Item - 2025.IB13.2
Tracking Status
- This item was considered by Toronto Investment Board on November 25, 2025 and was adopted with amendments.
IB13.2 - Review of Investment Manager Mandate (Global Equity)
- Decision Type:
- ACTION
- Status:
- Amended
- Wards:
- All
Confidential Attachment - Security of property belonging to the City of Toronto and the Toronto Investment Board.
Board Decision
The Toronto Investment Board:
1. Directed that the confidential information contained in Confidential Attachment 1 to this report (September 8, 2025) from the Director, Capital Markets remain confidential in its entirety, as it contains information that involves the security of property belonging to the City and the Toronto Investment Board.
2. Requested the Director, Capital Markets and the investment consultant (Aon) to report to the March 23, 2026 meeting of the Toronto Investment Board on an asset liability strategy, and a passive versus active investing strategy for the portfolio.
Decision Advice and Other Information
Randy LeClair, Director, Capital Markets gave a verbal update on Review of Investment Manager Mandate (Global Equity).
The Toronto Investment Board recessed its public session to meet in closed session to consider this item as it relates to the security of property belonging to the City of Toronto and the Toronto Investment Board.
Origin
Summary
This report provides an Investment Manager analysis per the directive of the Toronto Investment Board ("Board") at their meeting held on June 24, 2025. The Board's investment consultant, Aon, will provide an update and discuss the results of the analysis. The confidential attachment to this report details the analysis.
Background Information
https://www.toronto.ca/legdocs/mmis/2025/ib/bgrd/backgroundfile-259631.pdf
Confidential Attachment 1 - Review of Investment Manager Mandate - Global Equity (Aon)
Confidential Attachment 2 - Updated Review of Investment Manager Mandate - Global Equity (Aon)
Motions
That the Toronto Investment Board meet in closed session to consider:
IB13.2 - Review of Investment Manager Mandate (Global Equity)
as it pertains to security of property belonging to the City of Toronto or one of its agencies or corporations.
That the Toronto Investment Board:
1. Request the Director, Capital Markets and the investment Consultant (AON) to report to the March 23, 2026 meeting of the Toronto Investment Board on a asset liability strategy, and a passive versus active investing strategy for the portfolio.