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.
IB12.1adopted
Proposed 2026 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 as hybrid meetings with members participating in person and remotely. On July 23 and 24, 2025, City Council approved the 2026 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 2026: Monday, March 23, 2026 - City Hall, Committee Room 2/Video Conference Monday, June 22, 2026 - City Hall, Committee Room 3/Video Conference Monday, September 28, 2026 - City Hall, Committee Room 2/Video Conference Monday, December 14, 2026 - City Hall, Committee Room 2/Video Conference
Staff recommendation as filed
That the Toronto Investment Board approve the following meeting dates for 2026: Monday, March 23, 2026 - City Hall, Committee Room 2/Video Conference Monday, June 22, 2026 - City Hall, Committee Room 3/Video Conference Monday, September 28, 2026 - City Hall, Committee Room 2/Video Conference Monday, December 14, 2026 - City Hall, Committee Room 2/Video Conference
IB12.2adopted
Sinking Fund and Long Term Fund - Performance and Compliance Update for the Second 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 second quarter of 2025. 2. Investment Policy and Plan Compliance check for the second quarter of 2025.
The Toronto Investment Board: 1. Received the report (September 2, 2025) 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.
IB12.3received
Presentations from Investment Managers
Presentations will be given by the following Investment Managers: - Fiera Capital Corporation and Pinestone Asset Management (Fiera Focused Global Equity Pooled Fund) - Fiera Capital Corporation and Harris Associates (Oakmark Global Equity Fund)
The Toronto Investment Board: 1. Received this item for information.
IB12.4adopted
Investment Manager and Other Updates
This report provides the Toronto Investment Board (Board) with a general update regarding investment managers and other related activities. It also provides the Board with information with the movement of funds (i.e. re-balancing) subsequent to the end of the reporting period with an attachment of the most recent up-to-date fund balances which includes the cash balance and a breakdown of the funds held by each investment manager. City staff continue to re-balance the Sinking Funds as necessary to maintain the target asset mix. A summary of the transfers completed in July 2025, is outlined in this report. An update of the current funding status of Long-Term Fund (LTF) and Sinking Fund (SF) as at July 31, 2025, is provided in Attachment 1 of this report.
The Toronto Investment Board: 1. Received the report (September 7, 2025) 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.
IB12.5adopted
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 June 30, 2025 were submitted to MSCI in August 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.
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 to the report (September 7, 2025) 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, Confidential Attachment 2, Confidential Attachment 3, and Confidential Attachment 4 to this report (September 7, 2025) 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.
IB12.6deferred
Investment Consultant Contract - Option to Extend
This report provides a review and recommendation regarding the investment consultant (Aon) for the Toronto Investment Board. The current contract with Aon is for three years with an option to extend for another two years. The current contract was awarded by the Board at its meeting on December 16, 2022 with Aon to provide services from 2023 to 2026, with the option to extend the contract for another two years. City staff recommend to extend this contract for another two years based on the Evaluation Scorecard found in Confidential Attachment 1 of this report.
The Toronto Investment Board: 1. Deferred consideration of this item until the next special meeting called by the Chair.
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 to this report (September 7, 2025) 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.
IB12.7deferred
Review of Investment Manager Mandate (Global Equity)
This report provides an Investment Manager analysis per the directive of the Toronto Investment Board ("Board") at their meeting held on June 24, 2025. The Board's investment consultant, Aon, will provide an update and discuss the results of the analysis. The confidential attachment to this report details the analysis.
The Toronto Investment Board: 1. Deferred consideration of this item until the next special meeting called by the Chair.
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 to this report (September 8, 2025) remain confidential in its entirety, as it contains information that involves the security of property belonging to the City and the Toronto Investment Board.