Item - 2020.EX16.17

The Executive Committee recommends that:

1. City Council treat the portion of the City Council meeting at which the report (September 9, 2020) report from the City Manager and the Chief Financial Officer and Treasurer is considered as the Annual General Meeting of the Shareholder for Toronto Community Housing Corporation, and:

a. receive the Letter to the Shareholder from the Toronto Community Housing Corporation's Chair of the Board of Directors and President and Chief Executive Officer dated June 2, 2020 transmitting the Toronto Community Housing Corporation 2019 Annual Report and additional information, forming Attachment 1 to the report (September 9, 2020) report from the City Manager and the Chief Financial Officer and Treasurer;

b. receive Toronto Community Housing Corporation's 2019 Audited Consolidated Financial Statements for the period ending December 31, 2019, including the auditor's report dated April 29, 2020, forming Attachment 2 to the report (September 9, 2020) report from the City Manager and the Chief Financial Officer and Treasurer;

c. confirm the appointment of KPMG LLP, Chartered Accountants, as the auditor for Toronto Community Housing Corporation for fiscal year 2020  until the close of the next Annual General Meeting of the Shareholder or until a successor is appointed, at the fee provided in the City's agreement with that firm; and

d. receive the Toronto Community Housing Corporation's executive compensation disclosure for 2019 included in section 4.1.1 of additional information in Attachment 1 to the report (September 9, 2020) report from the City Manager and the Chief Financial Officer and Treasurer.

2. City Council direct the City Clerk to forward a copy of Toronto Community Housing Corporation's 2019 Audited Consolidated Financial Statements, forming Attachment 2 to the report (September 9, 2020) report from the City Manager and the Chief Financial Officer and Treasurer, to the Audit Committee for information.

3. City Council, as Shareholder, direct the Board of Toronto Community Housing Corporation, in consultation with the City of Toronto's Chief Financial Officer and Treasurer, to bring forward a report on the impacts of COVID-19 on Corporation Operating and Capital Budgets and operations, detailing any modifications to their programs and initiatives to address COVID-19, to City Council through Executive Committee, by the first quarter of 2021.

This report transmits materials submitted by the Board of Directors of Toronto Community Housing Corporation (TCHC) to the City. No independent review or analysis has been performed by City staff.

This report recommends the actions necessary to comply with the requirements of the Business Corporations Act, Ontario (OBCA) to hold an Annual General Meeting of the Shareholder of Toronto Community Housing Corporation (TCHC), including receipt of TCHC's 2019 Audited Consolidated Financial Statements and appointment of the auditor for TCHC for 2020.

In light of the state of emergency that was declared in Ontario in response to the COVID-19 pandemic, the deadline to hold annual meetings of shareholders for OBCA corporations was temporarily extended through the addition of Part XIX to the OBCA. With the Ontario Declaration of Emergency having come to an end on July 24, 2020, the extended meeting deadlines for OBCA incorporated companies that were required to hold annual meetings on or before July 24, 2020 now have until October 22, 2020 to hold their annual meetings.