Teachers’ management team is overseen by nine board members appointed equally by the plan sponsors, the Ontario Teachers' Federation (OTF) and the Ontario government.

The board is required to act independently of both the plan sponsors and the plan’s management, and to make decisions in the best interests of all beneficiaries of the plan. The structure of the board, and the process for appointing its members, ensures that board members are able to operate independently of management. For example, the roles of the chair and the CEO are separated and no member of management is a member of the board, the Audit and Actuarial Committee, or any of the board’s other committees.

To ensure access to external sources of important information, the board members meet from time to time with outside advisers on general topics, as well as with external investment managers and experts in compensation management. Board committees, as well as individual board members with the approval of the chair, can engage outside advisers at the organization’s expense in appropriate circumstances.

The Audit and Actuarial Committee consults directly with the internal and external auditors and the independent actuary. Guidelines have been established to control the hiring of current and former partners and employees of the external auditors and for the approval of the external auditor’s non-audit engagements and fees.