Executive Compensation Study

In response to the above City Council direction in July 2021, 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 including Exhibition Place. At its meeting of June 9, 2022, the Board received a confidential PowerPoint presentation from Korn Ferry and the Board direct 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. And further, directed the Chief Executive Officer to report back to the Board at its September 14, 2022 meeting with recommendations on the detailed design, application, and implications for implementation of the Executive Compensation Study. At its meeting of September 14, 2022, the Board received the Korn Ferry study as presented in-camera and authorized the Chair to establish a revised salary range for implementation in the 2022 fiscal year for the Chief Executive Officer, Exhibition Place in line with the Metro Toronto Convention Centre as presented by Korn Ferry. And further directed the Chief Executive Officer, Exhibition Place to engage with Korn Ferry to complete the compensation study for the other four executive and non-executive Exhibition Place staff in consultation with the City Manager's Office and report back to the Board. The recommendation follows the guiding principle approved by City Council achieving the 50th (P50) percentile factor. The Korn Ferry Compensation Study for the non-executive staff is the subject of a separate Board report. Staff from Korn Ferry will be attending the Board meeting of April 4, 2023 to respond to questions on their compensation review.