ONE JIB

Regular Board Meeting

Minutes

Meeting #:
Date:
-
Location:
AMO Office
155 University Avenue - Suite 800, Toronto, ON M5H 3B7
Members Present:
  • Board Chair B. Hughes
  • Board Vice-Chair G. James
  • J. Dowty
  • C. Dyer
  • H. Franken
  • J. Giles
  • D. Leckman
  • S. Pountney
  • S. Rettie
  • N. Taylor
Staff Present:
  • J. Dezell, Co-President/Co-CEO, ONE Investment
  • D. Herridge, Co-President/Co-CEO, ONE Investment
  • H. Douglas, WeirFoulds LLP, Legal Counsel
  • E. Foo, Chief Compliance Officer, ONE Investment
  • J. Hagan, Program Manager, ONE Investment
  • J. Hess, Manager of Investments, ONE Investment
  • D. Kelly, Board Secretary
  • C. Macdonald, Manager of Investments, ONE Investment
  • J. Song, Board Coordinator, ONE Investment
  • K. Taylor, Chief Investment Officer, ONE Investment
  • M. Takishita, Client Services Representative
  • J. Mascarin, Aird & Berlis, LLP, Integrity Commissioner and Closed Meeting Investigator
Outsourced Chief Investment Officer (OCIO):
  • M. Leclair, CFA, Vice President and Portfolio Manager
    P. Purcell, CFA, Managing Director and Portfolio Manager
    D. Rae, CFA, Portfolio Manager
    E. Jackson, CFA, Institutional Portfolio Manager
    A. McGovern, CFA, Associate Institutional Portfolio Manager


Board Chair Hughes made the following statement on behalf of the Board:

We recognize that our work as ONE Joint Investment Board and the work of municipalities, take place on traditional Indigenous territories across Ontario. We recognize and respect the history, languages, and cultures of the First Nations, Metis, Inuit and all Indigenous people whose presence continues to enrich our communities.

________________________________________

Board Chair Hughes introduced Rachel Wainwright-van Kessel, who is attending the meeting as an observer. Ms. Wainwright-van Kessel is Director, Finance at the Town of Aurora, which is one of the ONE JIB's Participating Municipalities.

There were no disclosures of pecuniary interest.

  • Moved byBoard Vice-Chair James

    THAT the Minutes of the February 25, 2025, ONE JIB Regular Meeting be approved as circulated.

    Carried

There was no business arising from the February 25, 2025, ONE JIB Minutes.

  • Moved byBoard Member Giles

    THAT the Board receive the 2024-2025 Annual Report of the Integrity Commissioner.

    Carried

There were no delegations.

The following representatives from PH&N Institutional made a presentation on  OCIO Quarterly Reporting and Analysis Q1 2025.

Martin Leclair, CFA, Vice President and Portfolio Manager        

Paul Purcell, CFA: Managing Director and Portfolio Manager

Dylan Rae, CFA, Portfolio Manager

Ashley McGovern, CFA, Associate Institutional Portfolio Manager

Erik Jackson, CFA, Institutional Portfolio Manager

  • Moved byBoard Member Leckman

    THAT the Board receive the presentation.

    Carried
  • Moved byBoard Member Giles

    THAT the Board recess for 10 minutes.

    Carried
  • The Board recessed at 11:14 a.m. and reconvened at 11:30 a.m.

  • Moved byBoard Member Giles

    THAT the board recess for lunch.

    Carried
  • The Board recessed at 12:29 p.m. and reconvened at 1:17 p.m.

  • Moved byBoard Member Franken

    THAT the Board defer the confidential presentation item 11.b on today's agenda to the ONE Joint Investment Board September, 11, 2025 meeting.

    Carried
  • Moved byBoard Member Pountney

    THAT the Board adopt the recommendations in the report, as follows:

    1. Receive the Town of Huntsville’s Investment Policy Statement (Attachment 1).

    2. Receive the Town of Huntsville’s Municipal Client Questionnaire (Attachment 2)

    3. Approve the Town of Huntsville’s proposed Investment Plan (Attachment 3).

    Carried
  • Moved byBoard Member Taylor

    THAT the Board adopt the recommendations in the report, as follows:

    1. Receive the Town of Whitby’s Investment Policy Statement (Attachment 1).

    2. Receive the Town of Whitby’s Municipal Client Questionnaire (Attachment 2)

    3. Approve the Town of Whitby’s proposed Investment Plan (Attachment 3).

    Carried
  • Moved byBoard Member Franken

    THAT the Board adopt the recommendation to receive the report.

    Carried
  • Moved byBoard Member Rettie

    THAT the Board adopt the recommendation to receive the report.

    Carried
  • Moved byBoard Vice-Chair James

    THAT the Board adopt the following recommendations it the report:

    That the Board:

    1. Hold a special meeting at the Town of Innisfil on Thursday, September 4, 2025 at 10:30 a.m.
    2. Move its regular business meeting to Thursday, September 11, 2025.
    Carried
  • Moved byBoard Member Giles

    THAT the Board adopt the following recommendations in the report:

    1. Approve, as amended, the Responsible Investing Policy and Withdrawals of MNRI Policy.
    2. Approve the Fund Deviation Policy and Principles of Good Benchmarks Policy.

       

    Carried
  • Moved byBoard Member Dyer

    THAT the Board adopt the recommendation to receive the report.

    Carried
  • Moved byBoard Member Dowty

    Moved by Board Member Dowty

    THAT the Board receive the Nominating Committee Reports from April 22th 2025, April 23rd 2025, and April 30th 2025 and refer the May 5,th 2025 Nominating Committee Report, and in particular the recommendation in Item 4 and the accompanying private attachment, to the Closed Session.

  • Moved byBoard Member Franken

    THAT the Board move into closed session for the purposes of considering personal information about identifiable individuals.

    Carried
  • The Board convened in closed session at 2:07 p.m.

11.a
Private Attachment to Nominating Committee (2025-04) May 5, 2025 - personal matters about identifiable individuals

 

11.b
Eckler Ltd. Presentation - Confidential Commercial or Financial Information - s. 239 2.(i) of the Municipal Act

 
  • Moved byBoard Member Dowty

    THAT the Board reconvene in public session.

    Carried
  • The Board reconvened in public session at 2:19 p.m.

  • Moved byBoard Member Leckman

    THAT the Board receive the confidential documents pertaining to personal matters about identifiable individuals.

    Carried
  • Moved byBoard Member Rettie

    THAT the Board adopt the recommendation contained in Item 4 of Nominating Committee Report from May 5, 2025 and appoint Cam Fraser as a Board Member for a two-year term and Rachel Wainwright-van Kessel, who is a Municipal Treasurer, as a Board Member for a three-year term, with both appointments effective June 1, 2025.

    Carried

Board Member Taylor pointed out that the Regional Municipality of Durham may be issuing sinking funds totalling about $140 million in October or November 2025, depending on market conditions.

Board Chair Hughes outlined the outcomes from today's Board meeting.

The Board:

  • Received the 2024-2025 Annual Report of the Integrity Commissioner
  • Approved five Consent items, and the recommendations contained in the related staff reports. The consent items related to:
    • the recent activities of the ONE Investment Audit Committee
    • municipal performance reports for Q1 2025
    • the quarterly compliance report for asset class and target weight allocations
    • progress on the Strategic Plan in Q1 2025
    • the Q1 2025 investment plan implementation update
  • Received and approved the OCIO quarterly report and analysis for Q1 2025 from PH&N Institutional
  • Approved investment plans for the Town of Huntsville and the Town of Whitby
  • Received the 2025 OCIO Annual Review
  • Received additional analysis on the Central Frontenac Investment Plan
  • Approved a special meeting at the Town of Innisfil at 10:30 a.m. on Thursday, September 4, 2025 and moved its September regular business meeting to Thursday, September 11, 2025
  • Approved and amended the Responsible Investing Policy, Withdrawal of MNRI Policy, Fund Deviation Policy and Principles of Good Benchmarks Policy
  • Received the municipal insights report for Q2 2025
  • Received the Nominating Committee reports from the Committee’s April 22nd, April 23rd, and April 30th meetings and adopted the recommendation from the May 5th, 2025 meeting
  • Appointed two new board members, Cam Fraser for a two-year term and Rachel Wainwright-van Kessel, for a three-year term.
  • Moved byBoard Member Dowty

    THAT the appropriate staff of ONE JIB and ONE Investment be given the authority to do all things necessary, including, executing any documents, to give effect to the Board's decisions today.

    Carried
  • Moved byBoard Member Dowty

    THAT the Board adjourn its meeting.

    Carried
  • The meeting adjourned at 2:32 p.m.

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