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
Mayor’s Economic Action Plan in Response to United States Tariffs
City Council on March 26 and 27, 2025, adopted Item EX21.2 as amended and, in so doing, has: 1. Adopted the Mayor's Economic Action Plan in Response to US Tariffs, as outlined in Revised Attachment 1 to the revised report (March 18, 2025) from the City Manager and the General Manager, Economic Development and Culture, as amended by part 2 of City Council's decision to include actions under "Mobility of People and Goods" to support the improvement of the mobility of goods and services connected with the economy. 2. Requested the City's agencies and corporations to adopt similar policies where possible.
The Toronto Investment Board: 1. Received the item for information.
IB11.2received
City Council on April 23 and 24, 2025, adopted Item GG20.14 as amended and, in so doing, has: 1. Directed the General Manager, Economic Development and Culture and the Chief Technology Officer to establish the annual Mayor's Data and Artificial Intelligence Innovation Challenge to recognize, celebrate, and inspire non-City individuals and organizations as well as City divisions, agencies and corporations that leverage data and AI to showcase research, projects, or solutions that address opportunities to foster civic engagement and public service delivery in Toronto. 2. Requested the boards of City Agencies and Corporations to participate in the Mayor's Data and Artificial Intelligence Innovation Challenge.
The Toronto Investment Board: 1. Received the item for information.
IB11.3received
Presentation - Lobbyist Registrar for the City of Toronto
The Lobbyist Registrar will provide a presentation to the Toronto Investment Board outlining the definition of lobbying and lead a discussion on how to manage unsolicited invitations by third party vendors.
The Toronto Investment Board: 1. Received the item for information.
IB11.4amended
Sinking Fund and Long Term Fund - Performance and Compliance Update for the First Quarter 2025
As required by the City's Investment Policy, the purpose of this report is to provide the Toronto Investment Board (Board) with the following: 1. The Sinking Fund and Long Term Fund performance for the first quarter of 2025. 2. Investment Policy and Plan Compliance check for the first quarter of 2025.
The Toronto Investment Board: 1. Received this report for information. 2. Requested the Director, Capital Markets along with the investment consultant (Aon), to complete an Asset Mix Review that will include long-term, five and ten year economic investment scenarios and their implications for the Toronto Investment Board's long-term investment strategy, and report back to the December 12, 2025 meeting.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. Toronto Investment Board receive this report for information.
IB11.5received
Presentations from Investment Managers
Presentations will be given by the following Investment Managers: - Connor, Clark & Lunn Investment Management Ltd. (Fixed Income - Active Mandate) - Leith Wheeler Investment Counsel Ltd. (Fixed Income - Active Mandate)
The Toronto Investment Board: 1. Received this item for information.
IB11.6adopted
Investment Manager and Other Updates
This report provides the Toronto Investment Board (Board) with an update regarding activities involving investment managers and related parties. It includes investment manager staffing and management changes, funding and other related items. There will be a executive level staff change at Fiera Capital. Jean Michel, Executive Director, President, and CIO of Fiera Public Markets, will be leaving the firm. There should be no material impact to the individual investment teams or their strategies. Further details can be found in Attachment 1 of this report. City staff continue to re-balance the Sinking Funds as necessary to maintain the target asset mix. A summary of the transfers completed after February 28, 2025, is outlined in this report. An update of the current funding status of Long-Term Fund (LTF) and Sinking Fund (SF) as at April 30, 2025, is provided in Attachment 2 of this report.
The Toronto Investment Board: 1. Received this report for information.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. Toronto Investment Board receive this report for information.
IB11.7adopted
Environmental, Social, and Governance Reporting Update
The Toronto Investment Board (Board) engaged MSCI Inc. (MSCI) and its subsidiary MSCI ESG Research LLC as its ESG Ratings Service provider. The agreement was in response to City Council's request to the Toronto Investment Board and the Chief Financial Officer and Treasurer to monitor and report on the performance of the external investment firms hired by the Board with respect to ESG factors according to the Investment Policy. In addition, the agreement includes the MSCI Carbon Portfolio Analytics reporting package that is part of MSCI's Climate Lab Enterprise, a comprehensive set of climate data and analytics. Carbon Portfolio Analytics reporting from MSCI ESG Research helps investors understand, measure and manage carbon risk at the portfolio, sector and company level. Both MSCI products are being provided on a managed service basis whereby City staff provide portfolio information to MSCI via secured channels and MSCI generate reports on a portfolio and consolidated basis for the Long-Term Fund (LTF) and Sinking Fund (SF). Benchmark index information is also provided for comparison. The information from MSCI is proprietary and confidential. There are a number of identifiable individual companies and governments in their detailed reports. The agreement with MSCI allows for the viewing and use of the information on a confidential basis by a limited number of City staff, the Board and City Council. The contract does allow for the public use of general consolidated information on a limited basis. Portfolio holdings as at March 31, 2025 were submitted to MSCI in May 2025. Results were received as at the date of this report. Summary data is provided in this report as well as in Confidential Attachments 1, 2, 3 and 4. Discussions with Aon Solutions Canada (Aon) were held regarding ESG rating analysis and enhancements. As part of this review, separate discussions were held with the current third-party ESG information provider (MSCI) as the information is part of a service that is strictly confidential. During the meetings with MSCI, it was decided they could assist by ensuring one of their staff could attend Board meetings to respond to questions. The Director, Capital Markets recommends that the attendance of MSCI at Board meetings to be the most cost-effective solution while obtaining enhanced insights to the reports provided and responding to inquiries from the Board.
The Toronto Investment Board: 1. Directed that the confidential information contained in Confidential Attachment 1, Confidential Attachment 2, Confidential Attachment 3, and Confidential Attachment 4 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, Confidential Attachment 2, Confidential Attachment 3, and Confidential Attachment 4 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.