CONFIDENTIAL ATTACHMENT
S
Toronto Investment Board - Appointment of Public Members
Reason for Confidential Information
This report deals with personal matters about identifiable individuals who are being considered for appointment to the Toronto Investment Board.
Summary
The Facilities and Finance Nominating Panel will conduct interviews during its meeting on June 30, 2017 and recommend six candidates, including a Chair, to City Council for appointment to the Toronto Investment Board as public members.
Recommendations
The City Clerk recommends that:
1. The Facilities and Finance Nominating Panel recommend six candidates to City Council for appointment to the Toronto Investment Board, at pleasure of Council, as follows:
a) 3 candidates for a term of office ending on July 6, 2019, and until successors are appointed;
b) 2 candidates for a term of office ending on July 6, 2021, and until successors are appointed; and
c) 1 candidate, who will serve as Chair, for a term of office ending on July 6, 2021, and until a successor is appointed.
2. The Facilities and Finance Nominating Panel direct that the confidential information contained in Confidential Attachments 1, 2, 3, and 4, remain confidential in their entirety as they relate to personal matters about identifiable individuals being considered for appointment to the Toronto Investment Board.
Financial IMPACT
There are no financial implications arising from this report.
Decision History
During its meeting on June 20, 2017, the Facilities and Finance Nominating Panel identified 21 candidates to be interviewed for appointment to the Toronto Investment Board:
http://app.toronto.ca/tmmis/viewAgendaItemHistory.do?item=2017.NF10.2.
During its meeting on June 22, 2017, the Facilities and Finance Nominating Panel re-opened Item NF11.1 -Toronto Investment Board - Selection of Candidates for Interviews and identified one additional candidate to be interviewed for appointment the Toronto Investment Board:
Comments
Composition of the Toronto Investment Board
The Board has a total of seven members, including:
· Six public members, one of whom serves as the Chair; and
· The City Treasurer appointed under the City of Toronto Act, 2006, i.e., the Deputy City Manager and Chief Financial Officer under the City's administrative structure.
Board members should meet certain Council-approved qualifications
In addition to the eligibility requirements set out below, the public members should collectively represent a range of skills, knowledge and experience in the following:
· Executive level experience in a major public or private organization;
· Senior level experience in the investment industry such as the management of institutional portfolios including pension funds, endowments, foundations, mutual funds, and closed-end funds;
· Professional skills relating to investment and/or debt management as well as an understanding of risk and financial administration within the framework of the prudent investor standard;
· Post-graduate degree in any one of the fields of: finance, business, economics, risk management, accounting, public administration or related fields that may include certification such as CFA designation, Canadian Investment Manager Certification or equivalent;
· Possession of sound judgement and knowledge of good governance; and
· Understanding of the principles of public accountability and integrity.
A minimum of three Board members must have senior level experience in the investment industry such as the management of institutional portfolios including pension funds, endowments, foundations, mutual funds, and closed-end funds.
Members must satisfy certain eligibility requirements
All members of the public who apply to serve on the Toronto Investment Board must satisfy the following eligibility requirements in order to be selected for appointment:
· Must be a resident of the City of Toronto;
· Must be at least 18 years old;
· Cannot be a City employee, employee of City agencies or corporations, or Member of Council with the exception of the Treasurer required under the City of Toronto Act, 2006; and
· Must not have declared bankruptcy, or had disciplinary action by a security regulator or self-regulating investment organization in the past twenty years.
City Council appoints the Board's Chair
In addition to the above qualifications for public members, the Chair of the Toronto Investment Board should bring the following skills, experience, and expertise:
· Leadership and administrative skills;
· Highly developed chairing and facilitation skills; and
· The ability to effectively represent the Board and communicate with City Council, City Committees, the media and general public.
Staggered terms are recommended for Board members
Staggered terms are recommended with three public members including Chair being appointed for four years and three public members being appointed for an initial two years as a one-time transitional measure to ensure Board continuity.
City Council has approved the staggering of board terms that are not otherwise prescribed by law so that half of each board retires every two years. The members appointed for an initial two-year term will not have that term count toward the term limit under the Public Appointments Policy, and may apply to serve again following their two-year appointment.
There are currently six positions under consideration
The Facilities and Finance Nominating Panel must recommend public members to fill six positions on the Board.
Public release of names of recommended candidates
The names of the recommended candidates will be publicly
reported once the Facilities and Finance Nominating Panel forwards its
recommendations to City Council.
Contact
Aretha Phillip, Manager, Public Appointments Secretariat, City Clerk's Office, 416-392-8152, aretha.phillip@toronto.ca.
Signature
Ulli S. Watkiss
City Clerk
attachments
Confidential Attachment 1 – List of Candidates, Qualifications, and Confidential Voluntary Diversity Information Summary and Applications for Appointment to the Toronto Investment Board (previously distributed with Item NF11.1)
Confidential Attachment 2 – Interview Schedule for the Toronto Investment Board Interviews on June 30, 2017 (to be circulated under separate cover)
Confidential Attachment 3 – Interview Questions for Toronto Investment Board Interviews on June 30, 2017 (to be circulated under separate cover)
Confidential Attachment 4 - Written Submission from candidates interested in the Chair position on the Toronto Investment Board (to be circulated under separate cover)