Toronto Investment Board
The full agenda, as filed
All 3 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.
IB3.1received
Introduction of Investment Managers
Presentations on the introduction of investment managers will be given by: - Grace Xiang, Director Business Development and Client Partnerships, and John Stilo, Senior Portfolio Manager, Addenda Capital Inc.; and - Martin Dionne, Assistant Vice President Liability Driven Investments, Bob Moffat, Senior Vice President Institutional Markets, Stéphane Jean, Head of Liability Driven Investments, and Peter Osborne, Vice President and Portfolio Manager, Fiera Capital Corporation.
The Toronto Investment Board received the item for information.
IB3.2adopted
Sinking Fund and Long Term Fund - First Quarter Performance and Compliance Update
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 in the first quarter of 2019. 2. Investment Policy and Plan Compliance reports for the first quarter of 2019.
The Toronto Investment Board: 1. Received the report (May 29, 2019) from the Executive Director, Corporate Finance for information.
Staff recommendation as filed
The Executive Director, Corporate Finance recommends that: 1. Toronto Investment Board receive this report for information.
IB3.3amended
Investment Manager and Investment Plan Update
This report provides an update on the actions taken by Corporate Finance staff with regard to the selection of investment managers since the last meeting of the Toronto Investment Board (the "Board") on April 11, 2019. An update to the Investment Plan is provided given the contract negotiations with the Fixed Income investment managers is now complete. The confidential attachments outline details regarding the negotiations with the Global Equity investment managers and recommends a course of action.
The Toronto Investment Board: 1. Approved the updated Investment Plan as outlined in Attachment 1 to the report (May 30, 2019) from the Executive Director, Corporate Finance. 2. In respect of the global equity mandates, authorized the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, to discontinue agreement negotiations with the firm recommended in Confidential Attachment 2 to the report (May 30, 2019) from the Executive Director, Corporate Finance, should the terms be unsatisfactory to the City Solicitor and the Chief Financial Officer and Treasurer, and to start negotiations with the firm identified as the second recommended firm in Confidential Attachment 2 to the report (May 30, 2019) from the Executive Director, Corporate Finance as a replacement for the original firm selected, and should negotiations with that second firm be unsuccessful, the portion of the funds allocated to this firm be divided at the discretion of the Chief Financial Officer and Treasurer, in consultation with the investment consultant to the three original firms that have reached a successful agreement on the global equity mandates, and to authorize the Chair or Vice-Chair of the Investment Board to execute such agreements on behalf of the Investment Board. 4. Authorized the public release of names of the successful firms upon finalizing agreements with the investment managers, identified in Confidential Attachments 1 and 2 to the report (May 30, 2019) from the Executive Director, Corporate Finance. 5. Directed that the remainder of the confidential information contained in Confidential Attachments 1 and 2 to the report (May 30, 2019) from the Executive Director, Corporate Finance 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.
Staff recommendation as filed
The Executive Director, Corporate Finance recommends that: 1. The Toronto Investment Board approve the updated Investment Plan as outlined in Attachment 1. 2. Subject to Recommendation 3, the Toronto Investment Board authorize the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, to continue to negotiate agreements with the firms originally selected as investment managers for the global equity mandates, on terms satisfactory to City Solicitor and the Chief Financial Officer and Treasurer, and authorize the Chair or Vice-Chair of the Investment Board to execute such agreements on behalf of the Investment Board. 3. In respect of the global equity mandates, the Toronto Investment Board authorize the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, to discontinue agreement negotiations with the firm recommended in Confidential Attachment 1, should the terms be unsatisfactory to the City Solicitor and the Chief Financial Officer and Treasurer, and to start negotiations with the firm identified as the second recommended firm in Confidential Attachment 2 as a replacement for the original firm selected, and should negotiations with that second firm be unsuccessful, the portion of the funds allocated to this firm be divided on a pro-rata basis to the three original firms that have reached a successful agreement on the global equity mandates, and to authorize the Chair or Vice-Chair of the Investment Board to execute such agreements on behalf of the Investment Board. 4. The Toronto Investment Board authorize the public release of names of the successful firms upon finalizing agreements with the investment managers, identified in Confidential Attachments 1 and 2. 5. The Toronto Investment Board direct that the remainder of the confidential information contained in Confidential Attachments 1 and 2 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.