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.
IB5.1received
Introduction of Investment Managers
Presentations on the introduction of Investment Managers will be given by: - Jeffrey P. Vilker, Director, Institutional Sales, Harris Associates and Barbara E. Sheehan, Vice President, Institutional Markets (for affiliates of Natixis Investment Managers), Fiera Capital Corporation; and - David M. Star, President and Chief Executive Officer, Pier 21 Asset Management Inc.
The Toronto Investment Board received the item for information.
IB5.2adopted
Proposed 2020 Schedule of Toronto Investment Board Meetings
In accordance with Section 25 of the Toronto Investment Board Procedures By-law, regular meetings of the Board are determined by the Board and a schedule of those meetings shall be publicly available by the first Board meeting in each calendar year. The Toronto Investment Board's meetings are held in the committee rooms on the second floor of Toronto City Hall (100 Queen Street West). On July 16, 17 and 18, 2019, City Council approved the 2020 annual schedule of meetings for City Council and its Committees. Please note that the meeting schedule is available on the City of Toronto's website at www.toronto.ca/council .
The Toronto Investment Board: 1. Approved the following meeting dates for 2020: - Monday, April 6, 2020 at 10:00 a.m. in Committee Room 3 - Wednesday, July 8, 2020 at 10:00 a.m. in Committee Room 3 - Wednesday, October 7, 2020 at 10:00 a.m. in Committee Room 3 - Monday, December 7, 2020 at 3:00 p.m. in Committee Room 3
Staff recommendation as filed
That the Toronto Investment Board approve the following meeting dates for 2020: Monday, April 6, 2020 at 10:00 a.m. in Committee Room 3 Wednesday, July 8, 2020 at 10:00 a.m. in Committee Room 3 Wednesday, October 7, 2020 at 10:00 a.m. in Committee Room 3 Monday, December 7, 2020 at 3:00 p.m. in Committee Room 3
IB5.3amended
This report provides an update to the Toronto Investment Board ("Board") regarding the Investment Policy that was considered by City Council at their meeting on October 2 and 3, 2019. The report was referred back to the Chief Financial Officer and Treasurer (CFO&T) for review. City Council adopted a motion to review certain sections of the Investment Policy in consultation with The Toronto Atmospheric Fund (TAF) and the Toronto Investment Board. The CFO&T was asked to report back at the City Council meeting of January 29 and 30, 2020. The motion asks for additional improvements to three areas of the Investment Policy, namely: Investment Beliefs; Environmental, Social, and Governance (ESG) Integration; and Monitoring and Reporting.
The Toronto Investment Board: 1. Received the report (November 15, 2019) from the Executive Director, Corporate Finance for information. 2. Requested the Director, Capital Markets to report back to the next meeting on the governance options as it pertains to the ESG factors and to review the various service providers of this data.
Staff recommendation as filed
The Executive Director, Corporate Finance recommends that: 1. The Toronto Investment Board receive the report for information and provide any further advice that the Board may see fit to the Chief Financial Officer and Treasurer.
IB5.4adopted
Sinking Fund and Long Term Fund - Performance and Compliance Update for the Third Quarter of 2019
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 third quarter of 2019. 2. Investment Policy and Plan Compliance reports for the third quarter of 2019.
The Toronto Investment Board received the report (November 15, 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.
IB5.5adopted
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 September 25, 2019.
The Toronto Investment Board received the report (November 15, 2019) from the Executive Director, Corporate Finance for information.
Staff recommendation as filed
The Executive Director, Corporate Finance recommends that: 1. The Toronto Investment Board receive this report for information.
IB5.6adopted
This report provides an update to the Toronto Investment Board ("Board") regarding the transition of the portfolio to the real assets category of the new asset mix established in the Council-approved Investment Policy (Attachment 1). Real assets will be included in both the Long Term Fund (LTF) and the Sinking Fund (SF). This category is comprised of two sub-categories: Real Estate and Infrastructure. Aon has provided a memorandum entitled "Real Assets Roadmap" as an attachment to this report (Attachment 2). This report also recommends that the Council-approved Investment Policy be amended to change the geographical scope of both Real Estate and Infrastructure investments to a "North American/Global Core" focus, from solely a "Canadian Core" and "Global Core" focus respectively.
The Toronto Investment Board: 1. Requested that the Council-approved Investment Policy be amended to change the geographical scope of the both Real Estate and Infrastructure sub-categories to North American/Global Core (from Canadian Core and Global Core respectively).
Staff recommendation as filed
The Executive Director, Corporate Finance recommends that: 1. The Toronto Investment Board request the Council-approved Investment Policy be amended to change the geographical scope of the both Real Estate and Infrastructure sub-categories to North American/Global Core (from Canadian Core and Global Core respectively).
IB5.7adopted
Overview of the Performance of the Investment Consultant Aon Hewitt
Aon Hewitt is the investment consultant for the Toronto Investment Board. The purpose of the consultant is to provide services to support the Board's activities. The contract with Aon Hewitt expires on January 14, 2021 with an option to extend for a two year term at the Board's discretion. City staff are providing this report for information in preparation of this contract deadline.
The Toronto Investment Board received the report (December 3, 2019) 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.