Item - 2024.EX16.24

 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 President and Chief Executive Officer, Toronto Community Housing Corporation and the Chair, Board of Directors of Toronto Community Housing Corporation is considered as the Annual General Meeting of the Shareholder for Toronto Community Housing Corporation by:

a. receiving the Letter to the Shareholder from the Toronto Community Housing Corporation's Chair of the Board of Directors and the President and Chief Executive Officer dated April 29, 2024 transmitting the "Toronto Community Housing Corporation 2023 Annual Report: Celebrating Community – Stories Across the City" and "Additional Information" (including Executive Compensation Disclosure), forming Attachment 1 to the report (July 2, 2024) from the President and Chief Executive Officer, Toronto Community Housing Corporation and the Chair, Board of Directors of Toronto Community Housing Corporation;

b. receiving the "Toronto Community Housing Corporation 2023 Audited Consolidated Financial Statements", forming Attachment 2 to the report (July 2, 2024) from the President and Chief Executive Officer, Toronto Community Housing Corporation and the Chair, Board of Directors of Toronto Community Housing Corporation;

c. appointing KPMG LLP as the Auditor of Toronto Community Housing Corporation for fiscal year 2024, and authorizing the Board of Directors of Toronto Community Housing Corporation to set the fee of the Auditor; and

d. receiving the Toronto Community Housing Corporation's executive compensation disclosure included in "Additional Information" of Attachment 1 to the report (July 2, 2024) from the President and Chief Executive Officer, Toronto Community Housing Corporation and the Chair, Board of Directors of Toronto Community Housing Corporation.

2. In accordance with Section 5.2.2 of the City’s Shareholder Direction to Toronto Community Housing Corporation, City Council approve Toronto Community Housing Corporation By-law 4, the “Board of Directors Meeting Procedures”, as approved by Toronto Community Housing Corporation’s Board of Directors at its meeting of February 24, 2023, and set out in Attachment 3 to the report (July 2, 2024) from the President and Chief Executive Officer, Toronto Community Housing Corporation and the Chair, Board of Directors of Toronto Community Housing Corporation.

This report transmits materials submitted by the Board of Directors of Toronto Community Housing Corporation (TCHC) to the City. Management of TCHC confirms that 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, for holding the Annual General Meeting of the Shareholder of TCHC, including receipt of its Annual Report and Audited Consolidated Financial Statements (Statements) for 2023 and appointment of the auditor for 2024.

TCHC's 2023 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 TCHC as of December 31, 2023, and its results of operations for the year then ended in accordance with Canadian public sector accounting standards.

The report also provides information on subsidiaries and joint ventures, individual compensation of executive officers, and additional items as directed by the Shareholder.

Finally, the report recommends, for Council’s approval the Rules of Procedure including procedures for governing the calling, place and proceedings of meetings of the Board and its committees as required by Section 5.2.2. The Board seeks Council’s approval for these Rules of Procedure, in the form of TCHC By-law #4.