Appointment to Board of Toronto Hydro Corporation

The Policy and Finance Committee recommends the adoption of the following report (September 2, 1999) from Mayor Mel Lastman:

Purpose:

To approve the appointment of the Mayor's designate to the Toronto Hydro Corporation Board of Directors.

Funding Sources, Financial Implications and Impact Statement:

Not applicable

Recommendation:

It is recommended that Council ratify the appointment of Councillor Betty Disero as the Mayor's designate on the Board of Directors of the Toronto Hydro Corporation.

Comment:

Under the Ontario Business Corporation Act, one of the duties of the shareholder of a corporation is to appoint the members of the Board of Directors, Council as a whole represents the shareholder's interest and appoints all directors. At its meeting of April 13, 14, and 15, 1999, Council approved my recommendation that the Board of Directors be comprised of the Mayor or his designate, 2 Councillors, and 8 citizens. Because of the unique nature of Toronto Hydro as a share capital corporation of the City rather than an agency, all director appointments must be ratified by Council.

The Mayor's designate has since resigned this position and I am naming Councillor Betty Disero to fill the vacancy.