Executive Compensation Study

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The decision

2022-06-09 · Board of Governors of Exhibition Place · amended

As filed

The Board of Governors of Exhibition Place: 1. Directed the Chief Executive Officer, Exhibition Place to review the Korn Ferry Executive Compensation Study, as presented in closed session, and consult with the City Manager's Office for input and any feedback with respect to the study. 2. Directed the Chief Executive Officer, Exhibition Place to report to the July 18, 2022 Board meeting with recommendations on the detailed design, application, and implications for implementation of the Executive Compensation Study.

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3. Directed that the Confidential Presentation from Korn Ferry, provided in closed session, remain confidential as it contains personal information about identifiable individuals.

On the agenda

As the city filed it

At its meeting of December 2019, the Board approved the Executive Incentive Pay Grid Short Term Incentives for Exhibition Place for implementation in the 2020 Fiscal Year, for its four executive employees; and further directed the Chief Executive Officer to forward a confidential copy of the Executive Incentive Pay Grid and Short Term Incentives to the City Manager. In July 2021, City Council direct the City Manager to complete an independent external review of executive compensation policies and practices at the City of Toronto's Agencies and Corporations, including Exhibition Place, and to report back by the fourth quarter of 2021.

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In response to the above City Council direction, the City has retained the services of an external independent organizational consultant firm, Korn Ferry, to lead the executive compensation review at in-scope City Agencies and Corporations. Staff from Korn Ferry will be attending the Board meeting of June 9, 2022 to provide a confidential PowerPoint Presentation on their compensation review.

Staff recommended

The Chief Executive Officer recommends that: 1. The Board receive the report for information.

On the record

The item as the City filed it

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