THAT the Board receive the presentation from Board Vice-Chair James and adopt the recommendations in the report as follows:
New Products Committee Workplan
3.a
1. Approve the New Products Committee workplan in Appendix A.
2. Authorize the New Products Committee to work with ONE Investment to continue developing the Large Municipality Offering.
3. (a) Direct ONE Investment staff to implement the approved changes to HISA and the mandate of the ONE Canadian Government Bond Fund expeditiously.
(b) Direct ONE Investment staff to arrange a date with MFS for the implementation of the revised mandate for the ONE Canadian Government Bond Fund, including integration of HISA into the ONE Canadian Government Bond Fund, no later than September 30, 2023, and report back an implementation to the ONE JIB meeting of September 6, 2023.
(c) Provide that:
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- References to HISA in the Investment Plans be deemed to be references to the Canadian Government Bond Fund
- References to the Canadian Government Bond Fund in the Investment Plans to be deemed to be references to the revised mandate of the Canadian Government Bond Fund
- The "Criteria" table describing the revised mandate for the Canadian Government Bond Fund be amended by deleting references to "corporate obligations" and "Canadian chartered banks" in the "Permitted Securities" part of the table in all relevant documents, to ensure consistency with the approved mandate
(d) Amend the Workplan in Recommendation 1 accordingly.
4. Defer reorienting the mandate of the Canadian Corporate Bond Fund until the Large Municipalities Offering is fully designed.
5. Direct staff to bring forward reports to the Committee to implement key elements of the workplan including:
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- Changes to the ONE JIB Outcomes Framework
- Changes to asset allocations for the Outcomes
- An implementation and transition plan
- A summary report on ONE JIB's overall investment strategy for the existing Prudent Investment Offering
Outsourced Chief Investment Officer Partner and Large Municipality Offering
3.b
Received the presentation from Judy Dezell, Co-President/Co-CEO of ONE Investment, and adopt the recommendation in the report.
5
Receive the confidential report and the confidential presentation.