Item - 2026.IB17.8

The Director, Capital Markets and Treasury recommends that:

1. The Toronto Investment Board authorize the Chief Financial Officer and Treasurer to negotiate and enter into a non-competitive agreement with Aon, the Board's investment consultant, to undertake the Global Equity Manager Search, as set out in Confidential Attachment 2.

2. The Toronto Investment Board request the Director, Capital Markets and Treasury, in consultation with the Board's investment consultant, Aon, to proceed with the pre-screening, interviews and evaluation of the selected short list of Global Equity investment managers identified in Confidential Attachment 1, and report back to the Board with recommendations.

3. The Toronto Investment Board direct that the confidential information contained in Confidential Attachments 1 and 2 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.

This report provides the Toronto Investment Board (Board) with the findings and recommendations arising from Aon's Global Equity Strategy Review and Manager Search. The study evaluates alternative global equity strategy styles, their suitability within the Fund's portfolio, and the investment managers identified by Aon as best positioned to implement each strategy. The report also seeks the Board's endorsement of the recommended strategic approach and approval for Aon to continue its work in support of the manager search and selection process. Aon's analysis and recommendations are provided in Confidential Attachment 1, and the engagement agreement with Aon, including the scope of work and associated consulting fee, is provided in Confidential Attachment 2 for the Board's information.

The consulting cost will be funded within the Toronto Investment Board's approved 2026 operating budget. No additional budget authority is required.

The scope of work and associated consulting fee amounts are set out in Confidential Attachment 2.