Item - 2026.IB16.5

The Toronto Investment Board:

1. Directed that the confidential information contained in Confidential Attachment 1, Confidential Attachment 2, Confidential Attachment 3 and Confidential Attachment 4 to the report (May 28, 2026) from the Interim Director, Capital Markets and Treasury remain confidential in their entirety, as they contain information that involves the security of property belonging to the City or one of its agencies or corporations.

Flaminio Carelli, Interim Director, Capital Markets and Treasury gave a verbal update on Environmental, Social, and Governance Reporting Update.

The Toronto Investment Board (Board) engaged MSCI Inc. (MSCI) and its subsidiary MSCI ESG Research LLC as its ESG Ratings Service provider. The agreement was in response to City Council's request to the Toronto Investment Board and the Chief Financial Officer and Treasurer to monitor and report on the performance of the external investment firms hired by the Board with respect to ESG factors according to the Investment Policy.

The MSCI products are being provided on a managed service basis whereby City staff provide portfolio information to MSCI via secured channels and MSCI generate reports on a portfolio and consolidated basis for the Long-Term Fund (LTF) and Sinking Fund (SF). Benchmark index information is also provided for comparison.

The information from MSCI is proprietary and confidential. There are a number of identifiable individual companies and governments in their detailed reports. The agreement with MSCI allows for the viewing and use of the information on a confidential basis by a limited number of City staff, the Board and City Council. The contract does allow for the public use of general consolidated information on a limited basis.

Portfolio holdings as at March 31, 2026 were submitted to MSCI in May 2026. Results were received as at the date of this report. Summary data is provided in this report as well as in Confidential Attachments 1, 2, 3 and 4.