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.
IB11.1received
Presentations from Investment Managers
Presentations from Investment Managers will be given by: a. Fiera Capital b. Addenda Capital
The Toronto Investment Board received the item for information.
IB11.2adopted
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 fourth quarter and full year of 2020; and 2. Investment Policy and Plan Compliance certificates and reports for the fourth quarter of 2020.
The Toronto Investment Board received the report (February 19, 2021) 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.
IB11.3adopted
Investment Manager and Other Updates
This report provides an update on the actions taken with regards to the funding of investment managers since the last meeting of the Toronto Investment Board on December 7, 2020. An updated Investment Plan, with the details of funding the new global equity investment manager, is included for review and adoption. Details of a re-balancing in the Sinking Fund is also provided. Other items in this report include an update on the Request for Proposal for an Environmental, Social, and Governance Data provider, and an update on the status of the custodian review.
The Toronto Investment Board adopted the updated Investment Plan as provided in Attachment 1 to the report (February 22, 2021) from the Director, Capital Markets.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board adopt the updated Investment Plan as provided in Attachment 1 of this report.
IB11.4adopted
The purpose of this report is to update the Toronto Investment Board on the progress to date regarding the search for external investment managers and current market conditions in the Real Assets category.
The Toronto Investment Board received the report (February 15, 2021) from the Director, Capital Markets for information.
Staff recommendation as filed
Director, Capital Markets recommends that: 1. The Toronto Investment Board receive this report for information.
IB11.5amended
The purpose of this report is to review and update the Toronto Investment Board regarding the risk and return profile of the current asset mix in light of the current market conditions as a result of events that happened during 2020 relating to COVID-19.
The Toronto Investment Board requested the Investment Consultant, in consultation with relevant City staff to compile information to help inform a conversation at the next meeting of the Toronto Investment Board on a potential asset mix study and report to the next meeting of the Board.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board receive this report for information.
IB11.6adopted
Investment Manager Fees Update
This report provides an update of the Investment Manager fees paid by the Toronto Investment Board for the year ending December 31, 2020. The confidential attachment to this report provides a summary of the fees.
The Toronto Investment Board directed that Confidential Attachment 1 to the report (February 18, 2021) 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 one of its agencies or corporations.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations.
IB11.7adopted
Investment Consultant Contract - Option to Extend
This report provides a review and recommendation with regard to the investment consultant (Aon) for the Toronto Investment Board. The original contract with Aon was for three years with an option to extend for another two years. The initial three year period ended on January 14, 2021. City staff are recommending to extend this contract for another two years based on the Evaluation Scorecard found in Confidential Attachment 1 of this report.
1. The Toronto Investment Board directed that Confidential Attachment 1 to the report (February 22, 2021) 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 one of its agencies or corporations. 2. The Toronto Investment Board extended the contract for the investment consultant (Aon) for an additional two years and authorized the Chair or Vice-Chair of the Investment Board to execute such agreements on behalf of the Investment Board.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations. 2. The Toronto Investment Board extend the contract for the investment consultant (Aon) for an additional two years and authorize the Chair or Vice-Chair of the Investment Board to execute such agreements on behalf of the Investment Board.