The context for change
Drivers and implications
A DRIVER is a significant environmental force that will affect the Pension Corporation
An IMPLICATION is the impact each driver will have on the Pension Corporation
Beginning in 2010, the Pension Corporation began a formal review of its environment in preparation for the development of our new strategy. This started with a deep look into the political, economic, social and technological factors currently impacting—and likely to impact—the Pension Corporation. The review identified macro environmental forces, such as global economic conditions; more immediate factors, including changing British Columbia pension plan demographics; and corporation-specific issues, including our level of technological maturity.
The environmental scan included feedback from staff; corporate board interviews; discussions with each of the pension plan boards; and input from other trusted advisors.
The BC Pension Corporation then carefully reviewed this information and consolidated it around five key forces, or drivers, we believe will have the most significant impact on the corporation over the intermediate to long term. The corporate board evaluated and validated the key drivers and provided direction to corporation executive to begin developing a strategic response.