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.
IB9.1received
Personal Trading Policy - Toronto Investment Board
Members of the Toronto Investment Board are required to sign an Annual Compliance Statement (Attachment 1) and return to the Clerk, to be kept on file with the City Clerk's Office.
The Toronto Investment Board received the item for information.
IB9.2received
Extending the Mandate of Chief Information Security Office - Cyber Risk
Presentation on Extending the Mandate of Chief Information Security Office - Cyber Risk by Maneesh Agnihotri, Chief Information Security Officer (CISO) and Andree Noel, Deputy Chief Information Security Officer.
The Toronto Investment Board received the item for information.
IB9.3adopted
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. In addition, the agreement includes the MSCI Carbon Portfolio Analytics reporting package that is part of MSCI's Climate Lab Enterprise, a comprehensive set of climate data and analytics. Carbon Portfolio Analytics reporting from MSCI ESG Research helps investors understand, measure and manage carbon risk at the portfolio, sector and company level. Both 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 September 30, 2024 were submitted to MSCI in November 2024. 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 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 Director, Capital Markets 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.
IB9.4received
Presentations from Investment Managers
Presentations will be given by the following Investment Managers: - Pier 21/ C WorldWide (Global Equity) - Legal & General Investment Management (Global Equity)
The Toronto Investment Board received the item for information.
IB9.5adopted
This report provides the Toronto Investment Board (Board) with an update regarding activities involving investment managers and related parties. It includes changes to the investment manager mandates, contracts, and funding along with other related items. Previously reported Fiera Capital Corporation (Fiera) has officially closed the Fiera Global Equity Common Contractual Fund (Fiera CCF), and all the City of Toronto fund assets have been transferred in-kind to a new Canadian pooled fund structure called the Fiera Global Equity Focused Pooled Fund (Fiera GEF). Capital Markets staff were notified by Fiera on September 11, 2024 that the trade was completed and settled. The CBRE Global Alpha Fund changed its portfolio manager in September 2024. The current portfolio manager, Elizabeth Troni, transitioned to manage the CBRE US Core Partners Fund, leading to the appointment of Lucy Fletcher as the new portfolio manager for the CBRE Global Alpha Fund. The new portfolio manager brings extensive global experience and a strong track record in portfolio management to the fund. Further details can be found in Confidential Attachment 1 of this report. City staff continued to transfer funds from the Short-Term Fund (funds internally managed) to the Long-Term Fund (funds managed by the Board). The fourth and final transfer of $500 million was completed in October 2024 for the purposes of re-allocating short-term focused investments to a longer-term investment horizon. A summary of the transfer is outlined in this report. An update of the current funding status of Long-Term Fund (LTF) and Sinking Fund (SF) as at October 31, 2024 is provided in Attachment 2 of this report.
The Toronto Investment Board: 1. Directed 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.
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.
IB9.6adopted
Sinking Fund and Long Term Fund - Performance and Compliance Update for the Third Quarter of 2024
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 third quarter of 2024. 2. Investment Policy and Plan Compliance check for the third quarter of 2024.
The Toronto Investment Board: 1. Received this report for information.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. Toronto Investment Board receive this report for information.