Toronto Investment Board
The full agenda, as filed
All 6 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.
IB2.1received
Presentations from Investment Managers
Presentations will be given by the following Investment Managers: a. Addenda (LDI) b. Fiera Fixed Income (LDI)
The Toronto Investment Board received the presentations.
IB2.2adopted
Sinking Fund and Long Term Fund - Performance and Compliance Update for the Fourth Quarter of 2022
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 2022. 2. Investment Policy and Plan Compliance certificates and reports for the fourth quarter of 2022.
The Toronto Investment Board received the report (February 21, 2023) from the Director, Capital Markets.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. Toronto Investment Board receive this report for information.
IB2.3adopted
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, 2022. The confidential attachment to this report provides a summary of the fees.
The Toronto Investment Board received the report (February 20, 2023) from the Director, Capital Markets.
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.
IB2.4adopted
The purpose of this report is to update the Toronto Investment Board on the progress to date regarding the hiring of external investment managers in the Real Assets category.
The Toronto Investment Board received the report (February 20, 2023) from the Director, Capital Markets.
Staff recommendation as filed
Director, Capital Markets recommends that: 1. The Toronto Investment Board receive this report for information.
IB2.5amended
Investment Consultant for the Toronto Investment Board - Update
This report summarizes the award process and successful completion of the Request for Proposal for Investment Consultant for the Toronto Investment Board. The name of the successful proponent can now be released as per the Toronto Investment Board's decision at its meeting on December 16, 2022. As a way to assess the Investment Consultant's performance, it is recommended that the Toronto Investment Board adopt the Investment Consultant Survey contained in Attachment 1 of this report. Each individual Toronto Investment Board member will be asked to complete the Investment Consultant Survey on an annual and confidential basis. The Investment Consultant Survey will be collected, summarized and reported back to the Toronto Investment Board by the Director, Capital Markets.
The Toronto Investment Board: 1. Adopted the Investment Consultant Survey, and requested it to be distributed to each member on an annual basis starting in the first quarter of 2024 as described in Attachment 1 to the report (February 22, 2023) from the Director, Capital Markets. 2. Requested the Director, Capital Markets to collect, summarize, and report the results of the survey to the Board in confidence, when the results are received.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board adopt the Investment Consultant Survey on an annual basis as described in Attachment 1 to this report and request the Director, Capital Markets to collect, summarize, and report the results of the survey to the Board in confidence.
IB2.6adopted
Investment Manager and Other Updates
This report provides the Toronto Investment 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. There was a recent leadership change at the Feira Capital Corporation. These changes are summarized in this report along with the Flash Report from the investment consultant (Aon) in Attachment 1. The process to hire an Environmental, Social, and Governance data service provider is progressing. Legal agreements and other documentation for the service are nearing completion. An update of the current funding status of Long-Term Fund and Sinking Fund is provided in Attachment 2 to this report for the Board's review.
The Toronto Investment Board received the report (February 20, 2023) 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.