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Toronto Investment Board

The Toronto Investment Board is a City board, established under subsection 46(2) of Ontario Regulation 610/06Opens in new window under the City of Toronto Act, 2006Opens in new window, responsible to control and manage the City's investments of funds not immediately required by the City pursuant to the prudent investment standard and an Investment Policy adopted by City Council.

Board Responsibilities

The Board is responsible for the management of a large portfolio of investments on the City's behalf, estimated at $5 billion. They are also responsible to adopt and follow an Investment Plan that implements the City's Investment Policy. The Plan shall deal with how the Board will invest the City’s money and set out its projections of the proportions of the City’s portfolio to be invested in particular investments. The Board may retain agents to act on their behalf pursuant to the requirements in Ontario Regulation 610/06.

Term of Office

The term for office for public members is four years, and members serve until their successors are appointed.


The Toronto Investment Board consists of seven members, including a Chair. One member will be the City Treasurer appointed under the City of Toronto Act, 2006.

Eligibility Requirements

All members of the public who apply to serve on the Toronto Investment Board must satisfy the following eligibility requirements in order to be selected for appointment:

  • Must be a resident of the city of Toronto;
  • Must be at least 18 years old;
  • Cannot be a City employee, employee of City agencies or corporations, or Member of Council with the exception of the Treasurer required under the City of Toronto Act, 2006.
  • Members must not have declared bankruptcy, or had disciplinary action by a security regulator or self-regulating investment organization in the past twenty years.


In addition to the eligibility requirements set out above, the public members should collectively represent a range of skills, knowledge and experience in the following:

  • Executive level experience in a major public or private organization;
  • Senior level experience in the investment industry such as the management of institutional portfolios including pension funds, endowments, foundations, mutual funds, and closed-end funds;
  • Professional skills relating to investment and/or debt management as well as an understanding of risk and financial administration within the framework of the prudent investor standard;
  • Post-graduate degree in any one of the fields of: finance, business, economics, risk management, accounting, public administration or related fields that may include certification such as CFA designation, Canadian Investment Manager Certification or equivalent;
  • Possession of sound judgement and knowledge of good governance; and
  • Understanding of the principles of public accountability and integrity.

A minimum of three board members must have senior level experience in the investment industry, such as the management of institutional portfolios including pension funds, endowments, foundations, mutual funds, and closed-end funds.

Chair Qualifications

In addition to the responsibilities and duties of Board members, the Chair will be responsible to ensure meetings are effective, decisions are consistent with the Board's mandate and that the Board holds regular business meetings as required. The Chair will also prepare for approval by the Board an annual report to City Council and coordinate operational activities of the Board including liaising with the City Clerk's Office and Corporate Finance as necessary.

The Chair will also be required to demonstrate the following qualifications:

  • Leadership and administrative skills;
  • Highly developed chairing and facilitation skills; and
  • The ability to effectively represent the Board and communicate with City Council, City Committees, the media and general public.


The Board will meet 4 - 6 times per year as well as two business meetings per year.


Members receive the following remuneration:

  • Members receive an annual stipend of $10,000, and per diem of $750 per board meeting and $500 per business meeting, up to a maximum of $25,000.
  • The Chair receives an annual stipend of $50,000, and per diem of $750 per board meeting, and $500 per business meeting, up to a maximum of $65,000.

Related Links


The current and historical Appointments for this body.

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City Council appointed 3 new members to the Toronto Investment Board at its December 2021 Council meeting. Applications are always being accepted for future vacancies on the board.