a n Nomura Research Institute T h e N e t h e r l a n d s Algemene Pensioen Groep (APG) De Nederlandsche Bank (DNB) PGGM Stichting Philips Pensioenfonds Syntrus Achmea Asset Management N e w Z e a l a n d New Zealand Superannuation Fund S w e d e n Första AP-Fonden (AP1) Australia 5 Research Partners New Zealand 1 Research Partner U n i t e d K i n g d o m British Telecom Pension Scheme National Employment Savings Trust (NEST) Railways Pension Trustee Company Ltd. Universities Superannuation Scheme (USS) U n i t e d S t a t e s California Public Employees Retirement System (CalPERS) California State Teachers Retirement System (CalSTRS) Commonfund TIAA-CREF Washington State Investment Board (WSIB) 7

8 ROTMAN ICPM RESEARCH FUNDING PROGRAM Chresten Dengsoe, ATP (Denmark), David Knox, Mercer Worldwide (Australia), Richard Jackson, Center for Strategic and International Studies (United States), Leo de Bever, Alberta Investment Management Corporation (Canada), Olaf Sleijpen, De Nederlandsche Bank (Netherlands) Since inception, Rotman ICPM has funded 20 research projects for which completed Research Papers can be accessed through the Rotman ICPM website. Research Papers are presented at Discussion Forums and related articles are published in the Rotman International Journal of Pension Management. NEW RESEARCH FUNDING ANNUAL CALL FOR PAPERS The Research Committee obtained approval from the Rotman ICPM Board to issue a Call for Research Proposals in January of each year instead of our previous practice of every two years. This new practice took effect in Rotman ICPM is utilizing a new online submission process with PRESTO! in conjunction with University of Toronto Press. Relevant macro issues of interest include optimal pension system design, regulation, and collaboration. Micro issues of interest include agency costs, governance and organization design, investment beliefs, risk measurement and management, and strategy implementation. Researchers of selected projects are funded over a period of two years for their research. Researchers of selected outcomes are invited to present their findings at upcoming Discussion Forums and may also be published in a future issue of the Rotman International Journal of Pension Management. In February 2012 ICPM received 34 Intent to Submit and 10 were invited by the Research Committee to submit a Full Research Proposal. The Research Committee will select the winning proposals in April. utoronto.ca/icpm 8 Annual Deadlines January Call for Research Proposals Issued Mid-February Intent to Submit a Research Proposal Early April Full Research Proposal Late April Award Decision made by Research Committee / Winners Notified June Winners Published in the Rotman International Journal of Pension Management Roger Martin, Rotman School of Management, University of Toronto (Canada), Anne Simpson California Public Employees Retirement System (United States), Ira Kay, Pay Governance (United States)

9 Volume 5 Issue 1 Spring 2012 ROTMAN INTERNATIONAL JOURNAL OF PENSION MANAGEMENT International Journal of Pension Management a new way to think pension management The Rotman International Journal of Pension Management aims to provide a regular look at the complexity of the strategic governance and management issues faced by leaders within the burgeoning global pension industry. Through its research funding program and semi-annual discussion forums, Rotman ICPM has been producing important new insights into pension system design and into the effective governance and management of pension production and delivery organizations. I n n o v a t i o n i n t h e P e n s i o n s S e c t o r Table ofcontents You Can Get There From Here: Addressing New York City s Governance Can the Pensions Sector Innovate? and Investment Challenges Keith Ambachtsheer RanjiNagaswami Benchmarking Retirement Income Really Investing for the Long-Term: Systems around the World: Which A Case Study Countries Rank Highest and Why? Alex van der Velden and Otto van Buul David Knox Thinking Strategically about Climate Pension Liability Measurement and Change: Risks and Opportunities Intergenerational Fairness: Two Case Studies Danyelle Guyatt, Jane Ambachtsheer Theo Kocken and Elisabeth Bourqui Incorporating Uncertainty into Accounting The BP Crisis as a Preventable Surprise : Estimates ofpension Liabilities Lessons for Institutional Investors Ulrich Menzefricke and Raj Thamotheram and Maxime Le Floc h Wally Smieliauskas How Large Pension Funds Organize ICPM RESEARCH PROJECT UPDATE Themselves: Findings from a Unique ICPM Invests in Innovation 19-Fund Survey Stefan Lundbergh Jody MacIntosh and Tom Scheibelhut The Journal enables Rotman ICPM and its Research Partners to greatly accelerate their efforts to share these new insights and discoveries with the global pension community. The electronic version of the Journal is widely distributed via pension associations around the world and online subscribers at no charge. It is also made available to the media and the international academic community through the University of Toronto Press and through the Social Science Research Network A bound printed copy can be purchased for C$50 per copy. To request a print or online copy please contact icpm@rotman.utoronto.ca. QUICK REFERENCE ON JOURNAL TITLES Innovation in the Pensions Sector, Vol 5, Iss 1, Spring 2012 forthcoming Rethinking Fund Governance, Structure, and Pension Design, Vol 4, Iss 2, Fall 2011 Pension Funds, Governance, and Compensation, Vol 4, Iss 1, Spring 2011 Rethinking Pension Design and Management in a Post-Financial Crisis World, Vol 3, Iss 2, Fall 2009 Pension Institutions in the 21st Century: Structure, Governance, and Stakeholder Relations, Vol 3, Iss 1, Spring 2009 New Insights into Pension Management, Design, and Shareowner Stewardship, Vol 2, Iss 2, Fall 2009 Investment Beliefs, Risk Management, and Pension Funds, Vol 2, Iss 1, Spring 2009 Effective Pension Governance: New Insights and Research Findings, Vol 1, Iss 1, Fall 2008 FAST FACTS AVAILABLE NOW With the publication of the Spring 2012 edition, the Journal will have published a total of 68 articles based on three key areas of focus: Building Better Pension Plans 23 articles Investment Beliefs and Risk Management 18 articles Pension Fund Governance and Org Design 27 articles COMING SOON We are about to unveil a FlipBook Edition of the Journal that will allow you to read articles on many popular mobile devices. You will also be able to clip, save and print pages. We encourage you to use our LinkedIn Reading List Tool on the ICPM website to download or share Journal Articles, Research Papers, or Discussion Forum materials. 9

10 ROTMAN ICPM BOARD EFFECTIVENESS PROGRAM Pension and other long-horizon investment institutions play special roles in global and national economies. There is evidence that suggests many governing boards and managements of these financial giants are struggling to keep up with the implications of the growing complexity regarding the investment and administration needs of their many beneficiaries. Key strategic issues have emerged around organization mission, the respective roles of boards and managements, investment beliefs, the management of risk, organization design, and human resource management, including compensation. THE PROGRAM Rotman ICPM and Rotman Executive Programs have designed a Board Effectiveness Program (BEP) to support boards of pension and other long-horizon investment institutions in clarifying their role in addressing these issues. Participants are provided with an integrated framework to critically examine how these issues are linked together, resulting in a toolkit for boards to enhance excellence and success in their institution. The Program was developed specifically for Board members of ICPM Research Partners. However, the BEP Admissions Committee will also consider applications from members of non-research Partner organizations to the degree there is space, and to the degree the applicant has the relevant skill/experience set to both learn from, and contribute to the Program. We are planning modifications to a couple of the modules for future offerings based on participant feedback. We encourage Board Members to apply soon. 6: Average Satisfaction Ranking of the two offerings BEP 1 brought together 35 participants from 21 organizations and 9 countries on a scale of 1 (poor) to 7 (excellent). 87% of participants indicated that they would definitely recommend the program to fellow Board members and a further 11% would likely do so. BEP 2 brought together 37 participants from 18 organizations and 7 countries. Ad van Dorssen, Board Member of Stichting Bedrijfstakpensioenfonds voor de Detailhandel (Netherlands), Dan Sullivan, Board Member of Ontario Teacher s utoronto.ca/icpm 10 Pension Plan (Canada) Future Program Dates BEP 3: November 26 through November 30, 2012 Accepting Applications BEP 4: February 25 through March 5, 2013 Accepting Applications BEP 5: November 25 through 29, 2013 To learn more about the Rotman-ICPM Board Effectiveness Program please visit

11 ROTMAN ICPM DISCUSSION FORUMS Olaf Sleijpen, De Nederlandsche Bank (Netherlands) Jan Willem van Oostveen, PFZW (Netherlands), John Oliphant, Global Employees Pension Fund (SouthAfrica), David Russell, Universities Superannuation Scheme (United Kingdom) Rotman ICPM sponsors two Discussion Forums annually in May/June in Toronto and in October at a Research Partner location somewhere else in the world. These highly interactive events provide access to Rotman ICPM-sponsored research findings, as well as opportunities for knowledge-sharing and network-building with like-minded Research Partners, pension industry leaders, and academics from around the world. There is a strict NO MARKETING POLICY in effect at these events. Both 2011 Discussion Forums were ranked highly by attendees. The June Forum in Toronto dug into the meaning of say on pay for pension funds as investors. This discussion was followed by one which focused on the compensation philosophies and practices of pension funds. This Forum also featured new research findings on the investment attractiveness of private equity, on the drivers of pension fund performance, as well as on the drivers of service quality and costs in pension administration. The October Forum was jointly sponsored by ICPM and World Bank Treasury. Global aging and pension design was the first theme to be tackled. Pension fund governance was next, featuring the results of three research projects funded by ICPM. Case Study 5: Dynamic Asset Allocation was unveiled and provoked humour as well as serious debate and discussion. The Forum ended with the presentation of the findings of two more ICPM-funded projects, one on pension plan solvency and extreme market movements, the other on the use of derivatives in pension fund asset allocation. This coming June 2012, we are back in Toronto where Case Study 6: Collaboration and Infrastructure Investment will be showcased. This topic is further explored in separate research-oriented sessions on collaboration strategies and on infrastructure investing. The Forum will also feature sessions on real estate investing, on long-horizon investing in public markets, and on investment beliefs and the value of active management. The October 2012 Forum will be held in London (United Kingdom), with the roles and impacts of public policy and regulation on pension management one of the major themes. Presentations, academic working papers, and case studies that are presented during our Discussion Forums are publicly available at no charge on the Rotman ICPM website. We encourage you to use our LinkedIn Reading List Tool on the ICPM website to download or share Journal Articles, Research Papers, or Discussion Forum materials. 11

12 ROTMAN ICPM DISCUSSION FORUM PARTICIPANTS INTERNATIONAL International Finance Corporation Philip Armstrong Jose Cruz-Osorio World Bank Krishnan Chandrasekhar Serge Desjardins John Gandolfo Thumpasery George Richard Hinz Gabriel Petre Sudhir Rajkumar AUSTRALIA Australia Future Fund Gordon Hagart Australian Prudential Regulation Authority Stuart Watson Mercer David Knox SunSuper David Hartley Graham Heilbronn Tony Lally University of Technology Sydney Ron Bird Jack Gray CANADA Alberta Investment Management Corp. Jean David Tremblay-Frenette Leo de Bever Alberta Local Authorities Pension Plan Corp Laurence Waring Meryl Whittaker Caisse de dépôt et placement du Québec Elisabetta Bigsby Bernard Morency CEM Benchmarking Mike Heale Bruce Hopkins Jody MacIntosh CPP Investment Board Stephen Burnie David F. Denison James Hughes Jean-Francois L Her Don Raymond Geoffrey Rubin Mark Wiseman Healthcare of Ontario Pension Plan David Long Jeff Wendling Victoria Hubbell Jim Keohane Hugessen Consulting Ken Hugessen Mercer (Canada) Limited Jane Ambachtsheer MVC Associates International Mark Van Clieaf Ontario Municipal Employees Retirement System Janet Wilson Blair Cowper-Smith Patrick Crowley Graham Pugh Ontario Teachers Pension Plan Audrey Gaspar Jim Leech Neil Petroff Jane Rowe Barbara Zvan OPSEU Pension Trust/ OP Trust Stephen Griggs Rotman ICPM Keith Ambachtsheer Karen Clarke Ann Henhoeffer Rotman School of Management Susan Christoffersen Alexander Dyck Na Li Roger Martin Leila Peyravan Maureen Stapleton Aazam Virani Glen Whyte York University Ed Waitzer DENMARK ATP Ole Beier Sørensen Chresten Dengsoe FINLAND Finland State Pension Fund Timo Löyttyniemi JAPAN Nomura Research Institute Sadayuki Horie NEW ZEALAND New Zealand Superannuation Fund Tim Mitchell Sarah Owen REPUBLIC OF KOREA (SOUTH KOREA) Korean Embassy Young Ho Lee Korea National Pension Service Hyojoon Ahn Soo Cheol Lee Ministry of Health and Welfare Ganglip Kim Youngho Kim SOUTH AFRICA Government Employees Pension Fund John Oliphant Public Investment Corporation Martin Sehlapelo SWEDEN AP1 Johan Magnusson NETHERLANDS Algemene Pensioen Groep Pieter Kasse Stefan Lundbergh Paul Spijkers Onno Steenbeek Chris van Boetzelaer Cardano Risk Management Herman Bril De Nederlandsche Bank Dirk Broeders Jaap Bikker Olaf Sleijpen Maastricht University Aleksandar Andonov Rob Bauer ORTEC Finance Fred Heemskerk Pension Fund for Care and Welfare Jan Willem van Oostveen PGGM Else Bos Niels Leivaart Jaap van Dam Stichting Bedrijfstakpensioenfonds voor de Detailhandel Benne van Popta

13 ROTMAN ICPM DISCUSSION FORUM PARTICIPANTS 2011 (cont d) Stichting Philips Pensioenfonds Anita Joosten Rogér Otten Kilian Thevissen Judit Vennix Syntrus Achmea Asset Management Twan van Erp University of Amsterdam Michel Vellekoop UGANDA Bank of Uganda Waswa Balunywa UNITED KINGDOM Bradford University School of Management Mark Freeman BT Pension Scheme Kathryn Graham Helene Winch Hermes Pensions Management Limited Marlon Sahetapy National Employment Savings Trust Rudyard Ekindi Mark Fawcett Tim Jones Oxford University Ludovic Phalippou Railways Pension Trustee Company Ltd Chris Hitchen Universities Superannuation Scheme Howard Jacobs David Russell UNITED STATES 1199 SEIU Pension Fund Lorraine Monchak California Public Employees Retirement System Anne Simpson California State Teachers Retirement System Cassandra Lichnock Center for Strategic and International Studies Richard Jackson Commonfund Jess Gaspar Bill Jarvis Mario Virtudes Council of Institutional Investors Ann Yerger Harvard Law School Lucian Bebchuk Pay Governance Ira Kay Stanford University Ashby Monk State of Washington Marcie Frost United Food & Commercial Workers Int l Union Bill Dempsey David Blitzstein University of Wisconsin Law School Keith Johnson Washington State Investment Board (WSIB) Stephen Lerch Liz Mendizabal Tom Ruggels Theresa Whitmarsh Participant Demographics Canada (15 organizations / 46 participants) Europe (9 organizations / 20 participants) Nordic Countries (3 organizations / 4 participants) Republic of Korea (3 organizations / 5 participants) FAST FACTS 14countries United Kingdom (7 organizations / 11 participants) United States (14 organizations / 24 participants) Africa (2 organizations / 2 participants) Australia (5 organizations/ 8 participants) Japan (1 organization / 1 participant) New Zealand (1 organization / 2 participants) 66organizations 138 participants International (1 organization / 7 participants) 13

14 FINANCIAL SUMMARY (all in Canadian Dollars) OPERATING REVENUE FOR FISCAL YEAR 2011/2012 Research Partner Fees $ 775,000 Rotman International Journal for Pension Management 1,805 Other Revenue 112,006 $ 888,811 OPERATING EXPENDITURES FOR FISCAL YEAR 2011/2012 Director Compensation/Travel $ 232,672 Planning and Operations Support 204,120 Rent and Utilities 39,300 Events: June 2011 Rotman ICPM Discussion Forum 60,766 October 2011 Rotman ICPM Discussion Forum 67,175 Board Meetings 3,797 Research: Research Funding 123,189 Rotman International Journal for Pension Management 25,474 Rotman ICPM Professorship in Pension Management 20,000 PR/ Marketing/ Website 28,914 Office Supplies and Services 29,262 $ 833,669 EXCESS REVENUE FOR FISCAL YEAR 2011/2012 $ 55,142 ACCUMULATED EXCESS REVENUE As at Beginning of the Year $ 237,903 As at End of the Year $ 292,045 utoronto.ca/icpm 14

15 BOARD OF DIRECTORS FY 2011/2012 The Rotman ICPM Board of Directors approves and oversees the implementation of the strategic and operating plans of the Centre. The Rotman ICPM Board is comprised of internationally recognized academic and pension industry leaders with an interest in seeing Rotman ICPM achieve its vision and mission. The Board holds quarterly board meetings and its members attend the Discussion Forums each year. Rotman ICPM Chair, Don Raymond, Canada Pension Plan Investment Board (Canada) Ole Beier Sorensen, ATP (Denmark) Leo de Bever, Alberta Investment Management Corporation (Canada) Else Bos, PGGM (Netherlands) Tim Jones, National Employment Savings Trust (United Kingdom) Tony Lally, SunSuper (Australia) Theresa Whitmarsh, Washington State Investment Board (United States) Glen Whyte, Rotman School of Management, University of Toronto (Canada) Barbara Zvan, Ontario Teachers Pension Plan (Canada) We would like to thank outgoing director, Leo de Bever from Alberta Investment Management Corporation (Canada) for his dedicated service to the Rotman ICPM Board of Directors. RESEARCH COMMITTEE The Rotman ICPM Research Committee evaluates proposals resulting from the Rotman ICPM Call for Research Papers and monitors progress to completion on the research projects that received funding. The Research Committee meets twice yearly and attends the semi-annual Discussion Forums each year. Stefan Lundbergh (Research Committee Chair), Algemene Pensioen Groep (Netherlands), Steven Lerch, (Research Committee Vice-Chair), Washington State Investment Board (United States) Jaap van Dam, PGGM (Netherlands) Alexander Dyck, Rotman School of Management (Canada) Jack Gray, Centre for Capital Market Dysfunctionality, Sydney University of Technology (Australia) Brett Hammond, TIAA-CREF (United States) Steven James, Canada Pension Plan Investment Board (Canada) In February 2011 Rotman ICPM issued a Research Call for Papers. We received 34 submissions of intent and 10 were asked by the Research Committee to submit Full Proposals for review. Final funding decisions will be made in April. Research Liaisons will been assigned to each funded project. Urban Karlström, AP1 (Sweden) 15

16 Please contact us to learn more about Rotman ICPM Don Raymond Chair, Rotman ICPM Keith Ambachtsheer Director, Rotman ICPM Ann Henhoeffer Associate Director, Business Development and Operations Karen Clarke Associate, Rotman ICPM Rob Bauer Associate Director, Programs Stefan Lundbergh Chair, Rotman ICPM Research Committee Alexander Dyck Rotman ICPM Professor in Pension Management Annual Report: WatermarkDesign.ca Photo Credit: World Bank (pages 3, 8, 11) Photo credit: Cris Ponce / envisiondigitalphoto.com (pages 3, 8, 10, 15,) Rotman International Centre for Pension Management 151 Bloor Street West, Suite 702 Toronto ON Canada M5S 1S icpm@rotman.utoronto.ca a new way to think pension management 2012 ICPM Rotman International Centre for Pension Management Rotman School of Management, University of Toronto CANADA Follow us on Twitter Follow us on Linked In