Invest Toronto – Board Governance Structure
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Mandate and Responsibilities
In October 2008, City Council approved the establishment of Invest Toronto Inc. under the authority of the City of Toronto Act, 2006 and Ontario Regulation 609/06. Invest Toronto is incorporated under the Business Corporations Act, with the City of Toronto as its sole shareholder. 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.
The Board of Directors is responsible for supervising the management of the business and affairs of Invest Toronto, including the following specific activities:
- promotion and advertising for business investment in targeted industries;
- organizing trade missions;
- coordinating with other orders of government; and
- referring investors to Build Toronto.
Board Size and Composition
The Board of Directors consists of 17 members and is composed of:
- the Mayor, or a designate appointed by the Mayor;
- the Chair of the Economic Development Committee;
- 2 Council Members;
- 12 citizen members; and
- the General Manager of Economic Development and Culture.
Chair and Vice-Chair
The Mayor is the Chair except where a Mayor’s designate is appointed in which case the Chair of the Board is the Chair of the Economic Development Committee.
The Board elects the Vice-Chair.
Citizens are eligible for appointment to the Board of Directors, and eligible to remain on the Board after being appointed, if they satisfy the eligibility requirements for appointment as set out in the City’s Public Appointments Policy.
Citizen members of the Board of Directors should collectively demonstrate a range of qualifications including:
- international business;
- government relations; and
- labour, tourism or other marketing linkages.
In addition, at least one member must have financial management expertise.
Appointments Process – Citizen Members
Citizen members are recruited through an advertised recruitment process. The appointments process is conducted according to the policies and procedures in the City’s Public Appointments Policy by a Corporation Nominating Panel appointed by the Mayor. A search consultant may be engaged to assist the Panel during the process.
The Board determines its meeting schedule at the start of each year.
Citizen Vice-Chair: $15,000 annual retainer (no meeting fees).
No remuneration is paid to other Board members.