Toronto Investment Board
The full agenda, as filed
All 7 items in the clerk’s order. Each carries the city’s own words: the staff recommendation, what the body decided, and its status. Nothing below is written by us.
IB1.1received
Presentations from Investment Managers
Presentations will be given by the following Investment Managers: a. Legal and General Investment Management - Global Equity b. Pier21/C World Wide - Global Equity
The Toronto Investment Board received the presentations for information.
IB1.2adopted
Sinking Fund and Long Term Fund - Performance and Compliance Update for the Third Quarter of 2022
As required by the City's Investment Policy, the purpose of this report is to provide the Toronto Investment Board with the following: 1. The performance of the Sinking Fund and Long Term Fund for the third quarter of 2022. 2. Investment Policy and Plan Compliance certificates and reports for the third quarter of 2022.
The Toronto Investment Board received the report (November 28, 2022) from the Director, Capital Markets for information.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. Toronto Investment Board receive this report for information.
IB1.3adopted
Investment Manager and Other Updates
This report provides the Toronto Investment Board with an update regarding activities involving the investment managers and related parties. It includes changes to the investment manager mandates, contracts, and funding along with other related items. The process to hire an Environmental, Social, and Governance data service provider is progressing. Legal agreements and other documentation for the service are nearing completion. An update of the current funding status of Long-Term Fund and Sinking Fund is provided in Attachment 1 to this report for the Board's review.
The Toronto Investment Board received the report (November 30, 2022) from the Director, Capital Markets for information.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board receive this report for information.
IB1.4adopted
The purpose of this report is to update the Toronto Investment Board on the progress to date regarding the hiring of external investment managers in the Real Assets category.
The Toronto Investment Board received the report (November 30, 2022) from the Director, Capital Markets for information.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board receive this report for information.
IB1.5adopted
Request for Proposal for Investment Consultant for the Toronto Investment Board
A Request for Proposal (Document Number 3642029322) was issued on October 24, 2022 for an Investment Consultant to assist the Toronto Investment Board in the following areas: Maintain and Develop the Investment Plan. Monitor and Report the Performance of Agents (Investment Management Services) to the Board. Other services and studies that may be requested by the Board. Incorporate an Environmental, Social, and Governance Component within the services provided. At the meeting of the Toronto Investment Board on June 23, 2022 the Board: "Authorized the Director, Capital Markets to initiate a Request for Proposal on behalf of the Toronto Investment Board for an investment consultant to assist the Board" and "to report the results of the Request for Proposal along with a recommendation for contract award to the successful investment consulting firm to the Investment Board." This report provides the recommendation to the Board for the contract award to the successful investment consulting firm.
The Toronto Investment Board: 1. Awarded the contract for consulting services to the investment consultant listed in Confidential Attachment 1 to the report (December 7, 2022) from the Director, Capital Markets, in accordance with the Request for Proposal and the investment consultant's proposal attached hereto as Confidential Attachment 2 to the report (December 7, 2022) from the Director, Capital Markets, for a three year term with the option to extend for an additional two years, at the option of the Investment Board. 2. Authorized the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, to negotiate an agreement with the firm selected as investment consultant, on terms satisfactory to City Solicitor and the Chief Financial Officer and Treasurer, and authorize the Chair of the Investment Board to execute such agreement on behalf of the Investment Board. 3. Authorized the public release of the name of the successful supplier upon finalizing an agreement with the investment consultant, identified in Confidential Attachment 1 to the report (December 7, 2022) from the Director, Capital Markets. 4. Directed that the confidential proposal information contained in Confidential Attachment 2 to the report (December 7, 2022) from the Director, Capital Markets remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or and the Toronto Investment Board.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board award the contract for consulting services to the investment consultant listed in Confidential Attachment 1, in accordance with the Request for Proposal and the investment consultant's proposal attached hereto as Confidential Attachment 2, for a three year term with the option to extend for an additional two years, at the option of the Investment Board. 2. The Toronto Investment Board authorize the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, to negotiate an agreement with the firm selected as investment consultant, on terms satisfactory to City Solicitor and the Chief Financial Officer and Treasurer, and authorize the Chair of the Investment Board to execute such agreement on behalf of the Investment Board. 3. The Toronto Investment Board authorize the public release of the name of the successful supplier upon finalizing an agreement with the investment consultant, identified in Confidential Attachment 1. 4. The Toronto Investment Board direct that the confidential proposal information contained in Confidential Attachment 2 remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or and the Toronto Investment Board.
IB1.6adopted
Proposed 2023 Schedule of Toronto Investment Board Meetings
In accordance with Section 25 of the Toronto Investment Board Procedures By-law, regular meetings of the Board are determined by the Board and a schedule of those meetings shall be publicly available by the first Board meeting in each calendar year. The Toronto Investment Board's meetings will be held remotely until further notice. On November 23 and 24 2022, City Council approved the 2023 annual schedule of meetings for City Council and its Committees. The meeting schedule is available on the City of Toronto's website at www.toronto.ca/council .
The Toronto Investment Board: 1. Approved the following meeting dates for 2023: Thursday, March 9 - 9:30 a.m. Monday, June 19 - 9:30 a.m. Friday, September 29 - 9:30 a.m. Monday, December 11 - 9:30 a.m.
Staff recommendation as filed
That the Toronto Investment Board approve the following meeting dates for 2023: Thursday, March 9 - 9:30 a.m. Monday, June 19 - 9:30 a.m. Friday, September 29 - 9:30 a.m. Monday, December 11 - 9:30 a.m.
IB1.7received
Personal Trading Policy - Toronto Investment Board
Members of the Toronto Investment Board are required to sign an Annual Compliance Statement (Attachment 1) and return to the Clerk, to be kept on file with the City Clerk's Office.
The Toronto Investment Board received the item for information.