Item - 2023.IB1.5

The Toronto Investment Board:  

1. Awarded the contract for consulting services to the investment consultant listed in Confidential Attachment 1 to the report (December 7, 2022) from the Director, Capital Markets, in accordance with the Request for Proposal and the investment consultant's proposal attached hereto as Confidential Attachment 2 to the report (December 7, 2022) from the Director, Capital Markets, for a three year term with the option to extend for an additional two years, at the option of the Investment Board.

2. Authorized the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, to negotiate an agreement with the firm selected as investment consultant, on terms satisfactory to City Solicitor and the Chief Financial Officer and Treasurer, and authorize the Chair of the Investment Board to execute such agreement on behalf of the Investment Board.

3. Authorized the public release of the name of the successful supplier upon finalizing an agreement with the investment consultant, identified in Confidential Attachment 1 to the report (December 7, 2022) from the Director, Capital Markets.

4. Directed that the confidential proposal information contained in Confidential Attachment 2 to the report (December 7, 2022) from the Director, Capital Markets remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or and the Toronto Investment Board.

A Request for Proposal (Document Number 3642029322) was issued on October 24, 2022 for an Investment Consultant to assist the Toronto Investment Board in the following areas:

• Maintain and Develop the Investment Plan.
• Monitor and Report the Performance of Agents (Investment Management Services) to the Board.
• Other services and studies that may be requested by the Board.
• Incorporate an Environmental, Social, and Governance Component within the services provided.

 At the meeting of the Toronto Investment Board on June 23, 2022 the Board:

"Authorized the Director, Capital Markets to initiate a Request for Proposal on behalf of the Toronto Investment Board for an investment consultant to assist the Board" and "to report the results of the Request for Proposal along with a recommendation for contract award to the successful investment consulting firm to the Investment Board."

This report provides the recommendation to the Board for the contract award to the successful investment consulting firm.