Item - 2025.EX20.4

The Executive Committee recommends that:

1. City Council, as Shareholder of Toronto Seniors Housing Corporation, approve the request by the Toronto Seniors Housing Corporation Board of Directors in the letter (January 8, 2025) from the Chief Executive Officer, Toronto Seniors Housing Corporation, forming Attachment 1 to the report (January 13, 2025) from the City Manager, to amend Section 6.1, Composition of the Board, of the Toronto Seniors Housing Corporation Shareholder Direction to include the City Manager, or designate who is an employee of the City, sitting in an ex-officio non-voting capacity until December 31, 2026, and City Council authorize the City Manager to execute the necessary amendment to the Shareholder Direction attached as Schedule 1 to the report (January 13, 2025) from the City Manager.

The purpose of this report is to transmit and recommend approval of a request to City Council from the Board of the Toronto Seniors Housing Corporation (TSHC) that the composition of the Board include the City Manager, or designate who is an employee of the City, sitting in an ex-officio non-voting capacity until December 31, 2026.

Section 7.3 of the Shareholder Direction and the provisions of the Business Corporation Act (Ontario) state that TSHC cannot, without the approval of the Shareholder (the City of Toronto), make any change to the number of Directors comprising the Board, or appoint Directors. Section 14 of the Shareholder Direction provides that the Shareholder Direction may only be amended by City Council as Shareholder of TSHC.

In accordance with these requirements, the Chief Executive Officer of TSHC has transmitted the Board's request to change the composition of the Board provided as Attachment 1, and City staff recommend approval in the form of an amendment to the Shareholder Direction, provided as Schedule 1 to this report.