Toronto Investment Board
The full agenda, as filed
All 6 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.
IB12.1received
Presentations from Investment Managers
Presentations from Investment Managers will be given by: a. Connor, Clark and Lunn b. Leith Wheeler
The Toronto Investment Board received the item for information.
IB12.2adopted
Sinking Fund and Long Term Fund - Performance and Compliance Update for the First Quarter of 2021
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 first quarter of 2021. 2. Investment Policy and Plan Compliance certificates and reports for the first quarter of 2021.
The Toronto Investment Board received the report (May 17, 2021) 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.
IB12.3adopted
Investment Manager and Other Updates
This report provides an update with regards to investment managers since the last meeting of the Toronto Investment Board on March 9, 2021 along with other administrative updates. Sinking Fund contributions in the first quarter of 2021 in the amount of $52 million was transferred to the fixed income managers since the last meeting of the Board for the purposes of rebalancing. An update of the current funding status of Long-Term Fund and Sinking Fund is also provided in Attachment 1 to this report. Other items in this report include an update on the Request for Proposal for an ESG Data provider.
The Toronto Investment Board received the report (May 12, 2021) 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.
IB12.4adopted
Personal Trading Policy - Toronto Investment Board
The Toronto Investment Board is required to review the Personal Trading Policy every two years. The Policy was last reviewed in 2018 and is due for review. There are no changes recommended by staff to the Policy at this time. As such, it is recommended that the Board adopt the Personal Trading Policy as described in Attachment 1 to this report. Board members will also be asked to sign the Annual Compliance Statement (Attachment 2) of this report once the policy is adopted.
The Toronto Investment Board adopted the Personal Trading Policy for Board Members in Attachment 1 to the report (May 12, 2021) from the Director, Capital Markets.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board adopt the Personal Trading Policy for Board Members as described in Attachment 1 to this report.
IB12.5amended
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 request the Investment Consultant, in consultation with relevant City staff, to proceed with a manager search and evaluation for the Real Estate asset class within the guidelines of the Council-approved Investment Policy and report to the next meeting of the Toronto Investment Board.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board receive this report for information.
IB12.6adopted
At its meeting on March 9, 2021, 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. This report aims to inform a conversation on a potential asset mix study. Subsequent discussions with the investment consultant, City staff, and the Board Chair led to a request to review various sections of the Investment Policy (Attachment 1) and the Investment Plan (Attachment 2). An updated version of the Investment Plan with clarifying wording changes along with a summary of changes is provided.
The Toronto Investment Board: 1. Maintained the current asset mix as provided in the City Council-approved Investment Policy in Attachment 1 to the report (May 17, 2021) from the Director, Capital Markets. 2. Agreed to review the asset mix after all investment managers (including those in the real assets category) have been funded and four years of performance have been completed. 3. Agreed to complete any further asset mix reviews at a time after the pandemic, or other major global events. 4. Adopted the clarifying word changes in the updated Investment Plan as provided in Attachment 2 to the report (May 17, 2021) from the Director, Capital Markets.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board maintain the current asset mix as provided in the City Council-approved Investment Policy (Attachment 1). 2. The Toronto Investment Board agree to review the asset mix after all investment managers (including those in the real assets category) have been funded and four years of performance have been completed. 3. The Toronto Investment Board agree to complete any further asset mix reviews at a time after the pandemic, or other major global events. 4. The Toronto Investment Board adopt the clarifying word changes in the updated Investment Plan as provided in Attachment 2 of this report.