Item - 2022.EX34.26

The Executive Committee recommends that:

1. City Council treat that portion of the City Council meeting at which this Report is considered as the Annual General Meeting of the Shareholder for Toronto Seniors Housing Corporation by:

a. receiving the "Toronto Seniors Housing Corporation 2021 Annual Report", forming Attachment 1 to the report (June 27, 2022) from the City Manager and Chief Financial Officer and Treasurer;

b. receiving the "Toronto Seniors Housing Corporation 2021 Audited Consolidated Financial Statements", forming Attachment 2 to the report (June 27, 2022) from the City Manager and Chief Financial Officer and Treasurer;

c. appointing KPMG LLP as the Auditor of Toronto Seniors Housing Corporation for fiscal year 2022, and authorizing the Board of Directors of Toronto Seniors Housing Corporation to set the fee of the Auditor; and

d. receiving the Toronto Seniors Housing Corporation's executive compensation disclosure forming Attachment 3 to the report (June 27, 2022) from the City Manager and Chief Financial Officer and Treasurer.

2. City Council direct the City Clerk to forward a copy of the "Toronto Seniors Housing Corporation 2021 Audited Consolidated Financial Statements", forming Attachment 2 to the report (June 27, 2022) from the City Manager and Chief Financial Officer and Treasurer, to the Audit Committee for information.

3. City Council confirm the Toronto Seniors Housing Corporation By-law 1-2021, generally governing the business and affairs of the Corporation, forming Attachment 4 to the report (June 27, 2022) from the City Manager and Chief Financial Officer and Treasurer.

This report transmits materials submitted by the Board of Directors of Toronto Seniors Housing Corporation (TSHC) to the City. No independent review or analysis has been performed by City staff. Management of TSHC has confirmed all financial information was made available to the auditors for the performance of the audit.

This report recommends the actions necessary to comply with the requirements of the Business Corporations Act, Ontario (OBCA) for holding the Annual General Meeting of the Shareholder of TSHC, including receipt of its Annual Report and Audited Consolidated Financial Statements (Statements) for 2021 and appointment of the auditor for 2022.

TSHC's 2021 Statements were audited by KPMG LLP and received an unqualified opinion stating that the financial statements present fairly, in all material respects, the financial position of the TSHC as at December 31, 2021, and its results of operations for the year then ended in accordance with Canadian Public sector Accounting Standards.

The report provides information on individual compensation of executive officers as directed by the Shareholder.

It also recommends confirmation of TSHC's General By-law 1-2021. Under the OBCA, the Shareholder is required to confirm corporation by-laws.