Updates to the Audit & Risk Management Committee Terms of Reference

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The decision

2026-04-16 · Toronto Transit Commission Board · adopted

As filed

The TTC Board: 1. Approved the Audit, Finance and Risk Management Committee Terms of Reference, attached as Attachment 1.

On the agenda

As the city filed it

This report is before the Board to seek approval of the revised Terms of Reference for the Audit, Finance and Risk Management Committee. The revisions modernize and clarify the Committee's mandate by expanding oversight responsibilities in key areas, including finance, enterprise risk management, enterprise asset management, safety, and ethical and legal compliance, while strengthening authority, role clarity, and member competency expectations.

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The updates align the Committee's governance framework with current best practices, City accountability requirements, and the TTC Corporate Plan to support effective Board oversight.

Staff recommended

It is recommended that the TTC Board: 1. Approve the Audit, Finance and Risk Management Committee Terms of Reference, attached as Attachment 1.

On the record

The item as the City filed it · the meeting video