Mark Martin (Manager, Treasury, Corporate Finance Services, Finance and Corporate Services Department) and Dan Bate (Senior Investment Officer, Treasury, Corporate Finance Services, Finance and Corporate Services Department) provided a slide presentation on this item and answered questions from the Board. A copy of the slide presentation is filed with the Board Coordinator.
The following staff were also present and responded to questions:
- Isabelle Jasmin, Deputy City Treasurer, Corporate Finance Services, Finance and Corporate Services Department
- Timothy Marc, Senior Legal Counsel, Legal Services
Subject matter experts from Eckler Limited, were present and responded to questions:
- Brad Rowe
- Milos Gavrilovic
Board discussed and staff responded to questions on the following topics:
- Long-term investment objective
- Primary investment objective and asset mix guidelines
- Investment beliefs
- Investment management
- General guidelines and permitted investments
- ESG considerations
- Security lending
- Borrowing
ACTIONS:
Treasury staff to update the draft Statement of Policies and Procedures document with the following edits, before moving forward to Council for approval:
- Section 2.02 Primary investment objective and asset mix guidelines: Move diversification to fourth bullet on the list.
- Section 2.04 Investment management: Changes to Total Fund Asset Mix as discussed subject to confirmation by Eckler of ability to achieve long term investment objectives. Proposed allocation revised to global equity 30 per cent and Canadian equity 10 per cent.
- Section 3.01 General guidelines and permitted investments: Update section to reflect that derivatives are permitted for hedging.
- Section 3.02 ESG considerations: Revise bullet (f).
- Section 3.04 Borrowing: Clarify the purpose of borrowing.
Direction to staff: That City staff are directed to return to the Ottawa Investment Board with changes discussed during the course of the meeting for the annual consideration of the Statement of Investment Policies and Procedures in 2025.