Toronto Hydro Corporation Annual General Meeting and 2022 Audited Financial Statements

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

The decision

2023-07-19 · Toronto City Council · adopted

As filed

City Council on July 19 and 20, 2023, adopted the following: 1. City Council treat the portion of the City Council meeting at which this report is being considered as the Annual General Meeting of the Shareholder for Toronto Hydro Corporation. 2. City Council approve and adopt the shareholder resolution attached as Attachment 2 to the letter (June 26, 2023) from the Board of Directors of Toronto Hydro Corporation in order to re-appoint the Auditor of Toronto Hydro Corporation to hold office until the close of the next annual meeting of the shareholder and to authorize the Directors of the Toronto Hydro Corporation to fix the Auditor's remuneration.

Show the rest of As filed, 4,169 more characters as filed

3. City Council approve and adopt the shareholder resolution attached as Attachment 3 to the letter (June 26, 2023) from the Board of Directors of Toronto Hydro Corporation to approve the amended Toronto Hydro Corporation By-Law 1.1. 3. City Council receive the following documents for information: a. Attachment 1a - Toronto Hydro Corporation 2022 Annual Report; b. Attachment 1b - Toronto Hydro Corporation 2022 Climate Action Status Report; c. Attachment 4 - Toronto Hydro Corporation 2022 Annual Financial Report for the Year Ended December 31, 2022 including Toronto Hydro Corporation's audited consolidated financial statements for 2021 and the auditor's report related thereto; d. Attachment 5 - Toronto Hydro Corporation Annual Information Form for the Year Ended December 31, 2022; e. Attachment 6 - Toronto Hydro Corporation 2022 Environmental Performance Report; f. Attachment 7 - Toronto Hydro 2022 Environment, Social and Governance Report; g. Attachment 8 - Toronto Hydro Corporation Chief Executive Officer and Chief Financial Officer Certification of Annual Filings; h. Confidential Attachment 9a - Executive Compensation Disclosure of Toronto Hydro Corporation for 2022 (Part 1, NEO's); i. Confidential Attachment 9b - Executive Compensation Disclosure of Toronto Hydro Corporation for 2022 (Part 2, All); j. revised Confidential Attachment 10 - Toronto Hydro Corporation Report to the Shareholder for the Year Ended December 31, 2022 and Toronto Hydro Corporation Non-Consolidated Financial Statements dated December 31, 2022; k. Confidential Attachment 11 - Financial Statements of Toronto Hydro-Electric System Limited for the Years Ended December 31, 2022 and December 31, 2021; l. Confidential Attachment 12 - Financial Statements of Toronto Hydro Energy Services Inc. for the Years Ended December 31, 2022 and December 31, 2021; m. Attachment 13 - Toronto Hydro Corporation's First Quarter Report for the Quarter Ended March 31, 2023 including Toronto Hydro Corporation's unaudited consolidated financial statements for the first quarter of 2023; and n. Attachments 14a and 14b - Statement of Remuneration and Expenses for Council Appointees for the Year Ended December 31, 2022. 4. City Council direct that Confidential Attachments 9a and 9b to the letter (June 26, 2023) from the Board of Directors of Toronto Hydro Corporation remain confidential in their entirety as they deal with personal information about identifiable individuals. 5. City Council direct that Confidential Attachments 10, 11 and 12 to the letter (June 26, 2023) from the Board of Directors of Toronto Hydro Corporation remain confidential in their entirety due to the security of the property of the City and securities requirements arising from Toronto Hydro Corporation's status as an offering corporation under the Business Corporations Act , (Ontario) R.S.O. 1990, c.B.16, Toronto Hydro Corporation's status as a reporting issuer under the Securities Act , (Ontario) R.S.O. 1990, c.S.5, and the application by the Ontario Securities Commission of National Instrument 51-102. 6. City Council authorize and direct appropriate City officials to take the necessary action to give effect to City Council's decision. Confidential Attachments 9a and 9b to the letter (June 26, 2023) from the Board of Directors of Toronto Hydro Corporation remain confidential in their entirety in accordance with the provisions of the City of Toronto Act, 2006, as they relate to personal information about identifiable individuals. Confidential Attachments 10, 11 and 12 to the letter (June 26, 2023) from the Board of Directors of Toronto Hydro Corporation remain confidential in their entirety in accordance with the provisions of the City of Toronto Act, 2006, as it pertains to security of the property of the City and securities requirements arising from Toronto Hydro Corporation's status as an offering corporation under the Business Corporations Act, (Ontario) R.S.O. 1990, c.B.16, Toronto Hydro Corporation's status as a reporting issuer under the Securities Act, (Ontario) R.S.O. 1990, c.S.5, and the application by the Ontario Securities Commission of National Instrument 51-102.

On the agenda

As the city filed it

The City of Toronto is the sole shareholder of THC. THC is a holding company which wholly- owns two subsidiaries: 1. Toronto Hydro-Electric System Limited, which distributes electricity; and 2. Toronto Hydro Energy Services Inc., which provides street lighting and expressway lighting services in the City. Toronto Hydro Corporation (THC) pays the City dividends, calculated based on 60% of the prior year's net income after net movements in regulatory balances, in accordance with the City of Toronto's Amended and Restated Shareholder Direction Relating to Toronto Hydro Corporation (the "Shareholder Direction") to Toronto Hydro Corporation (THC), subject to legal requirements.

Show the rest of As the city filed it, 451 more characters as filed

Toronto Hydro Corporation (THC) paid the City $84.6 million in dividends in 2022, along with a first quarter dividend of $24.6 million for 2023. Additional information in respect of 2022 fiscal year operations can be found in Toronto Hydro Corporation's (THC's) 2022 Annual Report, including a summary of highlights, customer service level achievements and information in respect of the delivery of Toronto Hydro Corporation's (THC's) capital program.

Staff recommended

It is recommended that City Council, as the sole shareholder of Toronto Hydro Corporation ("THC"): 1. Treat the portion of the City Council meeting at which this report is being considered as the Annual General Meeting of the Shareholder for Toronto Hydro Corporation. 2. Approve and adopt the shareholder resolution attached in Attachment 2 to this report to re- appoint the auditor of THC to hold office until the close of the next annual meeting of the shareholder and to authorize the directors of THC to fix the auditor's remuneration.

Show the rest of Staff recommended, 2,373 more characters as filed

3. Approve and adopt the shareholder resolution attached in Attachment 3 to this report to approve the amended THC By-Law 1.1. 3. Receive for its information, the following documents: a. Attachment 1a - Toronto Hydro Corporation 2022 Annual Report b. Attachment 1b - Toronto Hydro Corporation 2022 Climate Action Status Report c. Attachment 2 - Resolution of the Sole Shareholder - City of Toronto, Re-appointing Auditor; d. Attachment 3 - Resolution of the Sole Shareholder - City of Toronto, approval of the amended Toronto Hydro Corporation By-Law 1.1; e. Attachment 4 - Toronto Hydro Corporation 2022 Annual Financial Report for the Year Ended December 31, 2022 including Toronto Hydro Corporation's audited consolidated financial statements for 2021 and the auditor's report related thereto; f. Attachment 5 - Toronto Hydro Corporation Annual Information Form for the Year Ended December 31, 2022; g. Attachment 6 - Toronto Hydro Corporation 2022 Environmental Performance Report; h. Attachment 7 - Toronto Hydro 2022 ESG Report i. Attachment 8 - Toronto Hydro Corporation Chief Executive Officer and Chief Financial Officer Certification of Annual Filings; j. Confidential Attachment 9a - Executive Compensation Disclosure of Toronto Hydro Corporation for 2022 (Part 1, NEO's); k. Confidential Attachment 9b - Executive Compensation Disclosure of Toronto Hydro Corporation for 2022 (Part 2, All); l. Confidential Attachment 10 - Toronto Hydro Corporation Report to the Shareholder for the Year Ended December 31, 2022 and Toronto Hydro Corporation Non-Consolidated Financial Statements dated December 31, 2022; m. Confidential Attachment 11 - Financial Statements of Toronto Hydro-Electric System Limited for the Years Ended December 31, 2022 and December 31, 2021; n. Confidential Attachment 12 - Financial Statements of Toronto Hydro Energy Services Inc. for the Years Ended December 31, 2022 and December 31, 2021; o. Attachment 13 - Toronto Hydro Corporation's First Quarter Report for the Quarter Ended March 31, 2023 including Toronto Hydro Corporation's unaudited consolidated financial statements for the first quarter of 2023; and p. Attachment 14 - Statement of Remuneration and Expenses for Council Appointees for the Year Ended December 31, 2022. 4. Authorize and direct appropriate City officials to take the necessary action to give effect to the above.

Considered

2023-07-11 · Executive Committee · amended
Decision as filed
The Executive Committee recommends that: 1. City Council treat the portion of the City Council meeting at which this report is being considered as the Annual General Meeting of the Shareholder for Toronto Hydro Corporation. 2. City Council approve and adopt the shareholder resolution attached as Attachment 2 to the letter (June 26, 2023) from the Board of Directors of Toronto Hydro Corporation in order to re-appoint the auditor of Toronto Hydro Corporation to hold office until the close of the next annual meeting of the shareholder and to authorize the Directors of the Toronto Hydro Corporation to fix the auditor's remuneration.
Show the rest of Decision as filed, 3,204 more characters as filed
3. City Council approve and adopt the shareholder resolution attached as Attachment 3 to the letter (June 26, 2023) from the Board of Directors of Toronto Hydro Corporation to approve the amended Toronto Hydro Corporation By-Law 1.1. 3. City Council receive the following documents for information: a. Attachment 1a - Toronto Hydro Corporation 2022 Annual Report; b. Attachment 1b - Toronto Hydro Corporation 2022 Climate Action Status Report; c. Attachment 4 - Toronto Hydro Corporation 2022 Annual Financial Report for the Year Ended December 31, 2022 including Toronto Hydro Corporation's audited consolidated financial statements for 2021 and the auditor's report related thereto; d. Attachment 5 - Toronto Hydro Corporation Annual Information Form for the Year Ended December 31, 2022; e. Attachment 6 - Toronto Hydro Corporation 2022 Environmental Performance Report; f. Attachment 7 - Toronto Hydro 2022 Environment, Social and Governance Report; g. Attachment 8 - Toronto Hydro Corporation Chief Executive Officer and Chief Financial Officer Certification of Annual Filings; h. Confidential Attachment 9a - Executive Compensation Disclosure of Toronto Hydro Corporation for 2022 (Part 1, NEO's); i. Confidential Attachment 9b - Executive Compensation Disclosure of Toronto Hydro Corporation for 2022 (Part 2, All); j. revised Confidential Attachment 10 - Toronto Hydro Corporation Report to the Shareholder for the Year Ended December 31, 2022 and Toronto Hydro Corporation Non-Consolidated Financial Statements dated December 31, 2022; k. Confidential Attachment 11 - Financial Statements of Toronto Hydro-Electric System Limited for the Years Ended December 31, 2022 and December 31, 2021; l. Confidential Attachment 12 - Financial Statements of Toronto Hydro Energy Services Inc. for the Years Ended December 31, 2022 and December 31, 2021; m. Attachment 13 - Toronto Hydro Corporation's First Quarter Report for the Quarter Ended March 31, 2023 including Toronto Hydro Corporation's unaudited consolidated financial statements for the first quarter of 2023; and n. Attachments 14a and 14b - Statement of Remuneration and Expenses for Council Appointees for the Year Ended December 31, 2022. 4. City Council direct that Confidential Attachments 9a and 9b to the letter (June 26, 2023) from the Board of Directors of Toronto Hydro Corporation remain confidential in their entirety as they deal with personal information about identifiable individuals. 5. City Council direct that Confidential Attachments 10, 11 and 12 to the letter (June 26, 2023) from the Board of Directors of Toronto Hydro Corporation remain confidential in their entirety due to the security of the property of the City and securities requirements arising from Toronto Hydro Corporation's status as an offering corporation under the Business Corporations Act, (Ontario) R.S.O. 1990, c.B.16, Toronto Hydro Corporation's status as a reporting issuer under the Securities Act, (Ontario) R.S.O. 1990, c.S.5, and the application by the Ontario Securities Commission of National Instrument 51-102. 6. City Council authorize and direct appropriate City officials to take the necessary action to give effect to Council's decision.
2023-07-19 · Toronto City Council · adopted

On the record

The item as the City filed it

More from this meeting

The whole meeting