Lakeshore Arena Corporation - Annual General Meeting and 2019 Audited Financial Statements

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The decision

2020-09-30 · Toronto City Council · adopted

As filed

City Council on September 30, October 1 and 2, 2020, adopted the following: 1. City Council treat that portion of the City Council meeting at which the report (September 9, 2020) from the City Manager and the Chief Financial Officer and Treasurer is considered as the Annual General Meeting of the Shareholder for Lakeshore Arena Corporation by: a. receiving the "Lakeshore Arena Corporation 2019 Annual Report", and the "Lakeshore Arena Corporation 2019 Audited Annual Financial Statements", forming Attachment 1 and 2 to the report (September 9, 2020) from the City Manager and the Chief Financial Officer and Treasurer; b.

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appointing Welch LLP Chartered Accountants as the Auditor of Lakeshore Arena Corporation for fiscal year 2020, and authorizing the Board of Directors of Lakeshore Arena Corporation to fix the remuneration of the Auditor; and c. receiving the "Lakeshore Arena Corporation Executive Compensation Disclosure 2019", forming Attachment 3 to the report (September 9, 2020) from the City Manager and the Chief Financial Officer and Treasurer. 2. City Council direct the City Clerk to forward a copy of the "Lakeshore Arena Corporation 2019 Audited Annual Financial Statements", forming Attachment 2 to the report (September 9, 2020) from the City Manager and the Chief Financial Officer and Treasurer, to the Audit Committee for information. 3. City Council, as Shareholder, direct the Board of Lakeshore Arena Corporation, in consultation with the City of Toronto's Chief Financial Officer and Treasurer, to bring forward a report on the impacts of COVID-19 on Corporation Operating and Capital budgets and operations, detailing any modifications to their programs and initiatives to address COVID-19, to City Council through Executive Committee, by the first quarter of 2021.

On the agenda

As the city filed it

This report transmits materials submitted by the Board of Directors of Lakeshore Arena Corporation to the City. No independent review or analysis has been performed by City staff. This report contains recommendations for the actions necessary to comply with the requirements of the Business Corporations Act, Ontario (OBCA) for holding the Annual General Meeting of the Shareholder of Lakeshore Arena Corporation, including receipt of its Annual Report and Audited Financial Statements for 2019 and appointment of the auditor for 2020.

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This report also contains recommendations for receipt at the Annual General Meeting of the Shareholder of information disclosing the individual compensation of executive officers employed by Lakeshore Arena Corporation in 2019. In light of the state of emergency that was declared in Ontario in response to the COVID-19 pandemic, the deadline to hold annual meetings of shareholders for OBCA corporations was temporarily extended through the addition of Part XIX to the OBCA. With the Ontario declaration of emergency having come to an end on July 24, 2020, the extended meeting deadlines for OBCA incorporated companies that were required to hold annual meetings on or before July 24, 2020 now have until October 22, 2020 to hold their annual meetings.

Staff recommended

The City Manager and the Chief Financial Officer and Treasurer recommend that: 1. City Council treat that portion of the City Council meeting at which this Report is considered as the Annual General Meeting of the Shareholder for Lakeshore Arena Corporation by: a. receiving the "Lakeshore Arena Corporation 2019 Annual Report", and the "Lakeshore Arena Corporation 2019 Audited Annual Financial Statements", forming Attachment 1 and 2 to this Report; b.

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appointing Welch LLP Chartered Accountants as the Auditor of Lakeshore Arena Corporation for fiscal year 2020, and authorizing the Board of Directors of Lakeshore Arena Corporation to fix the remuneration of the Auditor; and c. receiving the "Lakeshore Arena Corporation Executive Compensation Disclosure 2019", forming Attachment 3 to this Report. 2. City Council direct the City Clerk to forward a copy of the "Lakeshore Arena Corporation 2019 Audited Annual Financial Statements", forming Attachment 2 to this Report, to the Audit Committee for information. 3. City Council, as Shareholder, direct the Board of Lakeshore Arena Corporation, in consultation with the City of Toronto's Chief Financial Officer and Treasurer, to bring forward a report on the impacts of COVID-19 on Corporation operating and capitals budgets and operations, detailing any modifications to their programs and initiatives to address COVID-19, to City Council through Executive Committee, by the first quarter of 2021.

Considered

2020-09-23 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council treat that portion of the City Council meeting at which the report (September 9, 2020) from the City Manager and the Chief Financial Officer and Treasurer is considered as the Annual General Meeting of the Shareholder for Lakeshore Arena Corporation by: a. receiving the "Lakeshore Arena Corporation 2019 Annual Report", and the "Lakeshore Arena Corporation 2019 Audited Annual Financial Statements", forming Attachment 1 and 2 to the report (September 9, 2020) from the City Manager and the Chief Financial Officer and Treasurer; b.
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appointing Welch LLP Chartered Accountants as the Auditor of Lakeshore Arena Corporation for fiscal year 2020, and authorizing the Board of Directors of Lakeshore Arena Corporation to fix the remuneration of the Auditor; and c. receiving the "Lakeshore Arena Corporation Executive Compensation Disclosure 2019", forming Attachment 3 to the report (September 9, 2020) from the City Manager and the Chief Financial Officer and Treasurer. 2. City Council direct the City Clerk to forward a copy of the "Lakeshore Arena Corporation 2019 Audited Annual Financial Statements", forming Attachment 2 to the report (September 9, 2020) from the City Manager and the Chief Financial Officer and Treasurer, to the Audit Committee for information. 3. City Council, as Shareholder, direct the Board of Lakeshore Arena Corporation, in consultation with the City of Toronto's Chief Financial Officer and Treasurer, to bring forward a report on the impacts of COVID-19 on Corporation Operating and Capital budgets and operations, detailing any modifications to their programs and initiatives to address COVID-19, to City Council through Executive Committee, by the first quarter of 2021.
2020-09-30 · Toronto City Council · adopted

On the record

The item as the City filed it

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