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.
IB15.1received
Public Appointments to the Board
At its meeting held December 16 and 17, 2021, City Council appointed the following members to the Toronto Investment Board for a term of office from December 18, 2021 to December 16, 2025, and until successors are appointed: John Crocker, as Chair Kevin Adolphe Sue Lemon These new appointments fill the positions previously held by Matthew Flynn and Sharon Ranson whose terms of office came to an end December 17, 2021.
The Toronto Investment Board received the item for information.
IB15.2amended
Election of Vice Chair of the Toronto Investment Board
A vacancy in the office of Vice-Chair occurred when Sharon Ranson's term of office on the Board came to an end effective December 17, 2021. In accordance with Section 22(2) of the Toronto Investment Board's procedural By-law, the Board shall elect a Vice-Chair from among its members at its first meeting following the appointment of the Chair by City Council.
The Toronto Investment Board: 1. Elected Mary Robinson as Vice Chair of the Toronto Investment Board for a term of office until a successor is appointed.
IB15.3received
Presentations from Investment Managers
Presentations will be given by Investment Managers: a. Addenda (LDI) b. Fiera Fixed Income (LDI)
The Toronto Investment Board received the item for information.
IB15.4amended
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 2021. 2. Investment Policy and Plan Compliance certificates and reports for the fourth quarter of 2021.
The Toronto Investment Board: 1. Requested the Investment Consultant to report back to the June 23, 2022, meeting with a summary of the investment managers' exposure to sanctioned entities and, more generally, to Russia.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board receive this report for information.
IB15.5adopted
Investment Manager and Other Updates
This report requests authority from the Toronto Investment Board (Board) to close the Board's 5 percent sinking fund sub-account since it is no longer required given that none of the City's outstanding debentures use the 5 percent sinking fund sub-account. There were staff changes within one of the Board's fixed income mandate investment managers, Connor, Clark, and Lunn. One member of Connor, Clark, and Lunn's Fixed Income team is retiring at the end of this quarter, and two team members were promoted. Details of these staff changes can be found in Attachment 1 to this report. The procurement of an Environmental, Social, and Governance data service provider previously approved by the Board has been delayed due to an issue related to the City's vendor policy. An update of the current funding status of Long-Term Fund and Sinking Fund is provided in Attachment 2 to this report.
The Toronto Investment Board: 1. Authorized the Director, Capital Markets, to close the 5 percent Sinking Fund sub-account with all investment managers, the custodian, and any banks where this account is no longer required.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board authorize the Director, Capital Markets to close the 5 percent Sinking Fund sub-account with all investment managers, the custodian, and any banks where this account is no longer required.
IB15.6adopted
Investment Manager Fees Update
This report provides an annual update of the Investment Manager fees paid by the Toronto Investment Board for the year ending December 31, 2021. The confidential attachment to this report provides a summary of the fees.
The Toronto Investment Board: 1. Directed that Confidential Attachment 1 to the report (March 11, 2022) from the Director, Capital Markets remain confidential in its entirety, as it pertains to the security of property belonging to the City and the Toronto 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 and the Toronto Investment Board.
IB15.7adopted
The purpose of this report is to update the Toronto Investment Board ("Board") on the progress to date regarding the hiring of external investment managers and current market conditions in the Real Assets category.
The Toronto Investment Board received the report (March 9, 2022) 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.