Toronto Port Lands Company – Board Governance Structure
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Mandate and Responsibilities
Under the authority of the City of Toronto Act, 1985, the City of Toronto Economic Development Corporation (TEDCO) was incorporated in 1986 under the Business Corporations Act (Ontario), with the City of Toronto as its sole shareholder. TEDCO was established as a self-financing corporation to pursue real estate development and to promote employment revitalization in Toronto. In August 2009, as requested by City Council, TEDCO was re-branded as Toronto Port Lands Company (TPLC) to better reflect its business in the port area. On December 5, 2017, City Council updated TEDCO / TPLC Shareholder Direction to align the Corporation with the new City-wide real estate model.
TPLC is the largest property owner in the port lands with more than 400 acres in its portfolio. TPLC prudently manages and leases its properties, supports economic development initiatives, has expertise in sustainable and property development, and brownfield remediation. TPLC also retains and creates employment and has environmental stewardship of the port lands.
The Board of Directors is responsible for supervising the business and affairs of TPLC.
Board Size and Composition
Members of the Board of Directors of CreateTO are the ex officio members of the board of directors of TEDCO. The Board of Directors of CreateTO consists of 9 members and is composed of:
- the Mayor, or a Council Member appointed by the Mayor as the Mayor’s designate;
- 2 members of Council from the different Community Council area; and
- 6 public members.
Chair and Vice-Chair
The ex officio Chair of the Board of Directors of TEDCO is the Chair of the Board of Directors of CreateTO, who is appointed by Council from among the Board’s public members. The Board appoints a vice-chair from among its members.
Public members of the Board of Directors collectively demonstrate a range of qualifications required to be appointed to the Board of Directors of CreateTO:
- Executive level experience in a major public, private, or not-for-profit organization;
- Senior level experience and professional skills in real estate, property development, urban planning, facilities management, investment industry, infrastructure delivery, community development, economic development, brownfield remediation, or environmental sustainability;
- Experience in large-scale transformative change and implementing complex business strategies;
- Post-graduate degree preferred in any one of the following fields: finance, business, economics, risk management, accounting, public administration, urban planning, engineering, or law; and/or
- A certificate in board governance or training in a related field, such as director’s education, is preferred.
Board meetings are approximately every other month or at the call of the Chair. Board meetings are open to the public, except for meetings or parts of meetings where a subject matter is being considered that is set out in section 190 of the City of Toronto Act, 2006.
Public members are remunerated as per the terms of their appointment as members of the CreateTO Board of Directors, as detailed in Municipal Code Chapter 215. No remuneration is paid to Council Members on the Board.