Item - 2023.EX6.15

Executive Committee Recommendation 3 was ruled out of order by the Speaker during the review of the Order Paper.

The Executive Committee recommends that:

1.  City Council treat that portion of the City Council meeting at which to the letter (June 26, 2023) from the Executive Vice President and Chief Financial Officer, Build Toronto, is considered as the Annual General Meeting of the Shareholder for Build Toronto by:

a.  receiving the 2022 Annual Report for Build Toronto Inc. in Attachment 1 to the letter (June 26, 2023) from the Executive Vice President and Chief Financial Officer, Build Toronto;

b.  receiving the CreateTO's 2022 Highlights Report in Attachment 2 to the letter (June 26, 2023) from the Executive Vice President and Chief Financial Officer, Build Toronto; and

c.  receiving the Board-approved 2022 Audited Financial Statements for Build Toronto Inc. in Attachment 3 to the letter (June 26, 2023) from the Executive Vice President and Chief Financial Officer, Build Toronto.

2.  City Council appoint KPMG LLP as the Auditor of Build Toronto Inc. for fiscal year 2023.

3.  City Council direct the City Clerk to forward a copy of the "Build Toronto 2022 Audited Financial Statements" forming Attachment 3 to the letter (June 26, 2023) from the Executive Vice President and Chief Financial Officer, Build Toronto, to the Audit Committee for information.

City Council authorized the establishment of Build Toronto in 2008 pursuant to section 148 of the City of Toronto Act, 2006, and Ontario Regulation 609/06. Build Toronto was incorporated under the Business Corporations Act (Ontario) (OBCA) on November 13, 2008. The City is the sole shareholder.

Subsection 94(1) requires that the Board of Directors of Build Toronto call an annual meeting of its Shareholder by no later than fifteen months after holding the last preceding annual meeting. The last annual meeting was held by City Council on July 19, 2022.

Subsection 154(1) of the OBCA requires that the Shareholder receive the Build Toronto Statements and the Auditor's Report at the annual meeting of the Shareholder.

Section 149(2) of the OBCA requires that the Build Toronto Shareholder at each annual meeting appoint one or more auditors to hold office until the close of the next annual meeting and allows the Shareholder to authorize the Auditor's fee for the service.

Section 6.8 of the Shareholder Direction to Build Toronto requires Build Toronto to provide an annual update to City Council, in addition to the requirement of the OBCA to hold an annual general meeting.