Investment Committee
	The Investment Committee reviews the investment policies and risks and the asset mix, approves annual performance objectives for the investment portfolios, and considers all transactions that exceed the discretionary limits set for management. Authority The Board is responsible under the Teachers’ Pension Act for the management of the pension fund. Subject to particular limits, the Board has delegated the investment of the assets of the plan to the Chief Executive Officer of the Corporation with the power to sub-delegate. The Investment Committee is a standing committee of the Board established to assist the Board in fulfilling its responsibilities as manager of the pension fund, including overseeing the investment of assets, investment-related liabilities and management of surplus (deficit) of the plan. In instances where a majority of the members of the Committee believe that in order to properly discharge their fiduciary obligations to the Corporation, it is necessary to obtain the advice of outside experts, the Committee shall engage the necessary experts. Responsibilities 1. To review and advise the Board on: a. Investment policies and procedures for the pension fund, as required by the Pension Benefits Act and its regulations; b. Investment risk including risk-monitoring systems, appropriate asset-liability matching and asset-mix policy for the fund; c. Guidelines and objectives for the fund including the annual risk budget; d. The annual investment plan and, based on regular periodic reports by the delegates, performance of the fund against the investment plan and against a composite benchmark for the fund and appropriate benchmarks for each asset class; e. Selection and monitoring of external managers to invest on behalf of the fund; f. Operating policies such as policies for Corporate Governance, Proxy-voting and Director Appointments for employees and external investment managers; g. Approval of specific investments outside of generally delegated limits, and thereafter monitoring such investments by reports of the specific delegates on the commitment to, and completion of, the investments; and h. Performance of each department in the Investment Division annually. 2. To advise the Board and carry out such other tasks, consistent with the above matters, as directed by the Board.
	Position Description for Chair of Investment Committee The Chair of the Committee shall: 1. Provide leadership to enhance the Committee's effectiveness by a. ensuring that the areas of responsibilities of the Committee and management are understood and respected by both; and b. overseeing the discharge of the Committee’s responsibilities including its reporting to the Board. 2. Act as the liaison between the Board and management by working with the Chief Executive Officer or his delegatee a. to carry out the annual calendar of the Committee’s business; b. to set the agenda for each Committee meeting; and c. to ensure that proper information is brought to the Committee including regular management reports and documentary materials in support of management’s proposals.

	Posted April 2007	TOP