Item - 2026.TTA5.3

The Audit & Risk Management Committee received this item for information. 

The Audit & Risk Management Committee (ARMC) Terms of Reference establishes the ARMC as having oversight responsibility for compliance with laws and regulations. As such, it is the responsibility of the TTC CEO, General Counsel and ARMC to maintain the public’s trust by demonstrating transparency and accountability over legal compliance to reduce the risk of liability to the organization, its employees, officers, and directors.

To assist the ARMC, CEO, and General Counsel in fulfilling their compliance oversight responsibilities, the Audit, Risk and Compliance Department (ARC) developed an Executive Compliance Certificate (ECC) in collaboration with the Legal Department. The ECC is conducted annually and is intended to provide a mechanism for demonstrating Executive accountability for compliance with statutes and by-laws through formal compliance assertion reporting. ARC’s role is to initiate discussions on reported matters and facilitate the development and completion of appropriate Management Action Plans (MAPs).

All ECCs were submitted and signed by TTC Executives for the period covering January 1 to December 31, 2025, stating that they had exercised due diligence to meet the obligations set out in the statutes, regulations, and by-laws applicable to the TTC. No new matters were identified during this period.

This report summarizes the results and insights derived from ARC and the TTC General Counsel’s review of signed 2025 ECCs and provides an overview of the various ECC-related activities conducted throughout 2025.