The Ontario Teachers’ Pension Plan Board is a corporation (without share capital) established on December 31, 1989, by the Teachers’ Pension Act (Ontario). This Ontario statute requires the corporation to administer the pension plan, manage the pension fund, and pay members and their survivors the benefits promised. The Teachers’ Pension Act states: “The Board shall administer the pension plan and manage the pension fund in accordance with this Act, the Pension Benefits Act (Ontario), and the Income Tax Act (Canada).”

The Pension Benefits Act (Ontario) defines fiduciary duties for all pension plan administrators in Ontario. A central duty of the corporation is the obligation to administer the plan and invest assets with the same prudence expected of a person dealing with another's property.