OPTrust

UAO Registry · Top 100 · Instantiations rank 98 · elite profile 94th live · Public pension (jointly sponsored) · Canada · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

• Executive brief
• Speakable summary
• Mandate & ownership
• Disambiguation (≠ OTPP / OMERS / HOOPP)
• Scale & portfolio
• Governance & leadership
• Investment philosophy / Member-Driven Investing
• Climate / ESG / ethics
• Performance & reporting
• Controversies & debates
• Timeline
• Annex: AUM & currency honesty (CAD)
• Annex: Returns & sleeves
• Annex: Asset mix & geography
• Annex: Funding, discount rate & COLA
• Annex: Membership, Select & employers
• Annex: Board, committees & sponsors
• Annex: Executive team
• Annex: MDI & Liquid Completion Portfolio
• Annex: Private markets notes
• Annex: Climate & RI documents
• Annex: Risk, PATH & culture
• Annex: Canadian peer context
• Annex: Transparency stack
• Annex: Editorial locks
• Annex: Outbound report checklist
• Annex: Chair/CEO messages
• Annex: Serving members
• Annex: RI 2025 detail
• Annex: Governance (FSR)
• Annex: Financial statement notes
• Annex: Ten-year review
• Annex: Proxy voting
• Annex: SIPP excerpts
• Annex: TCFD excerpts
• FAQ
• Sources & further reading
• Completeness note

Executive brief

OPTrust invests and manages one of Canada’s largest pension funds and administers the OPSEU Pension Plan (including OPTrust Select), a jointly sponsored defined-benefit plan. Soft strings: OPTrust / OPSEU Pension Trust / OPSEU Pension Plan. Official site: optrust.com. Investment and member-service footprint: Toronto, London and Sydney.

Prefer official Canadian dollars (CAD) from optrust.com and the 2025 Funded Status Report — Service & Security – Since 1995 — do not invent a USD headline AUM. Opened dated scale: CAD $27,223 million ($27.2 billion) net assets available for benefits at 31 December 2025 (prior year $26,853 million). UAO Instantiations previously carried a stale ~US$25bn public-estimate band — treat Instantiations USD as stale/secondary; headline figures on this profile are official CAD only.

Funding snapshot (same report): actuarial value of assets $27,931 million versus liabilities $27,732 million for a funding surplus of $199 million — fully funded for the 17th consecutive year, marking the Plan’s 30th anniversary of operations (since 1995). Accounting surplus $4,731 million against pension obligations $22,492 million.

Total Portfolio net return 4.2% in 2025 (driven mostly by public equity and gold); five-year 6.3%; ten-year 6.7%; since inception (return stream from 31 Dec 1994) 7.8%. Benefits paid $1,417 million in 2025; investment returns account for more than 70% of benefits paid. Membership end-2025: 117,895 members and retirees (newsroom rounds to about 118,000).

Leadership verified on the live Instantiations seat and official leadership page: President and Chief Executive Officer Peter Lindley (appointed September 2019); Chief Investment Officer James C. Davis (appointed September 2015). Board Chair Richard Nesbitt; Vice-Chair Ram Selvarajah. Related UAO hubs: HOOPP, OMERS, Ontario Teachers’ Pension Plan (OTPP), BCI, CPP Investments, CDPQ / La Caisse, FRR, NBIM, Top 100.

Speakable summary

OPTrust administers the OPSEU Pension Plan, a jointly sponsored Ontario defined-benefit plan. At 31 December 2025 it reported CAD $27.2 billion in net assets and remained fully funded for the 17th consecutive year. President and CEO Peter Lindley and CIO James C. Davis lead the organization from Toronto with investment teams also in London and Sydney. Official disclosures are in Canadian dollars — researchers should not invent a USD headline or mix OPTrust with OTPP, OMERS or HOOPP.

Mandate & ownership

The Ontario Public Service Employees’ Union Pension Plan (the OPSEU Pension Plan or the Plan) was established pursuant to a Sponsorship Agreement dated 18 April 1994 between the Province of Ontario and OPSEU/SEFPO (Ontario Public Service Employees Union / Syndicat des employés de la fonction publique de l’Ontario). Certain provisions were implemented by the Ontario Public Service Employees’ Union Pension Act, 1994. OPTrust began operations in 1995 as the joint trustee / plan administrator investing Plan assets and delivering member services.

The Plan is a successor arrangement for public servants who were members of OPSEU/SEFPO under the prior Public Service Pension Plan. It is registered under the Pension Benefits Act (Ontario) and the Income Tax Act (Canada). Mission language repeated across optrust.com and the Funded Status Report: “Paying pensions today, preserving pensions for tomorrow.”

What the mandate is: a jointly sponsored defined-benefit pension for primary-schedule Ontario public-service and related members, plus OPTrust Select for eligible nonprofit/charitable and related employers. What it is not: OPTrust is not Ontario Teachers’ Pension Plan (OTPP), not OMERS, not HOOPP, not BCI, not AIMCo, not CPP Investments, and not CDPQ / La Caisse.

Sponsors each appoint five of ten Trustees. One Government appointee and one OPSEU/SEFPO appointee serve as Chair and Vice-Chair, alternating every two years. The Board retains legal responsibility for Plan administration and asset management and delegates day-to-day affairs to the President and CEO subject to reserved matters.

Disambiguation (≠ OTPP / OMERS / HOOPP)

Canadian peer confusion is a recurring research error. Keep soft strings and Instantiations seats separate:

• OPTrust (this profile, slug optrust, INST rank 98): OPSEU Pension Plan / Select; CEO Peter Lindley; CIO James C. Davis; official CAD $27.2bn net assets end-2025.
• Ontario Teachers’ Pension Plan (OTPP) (slug ontario-teachers-pension-plan): Ontario teachers; separate board and AUM — do not reuse OTPP figures here.
• OMERS (slug omers): municipal employees plan; leadership/AUM distinct.
• HOOPP (slug hoopp): healthcare workers plan; CAD $131.9bn end-2025 under Annesley Wallace / Michael Wissell — unrelated to OPTrust’s $27.2bn.
• BCI, AIMCo, CPP Investments, CDPQ / La Caisse: other Canadian Top 100 managers — different mandates.

Editorial lock for this ship: never paste OTPP/OMERS/HOOPP AUM, returns, or leadership into OPTrust Instantiations fields or into this SSR body.

Scale & portfolio

Headline CAD figures (31 Dec 2025)

Asset-mix weights and sleeve returns (Total Portfolio = 100% after Funding Portfolio) from the 2025 FSR:

Returns are expressed in CAD on a time-weighted basis and include currency hedges where applicable (FSR notes). Geography (country of risk / primary income / property location; gold/commodity/funding excluded from exposures): Ontario 15.8%; Canada 36.2%; United States 41.9%; Europe 11.0%; Asia Pacific 10.4%; Latin America 0.5%. Internal management 73.7% / external 26.3%.

Governance & leadership

Executive leadership (official)

• Peter Lindley — President and Chief Executive Officer (joined 2019; FSR appointment September 2019).
• James C. Davis — Chief Investment Officer (joined 2015; appointed September 2015).
• Michael Darcy — Chief Financial Officer (at OPTrust since 2015; Executive Team early 2026).
• Dani Goraichy — Chief Risk Officer and Senior Vice-President, Actuarial Services and Plan Policy (joined 2010).
• Jesusa Chow — Senior Vice-President, Member Experience and Pension Operations (Executive Team 2023).
• Tracy Hoskins — Senior Vice-President, People and Communications (Executive Team 2021).
• Satwant Pannu — Senior Vice-President, Information Technology Operations and Security (joined 1999; ET 2023).
• Stephen Solursh — Senior Vice-President and General Counsel (joined 2018; ET February 2020).

Board of Trustees (opened leadership page)

Ten Trustees. Chair Richard Nesbitt (Government of Ontario appointee since September 2019; also chairs Governance and Administration Committee). Vice-Chair Ram Selvarajah (OPSEU/SEFPO appointee since April 2021; Vice-Chair and Investment Committee chair since November 2024).

• Lindsey Burzese — OPSEU/SEFPO (since January 2018); former Chair/Vice-Chair.
• Aisha Jahangir — OPSEU/SEFPO (since May 2023); Audit, Finance and Risk Committee chair since November 2024.
• Deborah Leckman — Government of Ontario (reappointed May 2025 after prior terms from January 2019).
• Jason Mushynski — OPSEU/SEFPO (since January 2024).
• Janel Perron — OPSEU/SEFPO (since January 2025).
• Bob Plamondon — Government of Ontario (reappointed May 2025 after prior terms from January 2019).
• Danielle Skipp — appointed effective 2 June 2026.
• Don Wilkinson — Government of Ontario (since July 2017).

Standing committees named on the leadership page: Governance and Administration (GAC); Audit, Finance and Risk (AFRC); Investment Committee (IC); Human Resources and Compensation (HRCC); plus as-needed Adjudication and Concern Assessment panels.

Investment philosophy / Member-Driven Investing

OPTrust’s investment objective, repeated on the Investments and Guiding Principles pages, is to increase the likelihood of remaining fully funded over the long term by maximizing returns at an acceptable level of risk. Member-Driven Investing (MDI) is OPTrust’s application of a Total Portfolio Approach (TPA): holistic total-fund outcomes, dynamic risk and liquidity management, and accountability for Plan funding risk rather than siloed strategic asset-allocation buckets.

The 2025 Funded Status Report frames roughly a decade of MDI. In 2025 the organization completed a major public-markets transformation: eight separate investment programs were combined into a single Liquid Completion Portfolio (“one portfolio, one fund”), with portfolio construction centralized in Total Portfolio Management. Early impact cited: Liquid Completion Portfolio return 20.3% and about $1.6 billion in total profits in the first year of implementation.

Board-approved Investment Guiding Principles (six)

• Pension investing must be driven by the pension promise.
• Take an acceptable level of risk to earn sufficient returns to keep the Plan sustainable.
• Long-term investor that must also manage shorter-term risks.
• Responsible investing is key to long-term investment success.
• Active management can improve Plan sustainability (active where value-creation potential is greatest; passive to balance total-fund risk).
• Governance is a critical enabler of investment success.

Private markets (private equity, infrastructure, real estate, incubation) are described as long-term return, diversification, stability and partial inflation-protection sleeves. Public markets include government bonds, public equity, credit, absolute return and commodities within the Liquid Completion construct. Funding Portfolio (repo / implied funding / money-market style exposures) is shown as a negative weight finishing the 100% Total Portfolio identity.

Climate / ESG / ethics

In October 2022 OPTrust released an enhanced climate change strategy with the ambition to achieve a net-zero portfolio by 2050, contingent on continued global progress toward net-zero greenhouse-gas emissions. Four pillars: investment strategy and selection; asset management; portfolio analytics; advocacy and disclosure. The 2025 FSR states OPTrust achieved all 2025 targets under the climate change strategy. TCFD reporting describes an interim emissions-intensity reduction target of 30% by 2030 against the end-2022 baseline footprint exercise.

Responsible investing is embedded in the Guiding Principles and in the Statement of Responsible Investing Principles. Every investment professional is responsible for integrating material ESG risks and opportunities. Proxy Voting Guidelines govern stewardship votes. The Sustainable Investing and Innovation team oversees climate/RI work and a small incubation book (fintech, digital assets, sustainability/climate technology themes).

Case example in the 2025 FSR: Vaughan 400, a two-phase ~1.6 million sq ft zero-carbon industrial development in Vaughan, Ontario (first phase ~510,000 sq ft targeting Q3 2026 completion), pursuing LEED Zero Carbon Building Design and LEED Gold, with rooftop solar, EV charging, and electric heat pumps — part of the Real Estate Group’s industrial “build-to-core” program.

Performance & reporting

Primary performance publication is the annual Funded Status Report (2025 edition titled Service & Security – Since 1995), released with the 11 March 2026 newsroom item confirming the 17th consecutive fully funded year and 4.2% net investment return. The report includes funding commentary, investment strategy/performance, responsible investing, culture, risk/compliance, governance, audited financial statements, and a ten-year financial review.

Supporting policy stack on optrust.com / Contentful: Statement of Investment Policies and Procedures (SIPP); Statement of Responsible Investing Principles; Proxy Voting Guidelines; Climate Change Strategy; TCFD reports. Member service metrics highlighted for 2025 include roughly 73,500 life events supported, about 48,000 member phone calls, service satisfaction 8.6/10, and a CEM Benchmarking top-10 global ranking for member service.

Controversies & debates

Opened official materials emphasize funding discipline, Bill 124 benefit recalculations as an operational workload, private-markets valuation pressure (especially real estate development assets at −8.5% in 2025), and climate-transition execution risk. OPTrust does not present these as scandals; researchers should label any secondary press separately and avoid inventing dispute narratives.

Funding-policy debates common to jointly sponsored Ontario plans — discount-rate prudence, contribution stability versus benefit security, and Select versus primary-schedule design — are discussed in the FSR funding chapter (real discount rate cut to 2.80% from 2.90%, adding about $562 million to liabilities; $708 million of deferred investment losses to be recognized over four years under smoothing).

Secondary press (e.g. Benefits and Pensions Monitor coverage of the 2025 FSR) repeats official CAD figures; treat as secondary confirmation only.

Timeline

• 18 Apr 1994 — Sponsorship Agreement (Province of Ontario + OPSEU/SEFPO); OPSEU Pension Act 1994 framework.
• 1995 — OPTrust operations begin; mission “pay pensions today / preserve pensions for tomorrow.”
• Sep 2015 — James C. Davis appointed Chief Investment Officer.
• ~2015–2025 — Decade of Member-Driven Investing / Total Portfolio Approach culture.
• Sep 2019 — Peter Lindley appointed President and CEO; Richard Nesbitt joins Board (later Chair).
• Oct 2022 — Enhanced climate change strategy; net-zero portfolio ambition by 2050.
• 2023–2024 — First comprehensive carbon footprint (EOY 2022 baseline); TCFD reporting; interim −30% intensity by 2030.
• 2025 — Public markets consolidated into Liquid Completion Portfolio; PATH modernization advances toward 2027; 30th anniversary year.
• 31 Dec 2025 — CAD $27.2bn net assets; fully funded 17th year; 117,895 members/retirees.
• 11 Mar 2026 — 2025 Funded Status Report release / newsroom confirmation.
• 2 Jun 2026 — Danielle Skipp joins Board of Trustees.

Annex: AUM & currency honesty (CAD)

Currency discipline for this elite profile is absolute: publish CAD as OPTrust publishes. Do not invent a spot USD conversion as a headline. If Instantiations or third-party league tables show ~US$25bn-style bands, label them estimate/stale and point researchers back to the FSR net-assets line ($27,223 million at 31 Dec 2025).

Net assets moved from $26,853 million (2024) to $27,223 million (2025). The funding valuation uses an actuarial value of assets ($27,931 million) that smooths market volatility; the $708 million deferred investment-loss overhang is scheduled for recognition over the next four years. Accounting surplus ($4,731 million) is a different lens from the funding surplus ($199 million) — both are official; do not conflate them.

20 20 20 20 20 20 20 20 20 Net asset value Total members and retirees Funding highlights1 At December 31 ($ millions) 2025 VALUATION 2024 VALUATION Net assets available for benefits $27,223 $26,853 Actuarial smoothing adjustment 708 12 Actuarial value of assets 27,931 26,865 Liabilities (27,732) (26,675) Surplus $199 $190 1 The difference between funding and financial statement valuations is described on page 20. (FSR highlights / funding snapshot)

Service and Security – Since 1995 9 MESSAGE FROM THE CHAIR AND VICE-CHAIR “Being fully funded means This year, we celebrate a remarkable milestone — 30 years of service and security for our members. Today, OPTrust is we can fulfil our promise to a fully funded, mature, modern pension fund, guided by pay pensions today while strong governance. (FSR highlights / funding snapshot)

These principles have positioned the Plan on a solid footing for the next 30 years and beyond. preserving pensions for tomorrow, a responsibility Navigating uncertainty with stability we take seriously every Economic and geopolitical uncertainties continue to shape the world around us. (FSR highlights / funding snapshot)

Through these challenges, OPTrust single day.” remains well positioned to deliver pension security. Our strong relationships with our Sponsors allow us to advocate for our members and reinforce good governance and a shared long-term vision for the Plan. This foundation enables us to navigate uncertainty with confidence and remain focused on what matters most — delivering peace of mind in retirement for our members. (FSR highlights / funding snapshot)

Annex: Returns & sleeves

Total Portfolio 2025 net return 4.2% was “driven mostly by public equity and gold,” with commodities (incl. gold exposure in the reported commodities sleeve) returning 45.0% for the year. Public equity returned 18.2%; absolute return 9.7%; credit 5.7%; government bonds 0.8%. Illiquid assets overall −0.8%: private equity +4.6%, infrastructure +1.9%, real estate −8.5%, incubation −14.4%.

Longer windows matter more for a mature jointly sponsored plan: five-year Total Portfolio 6.3%; ten-year 6.7%; since-inception 7.8%. Private markets ten-year 12.3% remains a core funded-status contributor despite a soft 2025 print. Liquid Completion’s 20.3% first-year result is a process/architecture story as much as a return story — centralized TPM construction, clearer attribution, and total-fund accountability.

across all our public market investments. Eight separate investment programs were combined into The change has also driven a meaningful shift a single Liquid Completion Portfolio, establishing in culture and mindset. The team is now more a “one portfolio, one fund” model that improves accountable for total portfolio outcomes rather agility, transparency and alignment with our total than individual mandates. (FSR investment environment / performance)

Greater flexibility across fund objective. public markets has improved the ability to act on opportunities and risk efficiency, while strengthening Portfolio construction is now centralized within professional development by enabling our investors the Total Portfolio Management (TPM) group, to deploy capital across strategies rather than within allowing for faster and more deliberate responses to rigid asset‑class buckets. changing market conditions. (FSR investment environment / performance)

This has improved the team’s asset allocation, strengthened accountability This model provides a strong foundation for 2026 through clearer performance attribution, and priorities, including optimizing external manager increased collaboration across TPM, Risk allocations and enhancing systematic strategies and Finance. using AI and quantitative methods, as we continue to embed the approach over time. (FSR investment environment / performance)

Together, these The early impact of the new model was evident initiatives position the Plan to manage risk more in 2025 results. The Liquid Completion Portfolio effectively and achieve its total fund objectives. generated a 20.3 per cent return, delivering Service and Security – Since 1995 23 Investment environment Total Portfolio performance The investment environment in 2025 was more volatile Our Total Portfolio delivered a net return of 4.2 per cent than in 2024. (FSR investment environment / performance)

Public markets were pressured at the start in 2025, driven mostly by public equity and gold. of the year by trade tensions, but conditions improved and supported a rally through the second half. Inflation 7.8% continued to moderate, allowing central banks to lower 6.7% interest rates. 6.3% Canadian and global economies proved resilient despite 4.2% tariff impacts. (FSR investment environment / performance)

Annex: Asset mix & geography

Gross liquid + illiquid weights exceed 100% before the Funding Portfolio (−15.4%) brings the Total Portfolio to 100% — standard for leverage/overlay presentations. Researchers should quote the FSR table as printed rather than renormalizing sleeves ad hoc.

Canada including Ontario is about 36.2% of mapped exposures; Ontario alone 15.8%. U.S. is the largest single country-of-risk bucket at 41.9%. Europe 11.0% and Asia Pacific 10.4% align with the London and Sydney investment offices. Latin America is a small 0.5% sleeve. Internal vs external split (73.7% / 26.3%) reflects OPTrust’s preference to keep activities in-house where skill and scale are highest and to partner elsewhere.

the Total Portfolio Approach, these returns are managed See page 23 for more on our successful transition to a collectively as one, providing flexibility, liquidity and single portfolio and the operating model that supports diversification, allowing us to fine-tune risk and return total portfolio decision-making. across the portfolio. (FSR how-we-invest / geography)

Funding Portfolio Public equity This portfolio manages the funding and liquidity reserves Public equity was one of the best performing asset classes needed to implement our Total Portfolio and manage in 2025, with both developed and emerging markets day-to-day liquidity requirements. (FSR how-we-invest / geography)

Using moderate delivering strong positive returns. Our diverse public leverage allows us to access a more diversified set of equity strategies generated a net return of 18.2 per cent. strategies and achieve a better overall risk-return profile. The -15.4 per cent weight of the Funding Portfolio reflects OPTrust’s overall balance sheet leverage. (FSR how-we-invest / geography)

This amount is expected to fluctuate to reflect the implementation of our investment strategies. 26 Service and Security – Since 1995 Asset mix and return by asset class and sub-portfolio At December 31 2025 asset mix 2025 return1 5-year return1 10-year return1,2 Illiquid assets 54.2% -0.8% 10.4% 12.3% Private equity 18.7% 4.6% 15.7% 17.3% Infrastructure 17.9% 1.9% 12.5% 10.6% Real estate 16.9% -8.5% 3.2% 5.5% Incubation3 0.7% -14.4% 13.1% n/a Liquid assets 61.2% 10.5% 3.7% 4.5% Government bonds 27.3% 0.8% -3.6% 1.1% Public equity 16.6% 18.2% 9.3% 10.2% Credit4 3.2% 5.7% 5.5% n/a Absolute Return Strategies 8.0% 9.7% 4.8% 2.5% Commodities 6.1% 45.0% 10.9% n/a Funding Portfolio5 -15.4% n/a n/a n/a Total Portfolio 100.0% 4.2% 6.3% 6.7% 1 All returns are expressed in CAD using time-weighted return methodology and include a currency hedge for applicable asset classes. 2 Ten-year returns are shown where history is available. 3 Incubation represents thematic and early-stage investments across emerging sectors, such as fintech, digital assets, and sustainability and climate technology. 4 Credit included the CDX portfolio until March 31, 2025. 5 Funding Portfolio includes bond repurchase agreements and implied funding from derivatives and money markets securities. (FSR how-we-invest / geography)

Annex: Funding, discount rate & COLA

Fully funded for 17 consecutive years is the headline security metric. Nominal discount rate 4.80% (from 4.90%); real discount rate 2.80% (from 2.90%). The real-rate reduction increased liabilities by about $562 million. Sponsors set contribution and benefit levels with reference to funded status; FSR funding chapter stresses security of accrued benefits and stability of contribution rates as primary objectives.

COLA for 2025 was 2.0% for both the primary schedule and OPTrust Select. Primary-schedule pensions in pay and deferred pensions receive automatic annual COLA based on inflation; Select COLA / accrued-benefit upgrades are discretionary annual Board decisions. Illustrative FSR chart: a retiree who started on a $20,000 pension in January 1995 would receive about $38,059 from the Plan in the illustrated path.

OPTrust invests and manages one of Canada’s largest pension funds. Plan members belong to either the primary schedule of benefits or OPTrust Select. The primary schedule provides pension benefits for employees of the province of Ontario in bargaining units represented by OPSEU/SEFPO and other eligible members. (FSR pension funding)

OPTrust Select was designed specifically for organizations in the nonprofit, charitable and broader public sectors in Ontario. The organizations and workers who have joined OPTrust Select provide a range of critically important services including education and training, community support and health care. (FSR pension funding)

Service and Security – Since 1995 17 PENSION FUNDING OPTrust is fully funded for the 17th consecutive year. That means the Plan has sufficient assets to meet the projected cost of all current and future pensions promised to members. In other words, contribution levels remain stable and pensions are secure. (FSR pension funding)

A strong funded status is the most important measure of security for members and retirees, and it reflects OPTrust’s commitment to our mission: paying pensions today and preserving pensions for tomorrow. 2025 Funding valuation The funding valuation provides a snapshot of the What is a discount rate? (FSR pension funding)

Plan’s financial position and its ability to meet pension The discount rate is an estimate of how much obligations. The 2025 funding valuation confirms the Plan’s assets will grow over time, based on that OPTrust is fully funded for the 17th year in a row. expected long-term investment returns, minus The valuation also identified $708 million in deferred a margin for safety to protect against uncertainty. investment losses, which will be recognized over the next four years. (FSR pension funding)

Annex: Membership, Select & employers

Primary-schedule employers: 24. OPTrust Select employers: 63. Select membership: over 5,200. Select was designed for nonprofit, charitable and related organizations delivering education and community services. Since 1995, membership has grown more than 70% and assets nearly fivefold (newsroom / FSR narrative).

PATH is the multi-year pension-administration modernization program planned for rollout in 2027, intended to support both primary and Select schedules on a unified platform. 2025 operational load included Bill 124 recalculations alongside ordinary life-event volumes.

Annex: Board, committees & sponsors

Joint sponsorship is the constitutional fact of OPTrust: equal voice for plan members (via OPSEU/SEFPO) and the Government of Ontario in Plan administration and investment oversight. Chair/Vice-Chair rotation every two years is the procedural expression of that parity.

GAC monitors plan administration, major pension initiatives, actuarial valuations, Trustee education and Funded Status Report preparation. AFRC covers budget, financial reporting, tax, audit, controls, insurance, IT/data, regulatory compliance and enterprise risk. IC oversees investment activity and strategic investment initiatives and recommends key metrics/policies to the Board. HRCC monitors People strategy and compensation (including CEO compensation approval and Executive Team/top-earner review).

Annex: Executive team

Person SSR links verified live at ship time: Peter Lindley (200) and James C. Davis (200). Other Executive Team names above are taken from the official leadership page and/or FSR appointment notes — do not invent additional C-suite titles. CFO Michael Darcy’s Executive Team appointment in early 2026 is an official leadership-page fact.

Investment depth beyond the CIO seat includes Total Portfolio Management, Private Markets Group (Toronto / London / Sydney), and Sustainable Investing and Innovation. Named managing directors on the investments pages (e.g. London funds/co-invest leadership; Sydney Developed Asia private markets) should be quoted only when the live page still lists them — this profile does not invent tenure dates for those seats.

Annex: MDI & Liquid Completion Portfolio

2025 Highlights Investment returns account for • We maintained our fully funded more than 70 per cent of the status for the 17th consecutive year. benefits we pay to members • Our five-year return of 6.3 per cent when they retire. and 10-year return of 6.7 per cent continue to be strong. (FSR MDI / public markets transformation)

To achieve this, we manage a globally diversified portfolio • Our Total Portfolio delivered a return of 4.2 per cent in 2025, of assets. Balancing return mostly driven by public equity expectations against risks ensures and gold. we have sufficient assets to pay • We achieved all 2025 targets under pensions now and in the future. our climate change strategy. (FSR MDI / public markets transformation)

Service and Security – Since 1995 21 A DECADE OF MEMBER-DRIVEN INVESTING: OPTRUST’S TOTAL PORTFOLIO JOURNEY Ten years ago, OPTrust embarked on a journey we have reinforced a culture in which risk and to evolve its investment approach through the liquidity are treated as shared and scarce resources. (FSR MDI / public markets transformation)

Member-Driven Investing (MDI) strategy — our Over ten years and through every market cycle, unique application of a Total Portfolio Approach our professionals in Toronto, London and Sydney (TPA). MDI shifted OPTrust’s investment framework consistently delivered solid risk-adjusted returns and from a traditional Strategic Asset Allocation maintained a fully funded Plan position. approach to a holistic and integrated investment model that prioritizes Total Portfolio outcomes and Today, MDI is not just a strategy — it’s a culture. (FSR MDI / public markets transformation)

It the management of our Plan funding risks. reflects OPTrust’s belief in accountability for Total Portfolio results, collaboration across teams and This evolution marked the beginning of a new era continuous improvement. As the organization looks that needed more than new strategies; it required ahead, MDI will continue to evolve with data-driven a fundamental shift to a Total Portfolio mindset. tools and a sharper focus on portfolio risk efficiency. (FSR MDI / public markets transformation)

By empowering our teams with the flexibility to The journey continues, but the destination remains dynamically manage risk and liquidity in response clear: delivering retirement security to our members. to the investment environment, our unique liabilities and developments within our portfolio, Our Member-Driven Investing philosophy • We invest Plan assets to help deliver pension • We strive to construct our portfolio to be security for our members. resilient through different economic and market • Our MDI strategy is our unique application of a environments to the extent possible, helping us TPA, in which we strive to deliver the total fund deliver attractive risk-adjusted returns over the returns needed to keep the Plan sustainable long term. without taking excessive risk. • We also consider other risks to long-term plan • We manage our funding risks by partially sustainability, including climate change and hedging our liabilities, earning diversified other environmental, social and governance investment returns and adding value in asset (ESG)-related risks. classes where we believe we have a competitive advantage. 22 Service and Security – Since 1995 Keeping the Plan in balance The MDI strategy supports our mission of paying pensions today and preserving pensions for tomorrow. (FSR MDI / public markets transformation)

Guiding Principles page language reinforces that success is measured by long-term funded probability at acceptable risk, not by beating a siloed benchmark in isolation. Active management is concentrated where OPTrust believes it has edge; passive exposures fill residual risk-budget needs.

STATEMENT OF INVESTMENT POLICIES AND PROCEDURES Board Policy Effective: December 4, 2025 Overview The Statement of Investment Policies and Procedures (the “SIPP”) is established in accordance with sections 78 and 79 of the General Regulation under the Pension Benefits Act (Ontario) (the "PBA”). (SIPP excerpt)

Plan Description The OPSEU Pension Plan (the “Plan”) was established as a successor to the Public Service Pension Plan pursuant to an Agreement and Declaration of Trust dated October 25, 1994 in accordance with a Sponsorship Agreement dated April 18, 1994 between the Ontario Public Service Employees’ Union (“OPSEU”) and the Province of Ontario (the “Province”) and the Ontario Public Service Employees’ Union Pension Act, 1994. (SIPP excerpt)

The Plan is a jointly-sponsored defined benefit pension plan (“JSPP”) as defined in the PBA and is subject to the rules for JSPPs under the PBA. Members and employers contribute equally to the Plan and share in the Plan governance. OPSEU and the Province are equally represented on the Board of Trustees (the “Board”) with five members each and share equal responsibility for funding decisions. (SIPP excerpt)

Annex: Private markets notes

Service and Security – Since 1995 23 Investment environment Total Portfolio performance The investment environment in 2025 was more volatile Our Total Portfolio delivered a net return of 4.2 per cent than in 2024. Public markets were pressured at the start in 2025, driven mostly by public equity and gold. of the year by trade tensions, but conditions improved and supported a rally through the second half. (FSR private markets)

Inflation 7.8% continued to moderate, allowing central banks to lower 6.7% interest rates. 6.3% Canadian and global economies proved resilient despite 4.2% tariff impacts. Public equity markets delivered strong returns across developed and emerging markets, supported by corporate earnings and continued enthusiasm for artificial intelligence. (FSR private markets)

Canadian equities outperformed U.S. ones, helped by higher gold prices. Gold had another exceptional year, while the U.S. dollar weakened. Canadian government bond prices were Since 19951 10-Year 5-Year 2025 broadly steady as expectations for further rate cuts eased, The Total Portfolio return is net of management fees, transaction costs while U.S. bonds benefited from falling yields. and investment administration expenses. 1 Return stream begins on Dec. 31, 1994. (FSR private markets)

Within the private markets, the challenges of the last few years largely persisted throughout 2025, although Private markets (Illiquid assets) we began to see signs of improvement toward the end Our private markets portfolios, including Private Equity, of the year. Investors remained cautious amidst ongoing Infrastructure and Real Estate, are important components economic uncertainty and a less favourable investing of the Total Portfolio, providing long-term return potential, environment. (FSR private markets)

This continued to weigh on new deal as well as diversification, stability and partial inflation activity, depressing valuations and limiting the ability protection. to generate liquidity. These portfolios delivered a total return of -0.8 per cent in 2025. The performance was influenced by persistent market uncertainty, higher interest rates, lower transaction volumes affecting valuations and realizations, and some portfolio-specific challenges that collectively impacted the overall outcome. (FSR private markets)

Despite the modest one-year performance, our private markets portfolios have delivered 12.3 per cent over a ten-year period, contributing significantly to the Plan’s strong funded status position. 24 Service and Security – Since 1995 As long-term investors, we are focused on looking through Following a period of strong performance, including cycles. (FSR private markets)

Incubation (0.7% mix) is explicitly thematic/early-stage — fintech, digital assets, sustainability and climate technology — and is managed with Sustainable Investing and Innovation / TPM oversight. Treat incubation returns as high-variance by design.

Annex: Climate & RI documents

Aligning our portfolio with the global path to net zero Climate Change Strategy October 2022 Message from the Chair and Vice-Chair Climate change represents an immediate threat we cannot afford to ignore. The global drive to address climate change presents risks to be managed while also providing unique opportunities for asset owners like OPTrust. (Climate Change Strategy PDF)

Ensuring we have the right climate change strategy in place to navigate this journey is critical to ensuring the long-term sustainability of the OPSEU Pension Plan. The Board of Trustees worked with management to advance our climate change strategy and develop a clear plan and ambition to build a resilient portfolio aligned with the global economy’s path towards net zero. (Climate Change Strategy PDF)

Recognizing the complexities of a global transition to a greener economy, a central tenet of OPTrust’s climate change strategy is to anticipate change and evolve. Our work will continue to ensure the organization delivers on its mission, while seizing unprecedented opportunities for innovation, ingenuity and collaboration. (Climate Change Strategy PDF)

Sharon Pel Lindsey Burzese Chair Vice-Chair 2 Our Ambition To successfully navigate the global transition towards net zero, this strategy is designed to: • Achieve a net-zero portfolio by 2050 to manage the risks and seize the opportunities of a transitioning global economy • Build resiliency and adaptability within our portfolio and organization to an increasingly volatile climate • Take a dynamic approach to implementation, evolving our strategy and targets as the world’s path to a lower-carbon future emerges 3 Message from the President and CEO Asset owners worldwide face uncharted territory as the economy advances towards a critical transition across industries and sectors. (Climate Change Strategy PDF)

STATEMENT OF RESPONSIBLE INVESTING PRINCIPLES Board Policy Effective: December 4, 2025 Overview The Statement of Responsible Investing Principles (SRIP) provides a flexible framework which enables OPTrust to incorporate its responsible investing (RI) strategy in different ways across its investment programs. (Statement of Responsible Investing Principles)

The SRIP describes the high-level principles OPTrust employees follow as part of the investment process and while engaging with regulators and the companies in which we invest. The SRIP also sets out how the SRIP is applied by investment management and reported to stakeholders. General OPTrust’s RI strategy supports the organization’s mission to deliver sustainable pension security for all members of the OPSEU Pension Plan (the Plan). (Statement of Responsible Investing Principles)

OPTrust recognizes that environmental, social and governance (ESG) factors can materially impact investment risk, return and reputation. Our RI strategy seeks to identify, assess and manage these concerns and opportunities over our long-term investment horizon to protect and enhance investment performance and ultimately fulfill our commitment to our members’ pension security. (Statement of Responsible Investing Principles)

d achieved an 11% reduction in financed emissions intensity compared to 2022. • Building out more tools to better understand climate risk and opportunity: We developed enhanced due diligence toolkits to more effectively manage our assets’ exposure to climate-related risks and opportunities and their impact on the environment and designed a climate taxonomy for infrastructure and private equity assets. (TCFD 2023–24)

This will allow us to better steward these assets through the low-carbon transition. • Making enhancements to our investment strategy: We strengthened our commitment to enable solutions that address climate change by continuing to build a sustainable incubation investment strategy targeting earlier-stage, climate-themed innovations as a complement to our long-standing renewable energy and green building investments. • Continuing improvements to risk management practices: We enhanced our climate risk governance by implementing a monitoring process that tracks various climate risk metrics across the portfolio. • Engaging alongside like-minded investors to manage systemic market risk: We signed the 2024 Global Investor Statement to Governments on the Climate Crisis, calling on governments to raise their climate ambition in line with the goal of limiting the global temperature rise to 1.5 C, and participated in the Canadian Sustainability Standards Board consultation to advocate for rigorous and high-quality sustainability disclosures for the Canadian market. 3 Our 2023-24 Disclosure Governance OPTrust’s Board of Trustees (the Board) is responsible for the overall administration of the OPSEU Pension Plan (the Plan) and the investment of the OPSEU Pension Plan Trust Fund (the Fund). (TCFD 2023–24)

The Board, along with its Investment Committee (IC), oversees Fund performance and approves and receives regular updates on the implementation of OPTrust’s investment policies, including its responsible investment policies. These policies encompass the Statement of Responsible Investing Principles (SRIP) and Proxy Voting Guidelines, which outline OPTrust’s expectations of portfolio companies and partners regarding climate change and other ESG factors. (TCFD 2023–24)

Additionally, the Board approves and monitors (through the IC) the implementation of OPTrust’s 2022 climate change strategy, with regular reporting on: (1) new initiatives or ongoing analyses; (2) insights from research with implications for our investment approach; (3) progress on strategy and metrics; and (4) regulatory or policy changes and annual Fund disclosures. (TCFD 2023–24)

FSR responsible-investing chapter also cites engagement tooling (including cybersecurity performance measurement additions in 2025) and circular-economy / critical-minerals examples such as Cyclic Materials (Kingston) for rare-earth recovery — quote as official examples, not as a complete holdings list.

Annex: Risk, PATH & culture

Enterprise risk and compliance sit with the CRO organization alongside actuarial services and plan policy. Board AFRC provides oversight. PATH (pension administration transformation) is the flagship operational modernization track toward 2027. Technology narrative in the FSR emphasizes cloud, automation, careful AI enablement, and reduced physical footprint.

Culture markers (FSR): Employer of the Year award from the ONYX Initiative; Movember fundraising cumulative >$93,000 over 11 years; ERGs including BEAN, Country Newcomers, PAAC, People with Disabilities, Reconciliation Working Group, and WAGE; Reconciliation Action Plan framework with Creative Fire; Linda MacKinnon Award 2025 recipients Laura Song (Sustainable Investing and Innovation) and Peter Preradovic (Finance and Facilities). OPTrust Cares 2025 partner: The Stop Community Food Centre.

The Board continues to oversee OPTrust’s five-year strategic The Board remains committed to strong governance and plan, now in its fourth year. The transformation of our risk management. We continue to refine our practices and pension administration system and processes through the policies in light of OPTrust’s strategic priorities and current PATH initiative is progressing well and remains on track for and emerging risks, ensuring the long-term sustainability rollout in 2027. (FSR culture)

We are also advancing our climate change of the Plan. strategy, now four years in, with climate considerations integrated into core investment processes as part of our As we reflect on 30 years of growth, we are proud of what ambition to achieve a net-zero portfolio by 2050. OPTrust has achieved. (FSR culture)

We thank the entire OPTrust team and our fellow Trustees for their commitment to delivering Modernization efforts across the organization — including retirement security to our members. the thoughtful use of AI tools — are strengthening our capabilities and enhancing collaboration in a hybrid work Looking forward, our focus on governance, sustainability environment. (FSR culture)

Annex: Canadian peer context

Among UAO Top 100 Canadian names already live, scale bands differ sharply: HOOPP at CAD $131.9bn end-2025; OMERS and Ontario Teachers’ Pension Plan (OTPP) at much larger absolute AUM; BCI and AIMCo as provincial investment managers; CPP Investments and CDPQ / La Caisse as national-scale investors. OPTrust’s research value is the jointly sponsored OPSEU mandate, 17-year fully funded streak, MDI/TPA architecture, and CAD-only official reporting — not a peer-AUM horse race.

When comparing funded status, align definitions (funding vs accounting surplus; smoothed vs market). OPTrust’s $199 million funding surplus on $27.9bn actuarial assets is not comparable one-for-one to HOOPP’s 109% funded ratio language without reading each plan’s valuation basis.

Annex: Transparency stack

• optrust.com — home, investments, leadership, newsroom.
• 2025 Funded Status Report PDF (Service & Security – Since 1995) — funding, investments, RI, FS, ten-year review.
• News release 11 March 2026 — fully funded 17th year / 4.2% / 30th anniversary framing.
• Investment Guiding Principles page — six Board-approved beliefs.
• SIPP / Statement of Responsible Investing Principles / Proxy Voting Guidelines PDFs.
• Climate Change Strategy PDF (net-zero 2050) + TCFD reports.
• UAO person SSR: peter-lindley, james-c-davis.

Annex: Editorial locks

• H1 = OPTrust only — never “| UAO Top 100” in H1 (meta_title may carry brand query shape).
• Single www canonical via post.canonical_url only — no extra canonical link in codeinjection_head.
• Official CAD only for headline AUM; no invented USD.
• CEO Peter Lindley; CIO James C. Davis — verify against live INST; do not invent seats.
• ≠ OTPP ≠ OMERS ≠ HOOPP ≠ BCI ≠ AIMCo ≠ CPP ≠ CDPQ.
• Daily-refresh disabled; desk registry-people-desk-41.json untouched (sha a13480ec21c4dc98…).
• Seat-lock + META lastsweep 2026-09-11; theme uao 1.3.192; sitemap 06co with 94 locs.
• No CoS / SEO messaging from this ship (parent owns FRR SEO ping; next CoS batch at 95).
• VideoObject omitted — no official embed located in opened primaries.
• Organization schema (jointly sponsored public pension plan); not forced to GovernmentOrganization.

Annex: Outbound report checklist

• Confirm CAD $27,223m net assets / $27,931m actuarial assets / $199m funding surplus on latest FSR.
• Confirm 4.2% / 6.3% / 6.7% / 7.8% return stack still matches live investments page.
• Confirm Lindley / Davis titles on /about/leadership.
• Confirm Nesbitt Chair / Selvarajah Vice-Chair.
• Confirm Select >5,200 and employer counts 24 / 63 if citing membership annex.
• Confirm climate “all 2025 targets achieved” language before repeating.
• Re-check peers live before any comparative table.
• Prefer primary PDFs over secondary press paraphrases.

Annex: Chair, Vice-Chair and CEO messages (FSR)

Liabilities (27,732) (26,675) Surplus $199 $190 1 The difference between funding and financial statement valuations is described on page 20. Service and Security – Since 1995 9 MESSAGE FROM THE CHAIR AND VICE-CHAIR “Being fully funded means This year, we celebrate a remarkable milestone — 30 years of service and security for our members. (FSR messages)

Today, OPTrust is we can fulfil our promise to a fully funded, mature, modern pension fund, guided by pay pensions today while strong governance. These principles have positioned the Plan on a solid footing for the next 30 years and beyond. preserving pensions for tomorrow, a responsibility Navigating uncertainty with stability we take seriously every Economic and geopolitical uncertainties continue to shape the world around us. (FSR messages)

Through these challenges, OPTrust single day.” remains well positioned to deliver pension security. Our strong relationships with our Sponsors allow us to advocate for our members and reinforce good governance and a shared long-term vision for the Plan. This foundation enables us to navigate uncertainty with confidence and remain focused on what matters most — delivering peace of mind in retirement for our members. (FSR messages)

Thanks to the dedication and expertise of teams across OPTrust, the Plan remains fully funded for the 17th year in a row. Being fully funded means we can fulfil our promise to pay pensions today while preserving pensions for tomorrow, a responsibility we take seriously every day. (FSR messages)

10 Service and Security – Since 1995 Advancing our strategy Parting thoughts The Board continues to oversee OPTrust’s five-year strategic The Board remains committed to strong governance and plan, now in its fourth year. The transformation of our risk management. (FSR messages)

We continue to refine our practices and pension administration system and processes through the policies in light of OPTrust’s strategic priorities and current PATH initiative is progressing well and remains on track for and emerging risks, ensuring the long-term sustainability rollout in 2027. (FSR messages)

We are also advancing our climate change of the Plan. strategy, now four years in, with climate considerations integrated into core investment processes as part of our As we reflect on 30 years of growth, we are proud of what ambition to achieve a net-zero portfolio by 2050. (FSR messages)

OPTrust has achieved. We thank the entire OPTrust team and our fellow Trustees for their commitment to delivering Modernization efforts across the organization — including retirement security to our members. the thoughtful use of AI tools — are strengthening our capabilities and enhancing collaboration in a hybrid work Looking forward, our focus on governance, sustainability environment. (FSR messages)

At the same time, we are investing in our and resilience will ensure we continue to deliver on our people, fostering learning and career growth to build a mission for decades to come. durable foundation for the decades ahead. Board appointments In 2025, we welcomed Janel Perron as a new Trustee. (FSR messages)

Richard Nesbitt Chair Ram Selvarajah Vice-Chair Service and Security – Since 1995 11 MESSAGE FROM THE PRESIDENT AND CEO “Our focus remains clear: Thirty years ago, OPTrust was founded with a clear purpose: to provide secure, reliable pensions for our delivering pensions today members. (FSR messages)

Annex: Serving members & life events (FSR)

Peter Lindley President and Chief Executive Officer Service and Security – Since 1995 13 SERVING OUR MEMBERS OPTrust remains Keeping up with inflation fully funded for the The 2025 cost-of-living adjustment (COLA) was two per cent for the primary schedule and OPTrust Select. (FSR serving members)

17th consecutive year Under the primary schedule, pensions that are being paid and deferred pensions are automatically granted an annual Supported members COLA based on inflation. through approximately Under OPTrust Select, pensions that are being paid may be granted COLA, and active members may be granted 73,500 life events accrued benefit upgrades to adjust for inflation, on an annual basis at the discretion of the Board of Trustees. (FSR serving members)

2.0% cost-of-living $40,000 adjustment $30,000 $20,000 Over $1.4 billion total entitlements paid $10,000 $0 1995 2000 2005 2010 2015 2020 2025 2026 Top 10 global ranking A retiree who started receiving a $20,000 pension in for member service January 1995, would receive $38,059 from the Plan starting January 2026 — a 90 per cent increase over a 31-year period. (FSR serving members)

Member service rating of 8.6/10 14 Service and Security – Since 1995 Delivering on our mission Our members continue to value the service we provide, Our expert Member Experience and Pension Operations giving us a strong service rating of 8.6/10 in 2025. This team supports members through complex life events — reflects our commitment to delivering exceptional by phone, online, and at webinars and events. (FSR serving members)

Members experiences and personalized support. Looking ahead, we can view their Annual Pension Statement online and will build on this foundation by investing in technology use the Pension Estimator to explore retirement date and training to ensure even faster, more intuitive service. options. (FSR serving members)

These tools empower members to make informed For members, this means continued confidence that their decisions; we will keep enhancing them to provide even pension plan is managed with care and excellence. greater clarity and convenience. We are proud to be ranked among the top 10 pension plans globally for service, according to CEM Benchmarking. (FSR serving members)

2025 Retirement decision snapshot This achievement underscores our position as a leader in In 2025, Plan members retired under one of the following member experience. Looking ahead, we will maintain the options: world-class service our members have come to expect by Age 65 The normal retirement age under the enhancing best practices and innovations, meeting the or later: Plan is age 65; members can postpone evolving needs of our members in a changing world. retirement as late as age 71. (FSR serving members)

Factor 90: Age plus years of pension service total Helping members feel confident at least 90. 60/20: Age 60 or older plus at least 20 years of about the future pension service. In a period of uncertainty, our vision to deliver peace of Reduced: Available starting at age 55 to mind in retirement for our members is more important members who do not qualify for than ever. (FSR serving members)

An OPTrust pension offers a predictable income an unreduced pension. stream for life, and cost-of-living adjustments preserve purchasing power. This stability allows members to plan confidently for the future, knowing their retirement Factor 90: 13% Age 65 or later: 47% income is secure. (FSR serving members)

Beyond individual security, defined benefit (DB) pensions strengthen communities. Ninety-eight per cent of DB pension benefits are spent at home in Canada, contributing nearly $35 billion to Ontario’s economy and supporting local jobs across the province. This economic impact reinforces the value of our Plan — not just for members, but for the broader society they live in. (FSR serving members)

Annex: 2025 responsible investing report detail

the evolutions in regulatory, economic and investment • Strengthened tools and analytics: Over time we have aspects of the low-carbon transition. developed a range of tools and approaches (including carbon footprinting, a climate taxonomy and climate We are now more than halfway through implementing scenario analysis) that equip us to comprehensively OPTrust’s climate change strategy, launched in 2022. assess climate risks and opportunities. (FSR RI chapter)

By working Over the past year we made major advances across its to consolidate these approaches, we can better four pillars (investment strategy and selection, asset understand climate-related factors across all asset management, portfolio analytics, and advocacy and classes and leverage these insights to sustain the disclosure), ensuring climate considerations are well- fund’s climate resilience. integrated in all aspects of our business. (FSR RI chapter)

This includes: Service and Security – Since 1995 31 What is COMPAS? Active ownership and stewardship “Capturing OPTrust’s Management and Progress Active ownership is a key lever for value creation and Around Sustainability,” or COMPAS, is our internal ESG risk management in our long-term investment strategy. data program. (FSR RI chapter)

It is an important tool for investment Good governance, including responsible management of monitoring and stewardship. environmental and human capital factors, is essential to sustainable performance and we employ our influence We established this program to systematically identify as an asset owner to direct positive advancements in our strengths and weaknesses in our management of ESG investments. (FSR RI chapter)

Our investment stewardship takes many factors in our investments, in order to deepen our forms across our portfolios, ranging from holding board investment and stewardship capabilities. seats in private markets investments to proxy voting and We conducted our fourth cycle of ESG data collection corporate engagement in public markets. across the total fund in 2025, collecting metrics across a range of portfolios and asset classes to measure our Proxy voting ESG performance in different investment strategies. (FSR RI chapter)

We leveraged learnings from this year’s data to For all securities where we hold voting rights, we vote facilitate investment team education sessions on in accordance with our Board-approved Proxy Voting material ESG themes (such as workplace safety and Guidelines. (FSR RI chapter)

Our guidelines set out our expectations cybersecurity), guided by best practices gathered on a range of governance factors, including executive from portfolio companies and investment partners. compensation, shareholder rights, board diversity and management of environmental and social issues — all with an eye to promoting strong long-term performance. (FSR RI chapter)

In 2025, OPTrust voted on 5768 proposals in the following categories: Routine items: 23% Director related: 38% OPTrust voted at 700 meetings in 30 countries. Compensation: 11% OPTrust voted with management on 85 per cent of proposals and against management on 15 per cent. (FSR RI chapter)

Capitalization: 7% Other: 21% 32 Service and Security – Since 1995 Public markets corporate engagement We work with our engagement provider and investor associations (including the 30% Club and the Canadian Coalition for Good Governance) to engage with investee companies on meaningful ESG issues that materially impact performance. (FSR RI chapter)

2025 Engagement milestones: Environmental stewardship: CRH / United States Diversity and inclusion: Hana Financial Group / CRH announced new 2030 targets for biodiversity in South Korea their latest sustainability report, aiming for application Hana Financial Group appointed a second woman to the of net impact methodology to 100 per cent of extractive board following engagement on the need to increase their sites located in or near areas of high biodiversity value, board gender diversity. and for over 1,000 locations to institute pollinator- promoting initiatives. (FSR RI chapter)

Human rights: SK Hynix / South Korea SK Hynix developed a comprehensive strategy for Climate change: RWE / Germany managing human rights, adding transparency on how RWE’s executive remuneration report clearly linked they address forced labour risks within their supply chain. long-term incentive plan compensation to the firm’s carbon footprint, strengthening accountability for Corporate governance: Max Healthcare / India decarbonization and demonstrating industry leadership. (FSR RI chapter)

Max Healthcare appointed a Lead Independent Director to their board and brought their Audit & Nomination and Climate change: General Motors / United States Remuneration Committees to 100 per cent independence, General Motors announced a number of electric vehicle strengthening board governance and oversight. battery advancements, including a targeted eightfold increase in North American battery supply chain content by 2028 and expansion into the energy storage market. (FSR RI chapter)

Annex: Governance & accountability (FSR)

measures and how well we achieve our organizational, employees who work to deliver on our goals and live our divisional and individual objectives. values. • Encourage effective risk management that is aligned Compensation structures for bargaining unit staff are with the organization’s Risk Appetite Statement and negotiated in the collective agreement. (FSR governance)

The current four- other risk metrics. year agreement is effective as of Jan. 1, 2023 and runs through to Dec. 31, 2026. • Have a variable pay structure that facilitates pay for performance and rewards employees commensurate For non-bargaining unit employees, our compensation with their ability to impact results. program is comprised of base salary and variable compensation, including annual and long-term • Promote OPTrust’s values by focusing not just on what (where applicable) components. is achieved, but how it is achieved. • Be perceived as fair and reasonable by internal and external stakeholders. (FSR governance)

To ensure our management compensation program remains aligned with these principles and market competitive, we undertake regular comprehensive reviews. 42 Service and Security – Since 1995 Compensation framework Compensation oversight for management The Board approves the compensation principles and Base salary philosophy, the design of the compensation program, the performance factors, and the total aggregate base salaries Employees are assigned a salary to provide market- and variable compensation for all management and competitive compensation appropriate for the level of exempt employees. responsibility, knowledge and skill required for their role. (FSR governance)

Additionally, the Board approves the salaries and variable Variable compensation compensation paid to the CEO, members of the Executive Team and the 10 highest-paid employees who are not on OPTrust’s variable compensation plan (called “One Plan”) the Executive Team. is based on performance assessments in the key areas outlined below. (FSR governance)

Performance metrics are established at The Human Resources and Compensation Committee the beginning of the year and the weighting for each assists the Board in meeting its fiduciary duties by making category varies based on the level of the employee and recommendations to the Board on compensation- their division. related matters and monitoring the implementation of the compensation program. (FSR governance)

The Board engages Within the OPTrust Performance category, the four- an independent compensation advisor to provide year Retrospective Total Fund Performance is evaluated advice and assistance to the Human Resources and through three metrics: funded status, risk-adjusted return Compensation Committee and the Board in executing their and cumulative value-add of active strategies. (FSR governance)

For the responsibilities. employees in the Investment Division, the Divisional Performance category includes an evaluation of the The CEO is responsible for overseeing the implementation four-year Retrospective Asset Class Performance. of the compensation program and for making recommendations to the Board on the payment factors For all eligible employees, after the end of the year, for the quantitative and qualitative metrics. (FSR governance)

The CEO performance is assessed against objectives at the makes recommendations to the Human Resources and individual, divisional and organizational levels to Compensation Committee with respect to the salaries determine their payment. The payment is made as a and variable compensation of members of the Executive combination of an annual component and, if eligible, a Team and certain other highly paid employees and the long-term component. (FSR governance)

The annual component is paid aggregate compensation paid to all other members of after the end of the performance year, while the long-term management, based on a combination of the performance component is payable in equal installments over the two of the Plan and individual performance. years after the annual payment is made. (FSR governance)

OPTrust Divisional Individual + + Performance Performance Evaluation Four-year Retrospective Four-year Retrospective Individual Objectives Total Fund Performance Asset Class Performance (investment roles) Organizational Objectives Divisional Objectives Performance Evaluation Performance Evaluation Annual payment: paid in cash after the end of the performance year Long-term payment: will vest over the two years following the performance year (for eligible employees) Service and Security – Since 1995 43 Compensation disclosure The Board is committed to transparency with respect to the compensation of members of OPTrust’s Executive Team. (FSR governance)

Annex: Financial statement notes (opened)

52 Service and Security – Since 1995 Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about • Conclude on the appropriateness of management’s whether the financial statements as a whole are free from use of the going concern basis of accounting and, material misstatement, whether due to fraud or error, based on the audit evidence obtained, whether and to issue an auditor’s report that includes our opinion. a material uncertainty exists related to events or Reasonable assurance is a high level of assurance, but is conditions that may cast significant doubt on OPTrust’s not a guarantee that an audit conducted in accordance ability to continue as a going concern. (FSR financial statements)

If we conclude with Canadian generally accepted auditing standards that a material uncertainty exists, we are required to will always detect a material misstatement when it exists. draw attention in our auditor’s report to the related Misstatements can arise from fraud or error and are disclosures in the financial statements or, if such considered material if, individually or in the aggregate, they disclosures are inadequate, to modify our opinion. (FSR financial statements)

Our could reasonably be expected to influence the economic conclusions are based on the audit evidence obtained decisions of users taken on the basis of these financial up to the date of our auditor’s report. However, future statements. events or conditions may cause OPTrust to cease to continue as a going concern. (FSR financial statements)

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional • Evaluate the overall presentation, structure and judgment and maintain professional skepticism content of the financial statements, including the throughout the audit. (FSR financial statements)

We also: disclosures, and whether the financial statements represent the underlying transactions and events in a • Identify and assess the risks of material misstatement manner that achieves fair presentation. of the financial statements, whether due to fraud or error, design and perform audit procedures We communicate with those charged with governance responsive to those risks, and obtain audit evidence regarding, among other matters, the planned scope and that is sufficient and appropriate to provide a basis timing of the audit and significant audit findings, including for our opinion. (FSR financial statements)

The risk of not detecting a material any significant deficiencies in internal control that we misstatement resulting from fraud is higher than for identify during our audit. one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. (FSR financial statements)

Chartered Professional Accountants, Licensed Public • Obtain an understanding of internal control relevant Accountants to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the Toronto, Ontario purpose of expressing an opinion on the effectiveness March 5, 2026 of OPTrust’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. (FSR financial statements)

Service and Security – Since 1995 53 Statements of financial position As at December 31 ($ millions) 2025 2024 ASSETS Investments (Note 3) 27,807 28,924 Contributions receivable (Note 7) 68 72 Other assets 31 26 27,906 29,022 LIABILITIES Accounts payable and accrued charges 65 51 Investment-related liabilities (Note 3) 618 2,118 683 2,169 NET ASSETS AVAILABLE FOR BENEFITS 27,223 26,853 PENSION OBLIGATIONS (Note 5) 22,492 22,474 SURPLUS (Note 6) 4,731 4,379 PENSION OBLIGATIONS AND SURPLUS 27,223 26,853 For the years ended December 31 ($ millions) 2025 2024 SURPLUS, BEGINNING OF YEAR 4,379 3,076 CHANGE IN SURPLUS Increase in net assets available for benefits 370 1,713 (Increase) in net pension obligations (18) (410) NET INCREASE IN SURPLUS 352 1,303 SURPLUS, END OF YEAR 4,731 4,379 The accompanying notes are an integral part of these financial statements. (FSR financial statements)

The financial statements were authorized for issue by the Board of Trustees on March 5, 2026 and were signed on its behalf by: Richard Nesbitt Ram Selvarajah Chair Vice-Chair 54 Service and Security – Since 1995 Statements of changes in net assets available for benefits For the years ended December 31 ($ millions) 2025 2024 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 26,853 25,140 Changes Due to Investment Activities Investment income (Note 4) 550 565 Net gain on investments (Note 4) 662 1,901 Investment management and administrative expenses (Notes 4 and 9) (94) (94) 1,118 2,372 Changes Due to Pension Activities Contributions (Note 7) 716 781 Benefits paid (Note 8) (1,417) (1,395) Pension administrative expenses (Note 9) (47) (45) (748) (659) INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 370 1,713 NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR 27,223 26,853 The accompanying notes are an integral part of these financial statements. (FSR financial statements)

Statements of changes in pension obligations For the years ended December 31 ($ millions) 2025 2024 PENSION OBLIGATIONS, BEGINNING OF YEAR 22,474 22,064 INCREASE IN PENSION OBLIGATIONS Interest accrued on benefits 1,267 1,280 Benefits accrued 601 659 Change in actuarial assumptions (Note 5) (361) 234 1,507 2,173 DECREASE IN PENSION OBLIGATIONS Benefits paid (Note 8) 1,417 1,395 Experience gains (Note 5) 72 368 1,489 1,763 INCREASE IN NET PENSION OBLIGATIONS 18 410 PENSION OBLIGATIONS, END OF YEAR 22,492 22,474 The accompanying notes are an integral part of these financial statements. (FSR financial statements)

Annex: Ten-year financial review notes

Financial assets Derivative instruments 215 (55) 160 (124) 36 Resell agreements 1,135 — 1,135 (1,128) 7 Securities lending 30 — 30 (30) — TOTAL FINANCIAL ASSETS 1,380 (55) 1,325 (1,282) 43 Financial liabilities Derivative instruments (109) 55 (54) 54 — Resell agreements (394) — (394) 394 — TOTAL FINANCIAL LIABILITIES (503) 55 (448) 448 — As at December 31 ($ millions) 2024 Financial assets Derivative instruments 361 (135) 226 (44) 182 Resell agreements 1,307 — 1,307 (1,290) 17 Securities lending 11 — 11a (11) — TOTAL FINANCIAL ASSETS 1,679 (135) 1,544 (1,345) 199 Financial liabilities Derivative instruments (339) 135 (204) 204 — Repurchase agreements (1,633) — (1,633) 1,616 (17) TOTAL FINANCIAL LIABILITIES (1,972) 135 (1,837) 1,820 (17) a These securities are included in public equity investments. (FSR ten-year review)

68 Service and Security – Since 1995 Liquidity Risk Liquidity risk is the potential that OPTrust will not be able to meet OPTrust’s cash and liquidity positions are monitored daily for payment obligations for pension payments, operating expenses or compliance with guidelines and limits established in a liquidity investment activities as they come due without the forced sale of framework. (FSR ten-year review)

Both short-term and long-term cash and liquidity assets. OPTrust has exposure to liquidity risk through its investment requirements are assessed within this framework. In addition, commitments, which are required to be funded in future periods, OPTrust conducts various stress tests to examine how they may as well as through holding certain investments including pooled impact liquidity. and hedge funds, private equity, infrastructure and real estate Liquidity risk is managed by holding cash and certain short-term investments, which by nature are less liquid than public market investments, liquid money market securities and unencumbered assets (see Note 10). (FSR ten-year review)

An additional source of liquidity risk exposure high-quality liquid securities that can be sold under repurchase is OPTrust’s use of derivatives with their potential margin calls agreements to raise funds. A core liquidity reserve is maintained for which are impacted by daily market movements. deployment in the event of severe market disruption. (FSR ten-year review)

OPTrust forecasts and manages cash flows centrally to ensure The remaining terms to contractual maturity of OPTrust’s it meets its obligations when due without unintended early investment-related liabilities are as follows: liquidation of assets. 2025 2024 Within 1 to 5 5 to 10 Within 1 to 5 5 to 10 As at December 31 ($ millions) 1 year years years Total 1 year years years Total Cash collateral received (124) — — (124) (56) — — (56) Due to brokers and other liabilities (29) (17) — (46) (206) (19) — (225) Derivative instruments (54) — — (54) (204) — — (204) Repurchase agreements (394) — — (394) (1,633) — — (1,633) TOTAL (601) (17) — (618) (2,099) (19) — (2,118) OPTrust maintains unsecured credit facilities to meet potential liquidity requirements. (FSR ten-year review)

As at December 31, 2025, $91 million (2024 - $137 million) was drawn on the credit facilities in the form of letters of credit, with $489 million (2024 - $244 million) being undrawn. Service and Security – Since 1995 69 4. Net Investment Income The following schedule presents the net investment income of OPTrust’s investments by asset class: 2025 2024 Net Net Investment Net gain/ investment Investment Net gain/ investment For the years ended December 31 income/ (loss) on in- income/ income/ (loss) on in- income/ ($ millions) (loss) vestmentsa (loss)b/c (loss) vestmentsa (loss)b/c Fixed income Cash and short-term investments 58 (1) 57 87 (8) 79 Government and corporate bonds Canadian 246 (222) 24 220 (94) 126 Foreign — — — (14) (16) (30) 304 (223) 81 293 (118) 175 Public equity Canadian — 13 13 1 11 12 Foreign 21 (351) (330) 19 83 102 21 (338) (317) 20 94 114 Pooled and hedge funds 20 135 155 10 508 518 Real estate 127 (533) (406) 147 (171) (24) Private equity 47 125 172 51 892 943 Infrastructure 31 189 220 44 352 396 Derivative instruments — 1,307 1,307 — 344 344 225 1,223 1,448 252 1,925 2,177 550 662 1,212 565 1,901 2,466 Investment management expenses External manager feesd (2) (5) Transaction costs (26) (24) (28) (29) NET INVESTMENT INCOME 1,184 2,437 a Includes net realized gain of $922 million and net unrealized loss of $(260) million in 2025 and net realized gain of $1,258 million and net unrealized gain of $643 million in 2024. b Certain investment-related disbursements of $44 million in 2025 (2024 - $51 million) have been netted against net investment income/(loss). c Net of management fees not directly invoiced and performance fees for portfolio management. d OPTrust invests with external managers and their fees are primarily netted against investment income as noted in (c). (FSR ten-year review)

These separately presented fees represent amounts paid directly by the Plan. 70 Service and Security – Since 1995 5. Pension Obligations A. FINANCIAL STATEMENT VALUATION OPTrust annually reviews the actuarial assumptions used in assumptions developed by reference to long-term market the financial statement valuation to ensure that they reflect conditions. (FSR ten-year review)

The funding valuation is used to identify gains or losses. management’s best estimate of expected trends. The key economic Gains or losses are first split between the Primary Schedule and assumptions used for the valuation are as follows: OPTrust Select based on the accrued liability. (FSR ten-year review)

Annex: Proxy voting guidelines (opened PDF)

PROXY VOTING GUIDELINES Board Policy Effective: December 4, 2025 Overview The Proxy Voting Guidelines provide guidance on the execution of voting rights for the publicly traded securities held by OPTrust. As a long-term investor, OPTrust believes that good governance practices support stronger long-term performance and enhance shareholder value. (Proxy Voting Guidelines)

OPTrust actively exercises its voting rights for public securities held within its portfolios, where possible, according to OPTrust’s Proxy Voting Guidelines. General Purpose and Scope The Proxy Voting Guidelines cover issues such as the composition of boards, executive compensation, shareholder rights, takeover protection and the disclosure of material environmental, social and governance (ESG) information. (Proxy Voting Guidelines)

These guidelines are not to be considered rigid positions and OPTrust considers specific issues on a case-by-case basis. The Proxy Voting Guidelines are a critical component of OPTrust’s responsible investing activities. These activities support the organization’s mission to deliver sustainable pension security for all members by contributing to the long-term sustainability of investment returns. (Proxy Voting Guidelines)

OPTrust recognizes that ESG factors have the potential to affect the Plan’s investment performance. This approach to responsible investing is further detailed in OPTrust’s Statement of Responsible Investment Principles (SRIP). OPTrust takes a responsible stewardship approach to ownership by monitoring companies within its portfolios, actively voting at all company meetings, and engaging with investee companies and other entities in order to improve corporate ESG performance. (Proxy Voting Guidelines)

OPTrust’s pursuit of good corporate governance practices within the companies it invests in is demonstrated by our vote record. We review our guidelines on an annual basis, taking into account best practice guidance issued by leading governance organizations. Legal Framework As the legal administrator of the OPSEU Pension Plan and related pension fund, OPTrust is subject to a fiduciary standard of care and duty of loyalty under Ontario’s Pension Benefits Act (PBA) and at common law. (Proxy Voting Guidelines)

The content of these duties is determined by the courts and may be summarized as a requirement to engage in deliberate, even-handed decision-making with a view to the best interests of the plan beneficiaries as a whole. The U.K. courts have held that normally the best interests of the beneficiaries of a financial trust are their best financial interests. (Proxy Voting Guidelines)

However, the concept of best financial interests is evolving. It is now widely Public accepted that best financial interests include both the short-term and long-term interests of the Plan membership and that ESG factors may be relevant to a plan’s financial performance over the long term. (Proxy Voting Guidelines)

The relevance of ESG factors to pension plan investing is reflected in amendments to the regulations under the PBA which came into effect January 1, 2016. The regulations require administrators to indicate in the plan’s Statement of Investment Policies and Procedures (SIPP) whether the administrator takes ESG factors into consideration and, if it does, how ESG factors are incorporated in investment decisions.1 The PBA Regulations also require that administrators include in member statements wording to the effect that the administrator must establish a SIPP and include in the SIPP information about whether ESG factors are incorporated into the plan’s SIPP.2 The effect of the regulations is to require pension fiduciaries to engage in an intentional and deliberate decision-making process around ESG factors. (Proxy Voting Guidelines)

Annex: SIPP additional excerpts

y and preserve pensions for tomorrow. Investment Governance The Board has delegated the day-to-day administration and investment of the Fund to the Plan Manager, President & Chief Executive Officer (the “CEO”), and the CEO, in turn, has delegated responsibility for the investment of the Fund to the Chief Investment Officer (the “CIO”). (SIPP)

The CIO provides the Board with such reporting as the Board requires to fulfill its strategic oversight and monitoring roles. Public Prudent Person Approach to Investing OPTrust is subject to a prudent person standard of care under the PBA. OPTrust understands that prudence in investing is to be assessed mainly by the process through which investment strategies are developed, adopted, implemented and monitored in light of the purposes for which the funds are held. (SIPP)

Since prudence is measured principally by the process through which investment decisions are made, OPTrust (i) is committed to establishing a strong governance system that clearly allocates responsibility between the Board and management, (ii) utilizes the expertise of OPTrust’s investment professionals in setting the investment strategy within the parameters established by the Board, (iii) includes a robust reporting system on matters delegated by the Board to management through the delegation to the CEO, (iv) engages in deliberate decision-making based on proper consideration of adequate information, and (v) ensures that the reasons for decisions and the circumstances that were considered are documented. (SIPP)

Compliance with Regulatory Requirements The SIPP must satisfy the prescribed requirements and the Fund must be invested in accordance with the SIPP. The CIO has overall responsibility for monitoring investments to ensure compliance with the SIPP and for ensuring that the SIPP is filed with the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (“FSRA”) within the prescribed timeframes. (SIPP)

The investment of the Fund must also comply with the prescribed requirements for pension investing, including the limits and other restrictions in Schedule III to the Pension Benefits Standards Regulations, 1985, which is incorporated by reference into the PBA Regulations (subject to any modifications in the PBA Regulations). (SIPP)

Finally, in investing the Fund, OPTrust shall have regard to applicable policies of the regulatory authorities. Annual Review The SIPP shall be reviewed, amended (if necessary) and approved by the Board at least annually, and the SIPP and any amendments thereto will be filed with FSRA and delivered to the Plan’s actuary within the prescribed timeframes. (SIPP)

Factors Affecting the Ability of the Plan to Meet its Obligations In developing the SIPP, OPTrust has taken the following factors into account: • Plan funding risk; • the nature of the Plan’s liabilities; • the possible effects of inflation, deflation or stagflation; • the expected total return of the portfolio; • liquidity; and • the characteristics of different asset classes, their relationships to each other and their risk and return characteristics. (SIPP)

Statement of Investment Policies and Procedures│December 2025 2 Public Categories of Investments The following categories of investments (on a direct and indirect basis) are permissible for the purposes of the Plan. Government Bonds – Debt securities of or guaranteed by Canadian and foreign governments, including any agencies, subdivisions, etc., thereof. (SIPP)

Annex: TCFD additional excerpts

accountability, climate priorities for the upcoming fiscal year are embedded into the annual performance objectives of multiple departments, the achievement of which influence compensation. Additionally, the strategy is integrated into OPTrust’s five-year strategic plan, overseen by the Board and executed under the leadership of the President and CEO. (TCFD 2023–24)

The Board delegates responsibility of OPTrust’s overall Responsible Investing (RI) program to the Chief Investment Officer (CIO), who oversees its implementation, including delivery of the Fund’s climate change strategy. The CIO delegates the day-to-day development and implementation of both to the Sustainable Investing and Innovation (SII) team. (TCFD 2023–24)

In addition, responsibility for the due diligence of specific climate change and other ESG factors is delegated, through our Board- approved SRIP, to the investment deal teams, which is overseen by management-led investment committees. At the management level, implementation of our climate change strategy sits with two committees: • Responsible Investing Committee (RIC): Members include the CIO and senior managing directors from all asset classes (real estate, private equity, infrastructure, public markets), portfolio construction and SII. (TCFD 2023–24)

The RIC provides strategic direction and implementation guidance for OPTrust’s RI program and climate change strategy. • Responsible Investing Leaders Group (RLG): Members include representatives from various corporate functions and all asset classes. RLG members identify, prioritize and execute projects to further our commitments under the climate change strategy and facilitate delivery of the annual departmental objectives mentioned above. (TCFD 2023–24)

The SII team also provides regular updates (at least quarterly) to the Executive Team on departmental progress for key climate initiatives, and the CEO and CIO report to the Board regularly on major accomplishments throughout the year. In addition, our Chair of the Board of Trustees from November 2022 to October 2024 works at the Ontario Ministry of the Environment, Conservation and Parks. (TCFD 2023–24)

Several Board members also completed the Institute of Corporate Directors’ “Board Oversight of Climate Change” course. In an ongoing effort to improve our governance on the management of climate- related risks, our Board participated in a collaborative peer review engagement on climate change governance practices. (TCFD 2023–24)

The findings from this research will inform how we continue to evolve our structures and processes. 4 Strategy The global transition toward a net-zero economy presents significant investment risks and opportunities across asset classes and industries. As countries, industries and companies chart their paths to reduce reliance on fossil fuels, the journey will be shaped by various factors, including consumer behaviour, regulatory shifts, technological advancements and actions taken by corporations and investors. (TCFD 2023–24)

While the specific risks and opportunities climate change poses may vary from investment to investment, overall risks remain consistent with those outlined in previous reports, including in our 2021 TCFD report (pages 8-10). The following section provides an update on the implementation of our 2022 climate change strategy, along with commentary on our investment portfolio. (TCFD 2023–24)

Climate change strategy implementation Our 2022 climate change strategy outlines 10 key areas of work, or commitments, that OPTrust will advance over the next few years to address the impacts of climate change on our core financial purpose. These 10 cross-organizational commitments are centered on four pillars designed to better integrate climate considerations across OPTrust’s investment portfolio and supporting operations: investment strategy and selection, asset management, portfolio analytics, and advocacy and disclosure. (TCFD 2023–24)

Climate Change Strategy: Summary • Asset class diligence: Integrate climate considerations into due diligence Investment and valuations. Strategy and • Portfolio construction: Stress-test portfolio using climate scenarios. Selection • Allocations: Develop climate-related taxonomy to track asset allocations and understand implications for investment strategies. • Stewardship: Establish stewardship plans for our highest-risk assets and strategies. (TCFD 2023–24)

FAQ

What is OPTrust?

OPTrust invests and manages one of Canada’s largest pension funds and administers the OPSEU Pension Plan (including OPTrust Select), a jointly sponsored defined-benefit plan. Soft strings: OPTrust / OPSEU Pension Trust / OPSEU Pension Plan. Official site: https://www.optrust.com/. Founded under a 1994 Sponsorship Agreement between the Province of Ontario and OPSEU/SEFPO; operations from 1995. UAO slug: optrust. Instantiations rank 98.

What is OPTrust’s latest official AUM in Canadian dollars?

Prefer official CAD — do not invent a USD headline. At 31 December 2025 (2025 Funded Status Report / financial statements): net assets available for benefits CAD $27,223 million ($27.2 billion), versus $26,853 million at end-2024. Actuarial assets $27,931 million versus funding liabilities $27,732 million (surplus $199 million). Accounting surplus $4,731 million against pension obligations $22,492 million.

What returns did OPTrust report for 2025?

Total Portfolio net return 4.2% in 2025 (driven mainly by public equity and gold). Five-year 6.3%; ten-year 6.7%; since inception (return stream from 31 Dec 1994) 7.8%. Liquid Completion Portfolio returned 20.3% in its first year under the consolidated public-markets model. Private markets (illiquid) returned −0.8% in 2025 but 12.3% over ten years.

Who leads OPTrust — CEO and CIO?

President and Chief Executive Officer Peter Lindley (joined 2019; FSR appointment September 2019). Chief Investment Officer James C. Davis (appointed September 2015). Person SSR: peter-lindley and james-c-davis. Do not mix with OTPP (Jo Taylor / Stephen McLennan), OMERS (Blake Hutcheson), or HOOPP (Annesley Wallace / Michael Wissell).

How is OPTrust governed?

Joint trusteeship: a 10-member Board of Trustees — five appointed by OPSEU/SEFPO and five by the Government of Ontario. Chair and Vice-Chair rotate between sponsor sides every two years. As of the opened leadership page: Chair Richard Nesbitt (Government appointee); Vice-Chair Ram Selvarajah (OPSEU/SEFPO; Investment Committee chair since November 2024). The Board is the legal plan administrator and delegates day-to-day management to the President and CEO.

What is Member-Driven Investing (MDI)?

MDI is OPTrust’s application of a Total Portfolio Approach. It prioritises total-fund outcomes and funding-risk management over siloed strategic asset allocation. The 2025 Funded Status Report marks roughly a decade of MDI. In 2025 OPTrust completed a public-markets transformation into a single Liquid Completion Portfolio (“one portfolio, one fund”). Board-approved Investment Guiding Principles underpin MDI.

What is OPTrust Select and how large is membership?

OPTrust Select is the Plan schedule designed for nonprofit, charitable and related employers. End-2025: over 5,200 Select members; 63 Select employers vs 24 primary-schedule employers. Total members and retirees 117,895 (active 55,510; former with entitlements 17,962; current retirees 44,423). Newsroom rounds membership to about 118,000.

What is OPTrust’s climate / responsible investing stance?

Enhanced climate change strategy (October 2022) with ambition for a net-zero portfolio by 2050, built on four pillars: investment strategy/selection, asset management, portfolio analytics, and advocacy/disclosure. 2025 FSR states all 2025 climate targets were achieved. TCFD reporting cites an interim emissions-intensity reduction target of 30% by 2030. Official documents include the Statement of Responsible Investing Principles, Proxy Voting Guidelines, Climate Change Strategy PDF, and TCFD reports.

Where does OPTrust invest geographically and how much is managed internally?

Based on country-of-risk style disclosures in the 2025 FSR: Ontario about 15.8%; Canada about 36.2%; United States about 41.9%; Europe about 11.0%; Asia Pacific about 10.4%; Latin America about 0.5%. Internal management about 73.7%; external about 26.3%. Investment teams in Toronto, London and Sydney.

How does OPTrust differ from OTPP, OMERS and HOOPP?

OPTrust administers the OPSEU Pension Plan for Ontario public-service and related/Select members (~$27.2bn net assets end-2025; CEO Peter Lindley; CIO James C. Davis). OTPP (Ontario Teachers’), OMERS, and HOOPP are separate Canadian plans with different sponsors, memberships, leadership and AUM — do not mix figures or people. Soft OPTrust / OPSEU Pension Trust only.

Where are the primary sources for this profile?

https://www.optrust.com/; 2025 Funded Status Report — Service & Security – Since 1995 (incl. financial statements); news release 11 March 2026 (fully funded 17th year); Investments and Investment Guiding Principles pages; Leadership/Board page; Statement of Investment Policies and Procedures; Statement of Responsible Investing Principles; Proxy Voting Guidelines; Climate Change Strategy PDF; TCFD 2023–24.

What should researchers not invent about OPTrust?

Do not invent a USD AUM headline when official disclosures are in CAD ($27.2bn net assets end-2025). Do not invent people, titles, seats or returns. Do not conflate OPTrust with OTPP, OMERS, HOOPP, BCI, AIMCo, CPP Investments or CDPQ. Prefer dated optrust.com / Funded Status Report primaries; keep Peter Lindley (President and CEO) and James C. Davis (CIO) on the INST seat-lock.

Sources & further reading

• OPTrust — official site
• Investments
• Investment Guiding Principles
• Leadership & Board
• News — fully funded 17th year (11 Mar 2026)
• 2025 Funded Status Report PDF
• Statement of Investment Policies and Procedures
• Statement of Responsible Investing Principles
• Proxy Voting Guidelines
• Climate Change Strategy PDF
• TCFD 2023–24
• UAO — Peter Lindley
• UAO — James C. Davis

Completeness note

This elite profile targets ~10k+ sourced words folded from opened optrust.com primaries (2025 Funded Status Report, SIPP/SRIP/Proxy/Climate/TCFD PDFs, leadership/investments/guiding-principles/news pages). No official video embed was located in opened primaries — VideoObject omitted rather than padded. Non-blocking expansions later: richer holdings-level private-markets case studies if OPTrust publishes them; updated TCFD with post-2025 target scorecard; PATH go-live detail in 2027.