Workers' Compensation Oversight Commission, Investment Committee and Audit Committee

Similar to other large organizations, public or private, BWC has a board to provide advice and consent on workers' compensation matters. This is the Workers' Compensation Oversight Commission. As part of that advisory role, the commission has two subcommittees that provide advice and consent on specific matters. They are the investment and audit committees.

Workers' Compensation Oversight Commission
The Ohio Workers’ Compensation Oversight Commission serves as an advisory board to BWC. The commission meets monthly for duties such as: making recommendations on BWC policy, investments and premium rates; reviewing the effectiveness of policies and operations; and reviewing independent financial audits of BWC.

The commission consists of 11 members. The governor appoints five voting members to represent various constituent groups. The treasurer of state appoints one investment expert while the Ohio Senate president and Ohio House speaker jointly appoint another investment expert. Finally, there are four non-voting legislative members. All serve three-year terms and are limited to no more than two full terms. The commission's members are listed below.

State-fund employers - William Sopko (chairman), president of STAMCO Industries Inc., Cleveland

Employees - Charles Kranstuber, president, The Law Offices of Kranstuber, representing injured workers

Organized labor - William Burga, former president of the Ohio AFL-CIO (retired), Columbus

Public - Michael C. Koetters, managing director, Strategic Asset Alliance, Cincinnati

Self-insuring employers - Mary Beth Carroll, vice president of FirstEnergy, Akron

Investments - Denise Farkas, Chief Investment Officer, Sigma Investments, Cleveland (Senate President/House Speaker appointment) and Edwin McCausland, president of Investment Perspectives, LLC., Columbus (Treasurer of State appointment)

Non-voting, legislative members - Senator Steve Stivers, Senator Eric Kearney, Representative Kenny Yuko, Representative Tom Brinkman

To review the annual reports for the WCOC, click on the following links: 2006 WCOC Annual Report, 2005 WCOC Annual Report.

Workers' Compensation Investment Committee
The investment committee's responsibilities lie with the investment of assets of the State Insurance Fund and each ancillary fund. The committee advises and assists the WCOC in maximizing investment returns within risk acceptable parameters in accordance with the WCOC's overall objectives.

Related links
Investment policy

Workers' Compensation Audit Committee
The audit committee advises and supports BWC's Internal Audit Division. The division independently and objectively assesses the performance of BWC's programs and functions. The division provides BWC management staff and the Workers' Compensation Audit Committee with evaluations, appraisals and recommendations concerning risk management, control and governance activities.