Item - 2023.EX6.21

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 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 Toronto Port Lands Company by:

a. receiving the 2022 Annual Report for Toronto Port Lands Company 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. receive the Board-approved 2022 Audited Financial Statements for Toronto Port Lands Company 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 Toronto Port Lands Company for fiscal year 2023.

3. City Council direct the City Clerk to forward a copy of the Board-approved 2022 Audited Financial Statements for Toronto Port Lands Company 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.

The City of Toronto Economic Development Corporation (TEDCO) was incorporated in 1986 under the Business Corporations Act (Ontario) (OBCA), and has operated with a revised mandate under the business name Toronto Port Lands Company (TPLC) since 2009. The City is the sole shareholder.

Subsection 94(1) of the OBCA requires that the directors of the TPLC call an annual meeting of its Shareholders not 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 TPLC Statements and the Auditor's Report at the annual meeting of the Shareholder.

Section 149(2) of the OBCA requires that the TPLC 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 requires TPLC to provide an annual update to City Council.