Item - 2019.EP3.24
Tracking Status
- This item was considered by Board of Governors of Exhibition Place on June 13, 2019 and was adopted with amendments.
EP3.24 - Executive Compensation Plan
- Decision Type:
- ACTION
- Status:
- Amended
- Wards:
- All
Confidential Attachment - Personal matters about identifiable individuals
Board Decision
The Board of Governors of Exhibition Place:
1. Approved the Executive Incentive Design based on the concept outlined in the Korn Ferry report attached as Appendix B of Confidential Attachment 1 to the report (May 30, 2019) from the Chief Executive Officer, Exhibition Place.
2. Directed the Chief Executive Officer to report to the Board no later than December 13, 2019 on the detailed design, application and implications of the implementation of the Executive Incentive Design for the 2020 Fiscal Year ending December 31, 2020.
3. Directed the Chief Executive Officer to forward a confidential copy of the Korn Ferry Incentive Design report attached as Appendix B to Confidential Attachment 1 to the report (May 30, 2019) from the Chief Executive Officer, Exhibition Place, to the City Manager, and to discuss the report with the City Manager and include any feedback in the report requested in Recommendation 2.
4. Directed that Confidential Attachment 1, including Confidential Appendices A, B and C to the report (May 30, 2019) from the Chief Executive Officer, Exhibition Place remain confidential in their entirety and not be released publicly as they pertain to personal matters about identifiable individuals.
Decision Advice and Other Information
The Board of Governors of Exhibition Place recessed its public session to meet in closed session to consider this item as it relates to personal matters about identifiable individuals.
Origin
Summary
This report recommends revisions to the Executive Compensation Plan for the Board which applies to four employees: Chief Executive Officer; Chief Financial Officer and Corporate Secretary; General Manager, Sales and Event Management Department; and General Manager, Operations Department (the "Executive Team Positions").
Background Information
https://www.toronto.ca/legdocs/mmis/2019/ep/bgrd/backgroundfile-133702.pdf
(June 1, 2019) Appendix A - Employee Policy and Review Guidelines
https://www.toronto.ca/legdocs/mmis/2019/ep/bgrd/backgroundfile-133703.pdf
Confidential Attachment 1 - Background to Incentive Pay Proposal
Confidential Appendix A - Hay Group Limited Executive Compensation Review
Confidential Appendix B - Korn Ferry Incentive Design
Confidential Appendix C - Korn Ferry Incentive Design Conceptual Pay Grid for Executive Staff
Motions
That:
Recommendation 2 be amended to read as follows:
2. The Board direct the Chief Executive Officer to report to the Board no later than December 13, 2019 on the detailed design, application and implications of the implementation of the Executive Incentive Design for the 2020 Fiscal Year ending December 31, 2020.
Recommendation 3 be amended to read as follows:
3. The Board direct the Chief Executive Officer to forward a confidential copy of the Korn Ferry Incentive Design report attached as Appendix B to Confidential Attachment 1, to the City Manager; and to discuss the report with the City Manager and include any feedback in the report requested in Recommendation 2.