Governance
The Pension Board of Trustees oversees the University of Victoria Combination Pension Plan and the Money Purchase Pension Plan. This Board operates independently from the University and is responsible for making decisions that have a long-term impact on the financial health of the Plans.
Responsibilities of the Board include:
- Overseeing all aspects of the plans, including administration and risk management
- Establishing plan policies and ensuring compliance within applicable statutes and regulations
- Setting asset allocations and monitoring the investments and performance for the Plans
- Establishing the contribution rates needed to support and sustain the defined benefit minimum provisions of the Combination Pension Plan on the advice of the Plan actuary
- Selecting and monitoring the performance of service providers and consultants
There are eight Trustees on the Board:
- Four are appointed by the UVic Board of Governors
- Four are elected by members of the Combination Pension Plan
The Board delegates various aspects of its oversight to three subcommittees: a Governance and Communications Subcommittee; an Investment Subcommittee; and a Policies and Procedures Subcommittee. Each Trustee generally participates in at least one subcommittee.
You can read more about the roles and responsibilities of the Pension Board in the Trust Agreement and read about the performance of the Plan in the Combined Pension Plan Annual Report
Pension Board of Trustees
Mr. Barry Gros (Chair), FCIA (Appointed)
Barry Gros is an actuary who retired from active pension consulting in 2014. Barry has been a member of the Board of Trustees since 2022. He was the Chair of the pension board of the University of British Columbia Staff Pension Plan from 2016-2023. Barry has been a member of the C. D. Howe Institute’s Pension Policy Council for over 12 years. Barry’s involvement in the pension industry since retirement has resulted in numerous papers and op-eds, as well as speaking engagements at meetings of the Association of Canadian Pension Management, the Canadian Institute of Actuaries, the BC Public Sector Pension Conference, the C. D. Howe Institute and the Northwind Professional Institute. Barry resides in Victoria.
Dr. Matthew Murphy (Vice-Chair) (Elected)
Matt Murphy, Ph.D., is Associate Professor of Sustainability and Strategy at the University of Victoria’s Gustavson School of Business, where he teaches sustainable and climate-aligned investment among other topics related to the role of business in society. Prior to entering academia, Matt worked for 12 years in the financial services sector. Through collaboration and community-based action research, he works with Indigenous partners to co-develop decision support and (cumulative) impact assessment systems to further self-determination, stewardship and economic development efforts.
Mr. Andrew Coward (Appointed)
Andrew is the Associate Vice-President of Financial Planning and Operations at the University of Victoria. He has been with UVic since 2004, in various roles such as Treasurer and Acting Director of Pension Services. He graduated from the University of Calgary with a Bachelor of Commerce and obtained his Canadian Risk Management Designation from the University of Toronto. Andrew is a CFA Charterholder and a member of the Victoria CFA Society. He oversees UVic's budget and budget planning process, financial reporting, pension and investment services, treasury and risk management, as well as capital, space, campus planning, and sustainability efforts.
Ms. Catherine Heath, CFA (Appointed)
Catherine is an investment portfolio manager and has been a Trustee of the UVic Combination and Money Purchase Plans since 2022. She currently chairs the Investment Subcommittee. She is a co-founder of the Vancouver chapter of Women in Capital Markets, is a member of the Portfolio Review Committee for the Beedie Endowment Asset Management program at Simon Fraser University (SFU), sits on the SFU Business Dean's Advisory Board, and is a Trustee on the SFU Academic Pension Plan. She is a former director of the board of Ballet BC and a member of their Finance and Audit Committee. Catherine has a joint Bachelor’s Degree in Finance and Economics from SFU, is a CFA Charterholder, and is a member and past president of CFA Society Vancouver.
Ms. Melanie Nadeau-Roy, FSA, FCIA (Appointed)
Melanie is an Associate Partner in the Aon Vancouver office. She specializes in the delivery of retirement consultancy services, such as accounting and actuarial valuations. Her experience includes all aspects of a retirement plan’s lifetime such as delivering sustainability studies, developing benefit improvement and funding strategies, plan benchmarking and redesign as well as plan annuitization. She specializes in servicing target benefit pension plans and believes in plans adhering to strong governance practices. Melanie holds a bachelor’s degree in actuarial science from University of Montreal and a Fellowship with the Canadian Institute of Actuaries and the Society of Actuaries.
Ms. Gayle Gorrill, ICD.D, FCPA (Elected)
Gayle Gorrill served as UVic’s VP, Finance and Operations from 2006 to 2020. Under her leadership, UVic developed and implemented its first Responsible Investment Policy. Gayle also served on the UVic Foundation Board and several committees for the UVic Staff Pension Plan. With an Institute of Corporate Directors, Director designation and extensive board experience, she brings a deep understanding of pensions, finance, and investment management. Gayle also currently sits on the Departmental Audit Committees for National Research Canada and for Natural Resources Canada and is a volunteer with the BC Cancer Agency.
Dr. Ori Granot (Elected)
Ori Granot manages the Mass Spectrometry Facility in UVic’s Department of Chemistry. Ori holds a B.Sc. in Chemistry, a Ph.D. in Analytical Chemistry, and an MBA from UVic, along with a postdoctoral fellowship from UBC. He actively advocates on behalf of various groups within the campus community and is deeply involved in university life. Ori brings a strong blend of scientific, business, and financial expertise, along with experience as a personal investor. His service as a pension trustee from 2018 to 2020 and now from 2023 to 2028 reflects his commitment to representing members' interests and ensuring their voices are heard.
Mr. Stefan Grbavec (Elected)
As Director of Finance and Operations at the Division of Continuing Studies, Stefan oversees the Division’s finance, operations, and IT systems. He provides leadership, advice, and direction to senior staff and executives at the Division and collaborates with partners across campus on related finance, systems, and analytic projects. Following his education at Camosun College and Business Administration at UVic, Stefan began his career at the McPherson Library in 1998, before moving to Continuing Studies. Stefan previously served on the UVic Staff Pension Plan Investments and Administration Committee (2014-18) and the Staff Pension Plan Advisory Committee (2015-18).
Secretary to the Pension Board
Ms. Randi Topp, FSA, FCIA
Randi is the Executive Director, Pensions and Plan Governance here at UVic. She has been with UVic since July 2023, having previously worked in the pension and investment industry for over 25 years. Randi started her career as a retirement plan actuary and consultant at a global consulting company, moved on to provide strategic leadership and oversight internally for various defined benefit and defined contribution pension plans and related investments at one of the largest global companies in BC, and most recently worked as an investment consultant, guiding and monitoring investment strategies and policies for large institutional investors such as pension plans, foundations and trusts.
Ms. Chrissy Drew
Assistant Secretary; Paralegal & Governance Coordinator