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.
IB16.1received
New Appointment to the Toronto Investment Board
At its meeting held March 25 and 26, 2026, City Council appointed Lovisa McCallum to the Toronto Investment Board for a term of office from March 28, 2026 to March 28, 2030, and until a successor is appointed. The new appointment fills the position previously held by Kevin Adolphe whose term ended March 27, 2026.
The Toronto Investment Board received the item for information.
IB16.2adopted
Sinking Fund and Long Term Fund - Performance and Compliance Update for the First Quarter of 2026
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 2026. 2. Investment Policy and Plan Compliance check for the first quarter of 2026.
The Toronto Investment Board: 1. Received the report (May 19, 2026) from the Interim Director, Capital Markets and Treasury for information.
Staff recommendation as filed
The Director, Capital Markets and Treasury recommends that: 1. Toronto Investment Board receive this report for information.
IB16.3received
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 received the item for information.
IB16.4adopted
Investment Manager and Other Updates
This report provides the Toronto Investment Board (Board) with updates regarding investment manager related activities, including Real Asset fund expenses, Environmental, Social and Governance (ESG) reporting services, the transition to a new Multifactor Index investment manager and the most recent fund balances and asset mix information. Confidential Attachments 1 and 2 provide the Total Expense Ratio (TER) fee breakdowns for the CBRE Global Alpha Fund and UBS Global Real Estate Fund, respectively. Confidential Attachment 3 provides the fee schedule associated with the MSCI ESG Research LLC agreement for ESG reporting and analytics services. The report also provides an update regarding the transition to the new Multifactor Index investment manager, including ongoing legal and onboarding activities. In addition, the report includes the current funding status and asset mix for the Long-Term Fund and Sinking Fund as at April 30, 2026 (Attachment 4).
The Toronto Investment Board: 1. Directed that the confidential information contained in Confidential Attachments 1, 2 and 3 to the report (May 28, 2026) from the Interim Director, Capital Markets and Treasury remain confidential in their entirety, as they contain information that involves the security of property belonging to the City or one of its agencies or corporations.
Staff recommendation as filed
The Interim Director, Capital Markets and Treasury recommends that: 1. The Toronto Investment Board direct that the confidential information contained in Confidential Attachments 1, 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.
IB16.5adopted
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. The 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, 2026 were submitted to MSCI in May 2026. 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 (May 28, 2026) from the Interim Director, Capital Markets and Treasury remain confidential in their entirety, as they contain information that involves the security of property belonging to the City or one of its agencies or corporations.
Staff recommendation as filed
The Interim Director, Capital Markets and Treasury 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.
IB16.6amended
Real Assets Update - Infrastructure
The purpose of this report is to update the Toronto Investment Board (Board) on the progress to date regarding the search for external investment managers for the Infrastructure portion of the Real Assets category. At its December 2025 meeting, the Board received a presentation from the investment consultant (Aon) entitled "Investing Infrastructure Education " which outlined the rationale to consider Infrastructure investments. In addition, the Board also requested the investment consultant (Aon), in consultation with the Director, Capital Markets, to proceed with a manager search and evaluation for the infrastructure asset class, within the guidelines of the Council-approved Investment Policy. The process, analysis, and the list of firms considered are provided in Confidential Attachment 1. 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. It is recommended that the Board select a short list of potential investment managers from the listing provided in Confidential Attachment 1. Following this, City staff will proceed with pre-screening, interviews, and evaluation of the selected short list of investment managers and report back to the Board the staff recommendations for the infrastructure category.
The Toronto Investment Board: 1. Received the report prepared by the investment consultant (Aon) contained in Confidential Attachments 1 and 2 to the report (March 1, 2026) from the Director, Capital Markets for information. 2. Directed that the confidential information contained in Confidential Attachments 1 and 2 to this report (March 1, 2026) from the Director, Capital Markets remain confidential in their entirety, as they contain information that involves the security of property belonging to the City or one of its agencies or corporations. 3. Requested the Interim Director, Capital Markets and Treasury, in consultation with the investment consultant (Aon), to proceed with a pre-screening, interviews, and evaluation for the selected short list of infrastructure investment managers, and to report back with recommendations at the September 25, 2026 meeting of the Toronto Investment Board.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board receive the report prepared by the investment consultant (Aon) contained in Confidential Attachment 1 to this report (March 1, 2026) for information. 2. The Toronto Investment Board direct that the confidential information contained in Confidential Attachment 1 to this report (March 1, 2026) 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. 3. The Toronto Investment Board request the Director, Capital Markets, in consultation with the investment consultant (Aon), to proceed with a pre-screening, interviews, and evaluation for the selected short list of infrastructure investment managers, and to report back with recommendations at the June 22, 2026 meeting of the Toronto Investment Board.
IB16.7received
Over the past several meetings, the Toronto Investment Board has expressed energy to review the global equity mandates to determine whether there are opportunities to enhance the risk adjusted performance of the global equities exposure. During our March meeting, we discussed and made a decision with respect to the passive component of the global equity mandate. However, there are still several additional considerations that should be addressed. These considerations include: The allocation of the global equity portfolio to active vs. passive managers The stylistic tilt of the active component of the global equity portfolio (i.e. value vs. growth) Specific strategies that are employed to implement the desired stylistic tilt As a result, I am requesting to reopen IB15.9 and to focus our June discussion on the allocation between actives vs. passive and the stylistic tilt of the active component of the global equity portfolio.
The Toronto Investment Board: 1. Re-opened Item IB15.9 - Review of the Global Equity Mandates - Revisiting the Implementation Rationale. 2. Received the item for information.
Staff recommendation as filed
The Chair, Toronto Investment Board recommends that the Toronto Investment Board: 1. Reopen IB15.9 for further discussion during the June 22, 2026 meeting of the Toronto Investment Board.