Item - 2024.EX16.23

The Executive Committee recommends that:

1. City Council treat that portion of the City Council meeting at which the report (July 2, 2024) from the Executive Director, Lakeshore Arena Corporation is considered as the Annual General Meeting of the Shareholder for Lakeshore Arena Corporation, and:

a. receive the Board-approved "Lakeshore Arena Corporation 2023 Annual Report" and "Lakeshore Arena Corporation 2023 Audited Financial Statements", forming Attachments 1 and 2 to the report (July 2, 2024) from the Executive Director, Lakeshore Arena Corporation, respectively;

b. appoint Welch LLP as the Auditor of Lakeshore Arena Corporation for fiscal year 2024, and authorize the Board of Directors of Lakeshore Arena Corporation to fix the remuneration of the Auditor; and

c. receive the "Lakeshore Arena Corporation Executive Compensation Disclosure 2023", forming Attachment 3 to the report (July 2, 2024) from the Executive Director, Lakeshore Arena Corporation.

This report recommends that the Board of Directors of Lakeshore Arena Corporation (LAC) recommend to City Council actions necessary to comply with the requirements of the Business Corporations Act, Ontario for holding the Annual General Meeting of the Shareholder of LAC, including receipt of its Annual Report and Audited Financial Statements (Statements) for 2023 and appointment of the auditor for 2024.

LAC's 2023 Statements were audited by Welch LLP and received an opinion stating that the financial statements present fairly, in all material respects, the financial position of the LAC as at December 31, 2023, and its results of operations, changes in net debt and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.

This report also recommends that City Council receives information disclosing the individual compensation of executive officers employed by LAC in 2023.