Toronto Investment Board
The full agenda, as filed
All 5 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.
IB14.1received
Presentations from Investment Managers
Presentations from Investment Managers will be given by: a. Pier 21/C WorldWide (Global Equity) b. Legal and General Investment Management (Global Equity)
The Toronto Investment Board received the item for information.
IB14.2adopted
Sinking Fund and Long-Term Fund - Performance and Compliance Update for the Third Quarter of 2021
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 performance of the Sinking Fund and Long Term Fund for the third quarter of 2021. 2. Investment Policy and Plan Compliance certificates and reports for the third quarter of 2021.
The Toronto Investment Board received the report (November 25, 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.
IB14.3adopted
Investment Manager and Other Updates
This report provides the Toronto Investment Board (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. This report also provides the Board with and update regarding the procurement of an Environmental, Social, and Governance data service provider previously approved by the Board. An update of the current funding status of Long-Term Fund and Sinking Fund is provided in Attachment 1 to this report.
The Toronto Investment Board received the report (November 26, 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.
IB14.4amended
Aon, in its role as investment consultant to the Toronto Investment Board, has completed an extensive search for investment managers (agents) in the Real Assets category outlined in the Board's Investment Plan. The process, analysis, list of firms considered, and the recommended investment managers are provided in the confidential attachments. These documents are confidential as they contain commercial and financial information supplied by the investment consultant to the Board in confidence, which if disclosed could reasonably be expected to prejudice significantly the competitive position or other negotiations the Board may have in selecting the investment managers. In addition to the work completed by the investment consultant, Capital Markets staff also interviewed the list of candidates contained in Confidential Attachments 2 and 3.
The Toronto Investment Board: 1. Awarded the contracts for investment management services to the firms in accordance with the allocation set out in Confidential Attachment 1 to the report (November 29, 2021) 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 agreements with the firms selected as investment managers, on terms satisfactory to City Solicitor and the Chief Financial Officer and Treasurer, and authorize the Chair or the Vice Chair of the Investment Board to execute such agreements on behalf of the Investment Board. 3. Authorized the public release of Confidential Attachment 1 to the report (November 29, 2021) from the Director, Capital Markets upon finalizing an agreement with the investment managers identified in the attachment and at the discretion of the Director, Capital Markets. 4. Directed that Confidential Attachments 2 and 3 to the report (November 29, 2021) from the Director, Capital Markets remain confidential in their entirety, as they 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 award the contracts for investment management services to the firms in accordance with the allocation set out in Confidential Attachment 1, 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 agreements with the firms selected as investment managers, on terms satisfactory to City Solicitor and the Chief Financial Officer and Treasurer, and authorize the Chair or the Vice Chair of the Investment Board to execute such agreements on behalf of the Investment Board. 3. The Toronto Investment Board authorize the public release of names of the successful firms upon finalizing an agreement with the investment managers identified in Confidential Attachment 1. 4. The Toronto Investment Board direct that the confidential information contained in Confidential Attachments 2 and 3 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.
IB14.5adopted
Proposed 2022 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 9, 10, and 12, 2021, City Council approved the 2022 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 2022: Monday, March 28 - 9:30 a.m. Thursday, June 23 - 9:30 a.m. Monday, September 19 - 1:30 p.m. Friday, December 16 - 9:00 a.m.
Staff recommendation as filed
That the Toronto Investment Board approve the following meeting dates for 2022: Monday, March 28 - 9:30 a.m. Thursday, June 23 - 9:30 a.m. Monday, September 19 - 1:30 p.m. Friday, December 16 - 9:00 a.m.