13. (1) The Corporation shall exercise the care, diligence and skill in the administration of the Ontario Retirement Pension Plan and in the administration and investment of the pension fund that a person of ordinary prudence would exercise in dealing with the property of another person. Special knowledge and skill (2) The Corporation shall use in the administration of the pension plan and in the administration and investment of the pension fund all relevant knowledge and skill that the Corporation possesses or by reason of its profession, business or calling, ought to possess. Conflict of interest (3) The Corporation shall not knowingly permit the Corporation’s interest to conflict with the Corporation’s duties and powers in respect of the pension fund. Employment of agent (4) Where it is reasonable and prudent in the circumstances to do so, the Corporation, as administrator of the pension plan, may employ one or more agents or other persons to carry out any act required to be done in the administration of the pension plan and in the administration and investment of the pension fund. Responsibility for agent (5) If the Corporation decides to employ an agent or any other person, the Corporation shall personally select the agent or other person and be satisfied of the agent or other person’s suitability to perform the act for which the agent or other person is employed, and the Corporation shall carry out such supervision of the agent or other person as is prudent and reasonable. Application to employee, etc. (6) An employee, agent or other person referred to in subsection (4) is also subject to the standards that apply to the Corporation under subsections (1), (2) and (3). Note: On a day to be named by proclamation of the Lieutenant Governor, the Act is amended by adding the following section: (See: 2016, c. 17, s. 95 (5)) Protection from liability 13.1 (1) No action or other proceeding shall be commenced or continued against a member of the board of directors or a member of a committee of the board of directors for any act or omission done in good faith, (a) in the performance or intended performance of any duty or exercise or intended exercise of any power under this Act or under the Ontario Retirement Pension Plan Act (Strengthening Retirement Security for Ontarians), 2016; or (b) under an agreement between the Corporation and the Government of Canada, or a government of a province or territory of Canada, or the delegate of such a government, to provide for co-operation in matters relating to the carrying out of the Corporation’s objects. 2016, c. 17, s. 95 (5). Same, officers (2) No action or other proceeding shall be commenced or continued against an officer of the Corporation for any act or omission done in good faith, (a) in the performance or intended performance of any duty or exercise or intended exercise of any power under this Act or under the Ontario Retirement Pension Plan Act (Strengthening Retirement Security for Ontarians), 2016; or (b) under an agreement between the Corporation and the Government of Canada, or a government of a province or territory of Canada, or the delegate of such a government, to provide for co-operation in matters relating to the carrying out of the Corporation’s objects. 2016, c. 17, s. 95 (5). Corporation (3) Subsections (1) and (2) do not relieve the Corporation of any liability to which it would otherwise be subject in respect of an act or omission of a person mentioned in those subsections. 2016, c. 17, s. 95 (5). Section Amendments with date in force (d/m/y) 2016, c. 17, s. 95 (5) - no effect - see: 2016, c. 37, Sched. 18, s. 5 - 08/12/2016 Note: On a day to be named by proclamation of the Lieutenant Governor, the Act is amended by adding the following section: (See: 2016, c. 17, s. 95 (6)) Management of pension fund 13.2 (1) The Corporation shall manage the pension fund’s assets in the best interests of the beneficiaries of the Ontario Retirement Pension Plan. 2016, c. 17, s. 95 (6). Same (2) Every person engaged in selecting an investment to be made with the pension fund’s assets shall ensure that the investment is selected in accordance with this Act and the prescribed rules. 2016, c. 17, s. 95 (6). Section Amendments with date in force (d/m/y) 2016, c. 17, s. 95 (6) - no effect - see: 2016, c. 37, Sched. 18, s. 5 - 08/12/2016 Financial Provisions