The Toronto Investment Board is a City agency responsible for the management and control of the City’s investments of funds not immediately required by the City.

The Toronto Investment Board manages the City’s investments consistent with the Investment Policy adopted by City Council and Investment Plan approved by the Board. The funds are managed in accordance with the prudent investor standard which requires a municipality to exercise the care, skill, diligence and judgment that a prudent investor would exercise in making an investment.

The Toronto Investment Board contracts with investment managers (its agents) to implement the Investment Plan and carry out their direction. The Board is supported by staff in Corporate Finance Division.

Read the City of Toronto Investment Report for 2022 to learn about the City’s investment portfolio.


The Toronto Investment Board was established by City Council in accordance with Ontario Regulation 610/06 under the City of Toronto Act, 2006. Amendments to O. Reg. 610/06 came into force on January 1, 2018, allowing the City to delegate authority to the Investment Board to manage the investment of funds not immediately required by the City and thereby creating greater flexibility in making investments such as adding securities including equities and non-bank corporate bonds to the City’s current holdings.

Toronto Municipal Code, Chapter 112, Investment Board sets out the Investment Board’s mandate, composition, delegated authorities and other governance matters.

The Investment Board consists of seven members and comprises six public members appointed by City Council through the City’s Public Appointments process and the City’s Chief Financial Officer and Treasurer. The Board Chair is appointed by City Council from among the Board’s public members.

Find out about opportunities to serve on the Toronto Investment Board and its current membership.

Key Council Decisions

Search for other City Council decisions about the Toronto Investment Board.