The filed record
Investment Manager and Investment Plan Update
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The decision
2019-09-25 · Toronto Investment Board · amended
As filed
The Toronto Investment Board: 1. Authorized the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, to continue to negotiate agreements with the firms originally selected as investment managers, on terms satisfactory to the City Solicitor and the Chief Financial Officer and Treasurer, and authorize the Chair or Vice-Chair of the Investment Board to execute such agreements on behalf of the Investment Board.
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2. In respect of the global equity mandates, authorized the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, to continue negotiations until October 4, 2019 with the previously approved firm identified in Confidential Attachment 1 to the report (September 11, 2019) from the Executive Director, Corporate Finance, and if such negotiations fail, to discontinue such negotiations, and to start negotiations with a firm(s) to be recommended by Aon Hewitt and to authorize the Chair or Vice-Chair of the Investment Board to execute such agreements on behalf of the Investment Board and to report back to the Toronto Investment Board for their information at its meeting on December 13, 2019. 3. Authorized the release of names of the successful firms upon finalizing agreements with the investment managers, identified in Confidential Attachment 1 to the report (September 11, 2019) from the Executive Director, Corporate Finance. 4. Directed that the balance of Confidential Attachment 1 to the report (September 11, 2019) from the Executive Director, Corporate Finance remain confidential, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations.
On the agenda
As the city filed it
This report provides an update on the actions taken by Corporate Finance staff with regards to the selection of investment managers since the last meeting of the Toronto Investment Board (the Board) on June 12, 2019. The confidential attachment provides details regarding the negotiations with the global equity investment managers and recommends a course of action.
Staff recommended
The Executive Director, Corporate Finance recommends that: 1. The Toronto Investment Board authorize the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, to continue to negotiate agreements with the firms originally selected as investment managers, on terms satisfactory to the City Solicitor and the Chief Financial Officer and Treasurer, and authorize the Chair or Vice Chair of the Toronto Investment Board to execute such agreements on behalf of the Toronto Investment Board.
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2. In respect of the global equity mandates, the Toronto Investment Board authorize the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, to discontinue negotiations with the previously approved firm identified in Confidential Attachment 1 and to start negotiations with the firm identified as the second recommended firm in Confidential Attachment 1 and authorize the Chair or Vice Chair of the Toronto Investment Board to execute such agreements on behalf of the Toronto Investment Board. 3. The Toronto Investment Board direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains information that involves the security of property belonging to the City of Toronto or the Toronto Investment Board. 4. The Toronto Investment Board authorize the release of names of the successful firms upon finalizing agreements with the investment managers identified in Confidential Attachment 1 of this report.