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Toronto Investment Board

2026-09-25 · 8 stories from 8 items

What we covered

Toronto Investment Board decides · Fri, Sep 25

Toronto Investment Board considers recommending two infrastructure investment managers for the Real Assets fund

Citywide

The item seeks a real assets update based on an infrastructure investment manager recommendation. The Toronto Investment Board considered the item on September 25, 2026, and took no action.

How to act

Find your councillor and write before the voteThis one affects the whole city
Read the item on the city record

The journey

Fri, Sep 25 · Toronto Investment Board · scheduled, not yet heard

Why is this story here?

ContainedThe board is selecting investment managers within an allocated real assets budget line. This is a genuine decision with institutional weight (capital allocation and fund governance), but it is bounded to one sub-category of the Real Assets allocation and reversible through future manager selection cycles. Not a structural constraint on future boards.Touches a narrow groupOnce in force, the appointed managers' investment decisions may eventually affect returns on city assets and thus the long-term funding available for services. That is a chain of consequences affecting many residents indirectly, not a direct daily-life effect. The effect is real but mediated through future budget cycles and potential service decisions.

Stories are ordered by how much weight a decision carries and how directly it reaches daily life. They rise as a decision date approaches and fall as they age.

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money

Toronto Investment Board decides · Fri, Sep 25

Toronto Investment Board seeks to endorse a global equity strategy and approve manager search engagement

Citywide

The Toronto Investment Board considered a global equity manager search on September 25, 2026, but took no action on the item.

Closed doors

How to act

Find your councillor and write before the voteThis one affects the whole city
Read the item on the city record

The journey

Fri, Sep 25 · Toronto Investment Board · scheduled, not yet heard

Why is this story here?

ContainedThe board is making a portfolio decision about global equity strategy and manager selection, which is a genuine institutional choice within the board's mandate. It is bounded to this asset class and reversible if future boards disagree with the strategy or managers chosen. The decision does not reshape the institution or remove future options.Touches a narrow groupIf the strategy and managers are approved and in force, the effect is indirect: changes to global equity returns flow through pension fund performance, which may eventually affect benefit adequacy for plan members, but that chain is remote and takes years to manifest. Residents do not notice this week or this year.

Stories are ordered by how much weight a decision carries and how directly it reaches daily life. They rise as a decision date approaches and fall as they age.

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money

Toronto Investment Board decides · Fri, Sep 25

Toronto Investment Board to weigh hiring outside investment manager for city sinking fund

Citywide

The Toronto Investment Board was asked to review the investment management model for the sinking fund. The board considered the item on September 25, 2026, but took no action.

Also in this item

• The sinking fund supports significant financial obligations; city staff currently cannot legally act as portfolio managers under existing legislation, a constraint the OCIO model would address.

How to act

Find your councillor and write before the voteThis one affects the whole city
Read the item on the city record

The journey

Fri, Sep 25 · Toronto Investment Board · scheduled, not yet heard

Why is this story here?

ContainedA decision to commission a study is genuine but bounded: it authorizes a consultant engagement and a review process, not an immediate restructuring. Outsourcing investment management functions would be substantial if adopted, but this item only approves the assessment stage. A future council could reject the consultant's recommendations without reversing anything concrete today. The decision constrains future options only to the extent the consultant's findings persuade a later board.Invisible to residentsIf the consultant's recommendation is adopted and an OCIO is hired, investment management becomes an external function. This is governance and finance restructuring at the operational level. Residents do not experience the change in force; the sinking fund supports future obligations, not current ones, and how those obligations are invested is invisible to daily life even after implementation.

Stories are ordered by how much weight a decision carries and how directly it reaches daily life. They rise as a decision date approaches and fall as they age.

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money

Toronto Investment Board decides · Fri, Sep 25

Toronto Investment Board to consider relocating funds from long-term to short-term investment pool

Citywide

The council considered an update to the investment plan on September 25, 2026. The Toronto Investment Board took no action on the item.

How to act

Find your councillor and write before the voteThis one affects the whole city
Read the item on the city record

The journey

Fri, Sep 25 · Toronto Investment Board · scheduled, not yet heard

Why is this story here?

ContainedThe proposal reallocates existing long-term fund assets to short-term liquidity management in response to evolved city cash flow forecasts. It is a genuine decision about how to invest public money and reflects changed circumstances, but it is bounded to internal fund management within the existing Investment Policy framework, reversible without major cost, and does not set a precedent that constrains future councils.Invisible to residentsEven if adopted, the segregation of long-term fund assets into a short-term portion is an internal treasury operation. It does not change services, rates, access, or any daily-life effect for residents. A report being received or a study being commissioned changes nothing on its own.

Stories are ordered by how much weight a decision carries and how directly it reaches daily life. They rise as a decision date approaches and fall as they age.

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money

Toronto Investment Board decides · Fri, Sep 25

Toronto Investment Board to review second-quarter performance of city pension and long-term funds

Citywide

The Toronto Investment Board received an update on the performance and compliance of the city's sinking fund and long-term fund for the second quarter of 2026 on September 25, 2026. No action was taken on the item.

How to act

Find your councillor and write before the voteThis one affects the whole city
Read the item on the city record

The journey

Fri, Sep 25 · Toronto Investment Board · scheduled, not yet heard

Why is this story here?

ContainedThe board is reviewing performance and compliance of two significant city funds, a substantive governance check, but it is a routine quarterly report with no decision-making authority shown on the agenda. Compliance verification and asset performance tracking are recurring, bounded functions.Invisible to residentsIf the board receives this report and takes no action, nothing changes on the ground. A report received is procedurally complete but substantively inert. The funds' underlying performance matters to pension holders, but the act of reviewing a quarterly report changes nothing in their week.

Stories are ordered by how much weight a decision carries and how directly it reaches daily life. They rise as a decision date approaches and fall as they age.

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environment

Toronto Investment Board decides · Fri, Sep 25

Toronto Investment Board to receive environmental, social and governance reporting on city investment holdings

Citywide

The city council considered an update on environmental, social, and governance reporting. On September 25, 2026, the Toronto Investment Board took no action on the matter.

Also in this item

• City Council explicitly requested ESG monitoring of external investment managers, making environmental and social performance measurable in the managers hired to invest city pension and sinking funds

How to act

Find your councillor and write before the voteThis one affects the whole city
Read the item on the city record

The journey

Fri, Sep 25 · Toronto Investment Board · scheduled, not yet heard

Why is this story here?

RoutineThe Board is receiving and reviewing a report on existing external service contracts already in place. MSCI was already engaged as the ESG ratings provider; this item discloses the results of that service. No new decision about investment policy, manager hiring, fund allocation, or fund control is being made. The report is information only.Invisible to residentsOnce the report is received, nothing changes in how the city invests, how managers perform, or how any resident experiences city services. The report documents performance of existing holdings; adopting it does not direct any action, change any fund, or alter any investment decision. Residents who hold stakes in city pension or sinking fund outcomes are not directly affected by the Board reviewing data on the same holdings they already have at stake.

Stories are ordered by how much weight a decision carries and how directly it reaches daily life. They rise as a decision date approaches and fall as they age.

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Toronto Investment Board decides · Fri, Sep 25

Toronto Investment Board to receive updates on investment manager reviews and multifactor equity strategy transition

Citywide

The item requested updates on the investment manager and other matters. The Toronto Investment Board considered the item on September 25, 2026, and took no action.

Closed doors

How to act

Find your councillor and write before the voteThis one affects the whole city
Read the item on the city record

The journey

Fri, Sep 25 · Toronto Investment Board · scheduled, not yet heard

Why is this story here?

RoutineThis is a routine investment management update and consultant review. Investment manager performance assessments, fund rebalancing, and leadership changes within external managers are operational matters with no change to the Board's mandate, authority, or decision-making power. The transition of one equity mandate to a new manager is a standard portfolio management action within the Board's existing mandate.Invisible to residentsEven if the Board acts on these updates, the substance is internal fund management: shifting assets between investment managers, or changing leadership within a manager's team. These are operational decisions that do not reach residents. No commute, rent, bill, service, or access changes as a result.

Stories are ordered by how much weight a decision carries and how directly it reaches daily life. They rise as a decision date approaches and fall as they age.

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money

Toronto Investment Board decides · Fri, Sep 25

Toronto Investment Board to hear presentations from investment managers for global equity and infrastructure funds

Citywide

The item asks for prospective investment manager presentations regarding global equity and infrastructure mandates. At its September 25, 2026 meeting, the Toronto Investment Board took no action on the matter.

How to act

Find your councillor and write before the voteThis one affects the whole city
Read the item on the city record

The journey

Fri, Sep 25 · Toronto Investment Board · scheduled, not yet heard

Why is this story here?

RoutineThis is a procurement decision-support meeting, not the decision itself. Hearing presentations is routine due diligence; the actual selection of managers will be a separate decision with institutional weight.Invisible to residentsIf the board hears the presentations and later selects managers, the selection itself would have institutional weight but no present daily-life effect on residents; investment strategy is internal.

Stories are ordered by how much weight a decision carries and how directly it reaches daily life. They rise as a decision date approaches and fall as they age.

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The full agenda, as filed

All 8 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.

IB17.1not yet heard
Environmental, Social, and Governance Reporting Update
Staff recommendation as filed
The 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, Confidential Attachment 4 and Confidential Attachment 5 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.
IB17.2not yet heard
Investment Plan Update
Staff recommendation as filed
The Director, Capital Markets and Treasury recommends that: 1. The Toronto Investment Board approve the updated Investment Plan, as set out in Attachment 1. 2. The Toronto Investment Board authorize the Chief Financial Officer and Treasurer and designate appropriate staff, to transfer funds from the Long-Term Fund's Short-Term Fund to the City's Short-Term Fund, as required to support liquidity requirements, up to the lesser of $2.0 billion or the available balance within the Long-Term Fund's Short-Term Fund. 3. The Toronto Investment Board authorize the Chief Financial Officer and Treasurer, and designate appropriate staff, to take the necessary actions to implement the Investment Plan and meet the City's liquidity requirements. 4. The Toronto Investment Board direct the Chief Financial Officer and Treasurer to provide quarterly updates to the Board on the City's liquidity requirements, utilization of the Short-Term Fund, and progress in implementing the Investment Plan. 5. The Toronto Investment Board authorize the Chief Financial Officer and Treasurer to negotiate and enter into a non-competitive agreement with Aon to undertake an Asset Liability Management Study of the Long-Term Fund. 6.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 or one of its agencies or corporations.
IB17.3not yet heard
Review of Investment Management Model for the Sinking Fund
Staff recommendation as filed
The Director, Capital Markets and Treasury recommends that: 1. The Toronto Investment Board authorize the Chief Financial Officer and Treasurer to retain an independent external investment consultant, through the City's procurement process, to: assess the suitability of an Outsourced Chief Investment Officer model for the management of the City's Sinking Fund; evaluate potential Outsourced Chief Investment Officer implementation options and governance considerations; and if warranted, support a subsequent Outsourced Chief Investment Officer search and selection process. 2. The Toronto Investment Board direct staff to report back to the Board with the consultant's findings and recommendations, including any recommended next steps with respect to an Outsourced Chief Investment Officer search and selection process.
IB17.4not yet heard
Sinking Fund and Long Term Fund - Performance and Compliance Update for the Second Quarter of 2026
Staff recommendation as filed
The Director, Capital Markets and Treasury recommends that: 1. The Toronto Investment Board adopt the INREV Global Real Estate Fund Index (GREFI), as presented in Confidential Attachment 2, as supplementary comparative information for purposes of reviewing the performance of the Board's real estate investments. 2. The Toronto Investment Board direct that Confidential Attachments 1 and 2 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.
IB17.5not yet heard
Prospective Investment Manager Presentations - Global Equity and Infrastructure Mandates
IB17.6not yet heard
Real Assets Update - Infrastructure Investment Manager Recommendation
Staff recommendation as filed
The Director, Capital Markets and Treasury recommends that: 1. The Toronto Investment Board approve the infrastructure investment manager allocation set out in Confidential Attachment 1. 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 the City Solicitor and the Chief Financial Officer and Treasurer, and authorize the Chair or Vice Chair of the Toronto Investment Board to execute such agreements on behalf of the Toronto Investment Board. 3. The Toronto Investment Board authorize the public release of the names of the successful firms upon finalization of agreements with the investment managers identified in Confidential Attachment 1. 4. 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 or one of its agencies or corporations.
IB17.7not yet heard
Investment Manager and Other Updates
Staff recommendation as filed
The Director, Capital Markets and Treasury recommends that: 1. The Toronto Investment Board receive this report for information. 2. The Toronto Investment Board direct that the confidential information contained in Confidential Attachments 1, 2 and 3 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.
IB17.8not yet heard
Global Equity Manager Search
Staff recommendation as filed
The Director, Capital Markets and Treasury recommends that: 1. The Toronto Investment Board authorize the Chief Financial Officer and Treasurer to negotiate and enter into a non-competitive agreement with Aon, the Board's investment consultant, to undertake the Global Equity Manager Search, as set out in Confidential Attachment 2. 2. The Toronto Investment Board request the Director, Capital Markets and Treasury, in consultation with the Board's investment consultant, Aon, to proceed with the pre-screening, interviews and evaluation of the selected short list of Global Equity investment managers identified in Confidential Attachment 1, and report back to the Board with recommendations. 3. The Toronto Investment Board direct that the confidential information contained in Confidential Attachments 1 and 2 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.