Board-specific processes and requirements
Invest Toronto Corporation Board of Directors
The board-specific requirements set out below reflect the requirements approved by Council:
- October 2008 (EX24.1)
- February 2009 (EX29.1)
Agency profile
The mandate of Invest Toronto is to engage the private sector in marketing and promotion activities to increase business investment and create desirable jobs in Toronto.
Invest Toronto Corporation was established by City Council in October 2008 under the authority of the City of Toronto Act, Ontario Regulation 609/06. Invest Toronto is incorporated under the Ontario Business Corporations Act, with the City of Toronto as its sole shareholder.
Board responsibilities
The board of directors is responsible for supervising the management of the business and affairs of the Corporation, including the following specific activities:
- promotion and advertising for business investment in targeted industries
- organizing trade missions
- coordinating with other orders of government
- referring investors to Build Toronto
Term of office
Two years with a renewal term of two years (without recruitment, with full recruitment every four years)
Note: The term of the 12 citizens currently serving on the board is April 16, 2009, to March 31, 2011, with a renewal term of two years, or until successors are appointed.
Composition
The board consists of 17 members:
- Chair - the Mayor*
- Vice-chair - 1 resident of Toronto who is not an elected official or an employee of the City or any of its ABCCs (agencies, boards, commissions or corporations)
- 11 residents of Toronto who are not employees or elected officials of the City or any of its ABCCs (agencies, boards, commissions or corporations)
- 3 City Councillors including the Chair of the City's Economic Development Committee, as appointed by City Council
- 1 General Manager of Economic Development, Culture (City of Toronto staff)
* The Chair of the City Economic Development Committee is to be appointed Chair in the place of the Mayor if the Mayor appoints a designate. The Mayor's designate then becomes one of the 15 directors in place of Chair of Economic Development.
Qualifications
In addition to the general eligibility requirements set out in the Public Appointments Policy, board members should collectively represent a range of expertise and be accomplished in:
- international business
- academics
- marketing
- government relations
- labour, tourism or other marketing linkages
- financial management expertise
Meetings
The board will determine its meeting schedule at the start of the term and at the beginning of each year.
Remuneration
Citizen Vice Chair (Mayor is Chair): $15,000 annual retainer (no meeting fees)
No remuneration is paid to the Mayor as Chair or to the other members of the board.
Nomination process - multiple sourcing
For the 12 citizen appointees, a search consultant may be engaged to provide the names of interested candidates that meet the qualifications defined by City Council. A number of recruitment methods may be used including media advertising, the consultant's database, recruitment at professional organizations, etc. The candidate list is reviewed and short-listed by a Corporations Nominating Panel appointed by the Mayor.
The search consultant or staff review team provides the Panel with the credentials of all candidates and demonstrates how each meets the City's qualifications. The Panel ensures that collectively all of the areas of expertise required are provided by the preferred candidates. The Panel conducts interviews and reports its recommendations to Council. The consultant may also provide references and check for conflicts of interest if required.