Item - 2024.PA8.15

The Board of Directors of the Toronto Parking Authority:

1. Adopted Policy 4-31, Executive Compensation Policy, in Attachment 1 to the revised report (March 8, 2024) from the President, Toronto Parking Authority, which has been amended to align with the City of Toronto's "Guiding Principles for the Development of Senior Executive Compensation Policies at City Agencies and Corporations (Updated June 2023)".

2. Directed the President, Toronto Parking Authority, to apply Policy 4-31, Executive Compensation Policy, in Attachment 1 to the revised report (March 8, 2024) from the President, Toronto Parking Authority, to new executives hired and newly created executive positions.

3. Directed the President, Toronto Parking Authority, to provide Policy 4-31, Executive Compensation Policy, in Attachment 1 to the revised report (March 8, 2024) from the President, Toronto Parking Authority, to the City Manager.

This report responds to City Council’s request of City agencies and corporations to adopt or amend, as appropriate, their organization’s executive compensation policy to align with the “Guiding Principles for the Development of Senior Executive Compensation Policies at City Agencies (Updated June 26, 2023)” from the City Manager and review the incorporation of TransformTO objectives into Executive performance goals.

Toronto Parking Authority’s executive compensation policy is grounded in five key principles: performance based, transparent, balanced stakeholder alignment, protects public interest, and attracts and retains top talent. The Executive Compensation Policy has been amended to align with the “Guiding Principles for the Development of Senior Executive Compensation Policies at City Agencies and Corporations (Updated June 2023)”.

The Executive Compensation Policy provides the framework to recognize and reward the Executive Team’s performance by integrating a performance management system which links defined objectives (Specific, Measurable, Attainable, Relevant and Timebound) to execution of the Toronto Parking Authority's strategic priorities. Guided by Council’s recent directive on integrating TransformTO into our compensation structure, Management has proactively launched work on an Environmental, Social and Governance (ESG) strategy that will be shared with the Board at its July 19, 2024 meeting.

To align with the City’s “Guiding Principles for the Development of Senior Executive Compensation Policies at City Agencies (Updated June 26, 2023)”, this report seeks the Board’s approval of the amended Executive Compensation Policy.