REPORT NUMBER 290 OF THE BUSINESS BOARD
Wednesday, April 22, 2026
To the Governing Council,
University of Toronto,
Your Business Board reports that it held a meeting in the Council Chamber, Simcoe Hall, on April 22, 2026, at 5:00 p.m. with the following members present:
PRESENT: Rajiv Mathur (Chair), Indi Gopinathan (Vice-Chair)*, Scott Mabury (Vice-President, Operations & Real Estate Partnerships), Jeff Lennon (Chief Financial Officer), Janet Cloud, Samuel Elfassy*, Samantha Figenshaw, Maureen Harquail*, Thomas Hofmann, Paul Huyer, David Jacobs, Sarosh Jamal, Samantha Kappagoda*, Audrey Karlinsky*, Scott MacKendrick, Adel Melek*, Debbie Oakley, Nicole Martin*, Rima Ramchandani, David Regan, Paul Tenenbein, Geeta Yadav*
REGRETS: Amanda Bartley, Kelly Hannah-Moffat, Kevin Li, Rishi Shah, Danielle Skipp
NON-VOTING ASSESSORS: David Palmer (Vice-President, Advancement), Anne Macdonald (Assistant Vice-President, Spaces & Experiences), Susan McCahan (Associate Vice-President and Vice-Provost, Digital Strategies and Vice-Provost, Innovations in Undergraduate Education), Ron Saporta (Chief Operating Officer), Mike Snowdon (Acting Assistant Vice-President, Planning and Budget)
SECRETARIAT: Lauren Turner (Secretary), Amanda Grant
IN ATTENDANCE: Audelyn Budihardjo (Assistant Director, Internal Audit), Catherine Chan (Assistant Director, Real Estate), Sonya Donovan (Founder & Managing Partner, PaperDolls Development Inc.), Erin Jackson (Assistant Vice-President, University Human Resources, People Strategy, Equity & Culture), Alex Matos (Executive Director, Internal Audit), Sandra Nelson (Executive Director, University Procurement), Chuck O’Reilly (President and Chief Investment Officer, UTAM), Sanish Samuel (Controller and Executive Director, Financial Services), Russell Smith (Director, Finance and Administration), Anthony Tia (Executive Director, Treasury & Investment Services), Nagib Wassef (Executive Director, Capital Projects)
*joined remotely
Pursuant to section 38 of By-Law Number 2,
consideration of items 15 to 18 took place in camera.
OPEN SESSION
- Chair’s Remarks
The Chair welcomed members to the meeting and introduced Lauren Turner, Deputy Secretary of the Governing Council, who would serve as Secretary to the Business Board for the balance of the governance year. - Reports of the Administrative Assessors
Mike Snowdon, Acting Assistant Vice-President, Planning and Budget, updated the Board on provincial funding. Preliminary, previously embargoed amounts were shared as $85.7 million for 2026-27, and $68.6 million in 2027-28. The decline between 2026-27 and 2027-28 was attributable to the expiry of one-time funding; $68.6 million would become the new steady state. He noted that this is positive news but does not fundamentally change the low-growth planning environment of the University. He advised that final numbers would be incorporated into the next budget cycle. -
Spaces & Experiences: Annual Report 2025-2026 and Budget 2026-2027
Anne Macdonald, Assistant Vice-President, Spaces & Experiences, presented the Spaces & Experiences Annual Report. She highlighted positive financial results for the year in almost all areas of the Spaces & Experiences (S&E) portfolio. Student residences had strong occupancy during both the school year and the summer season and food services ended the year in a positive financial position for the first time in many years. High occupancy rates for commercial leasing were reported as well as significant growth in use of parking lots. Ms. Macdonald noted that Oak House was a challenge in 2025-26 as its opening was delayed and $7.6 million in costs were incurred due to construction financing and extraordinary expenses flowing from delayed occupancy. The debt reported was substantial but financial results for the new residence are expected to stabilize next year.
Ms. Macdonald provided a summary of the process for annual rate setting. She presented the re-think of the food services operating model, which allowed the University to absorb more than half of the inflationary impacts of wage and food cost increases and deliver attainable meal plans to students, as a case study. She advised that rate increases for business ancillaries, including residences and services, were presented to the University Affairs Board in March and were approved.
In addition to the opening of Oak House, the first new student residence to open on the St. George Campus in over 20 years, Ms. Macdonald noted S&E’s cash contribution model and establishment of a strategic initiative fund and the Build More Housing Initiative as key major initiatives in 2025-26. The latter is set to deliver 1,664 beds in the next five years. She closed by thanking the S&E team for their hard work this year.
Members expressed support for the S&E annual report. In response to a member’s question, the Board was advised that unlike other universities, the University of Toronto was able to in-source the provision of food services due to its size and economy of scale. It was noted that third party partners are engaged for many retail services. In response to another member question, Ms. Macdonald summarized some of the lessons learned from Oak House, including careful selection of a real estate partner and establishing an optimal stake in a partnership arrangement. In response to another member’s question, Ms. Macdonald advised that the Trademark Licensing Policy is reviewed every few years and benchmarked against similar policies at other institutions. She noted that the Policy is operationalized via a framework that supports day-to-day trademark management.
On motion duly moved, seconded, and carried
YOUR BOARD APPROVED
THAT the Business Board concur with the University Affairs Board’s approval of the 2026-27 business ancillary rates charged to students and the University community; and
THAT the proposed 2026-27 operating plans and budgets for Spaces & Experiences, as summarized in the Spaces & Experiences annual report Appendix A, and the St. George business ancillary rates as summarized in Appendix B, be approved effective May 1, 2026. - Annual Report: Fighting Against Forced Labour and Child Labour in Canadian Supply Chains
Sandra Nelson, Executive Director, University Procurement, presented the Annual Report on Fighting Against Forced Labour and Child Labour in Canadian Supply Chains which is prepared in accordance with the Fighting Against Forced Labour and Child Labour in Canadian Supply Chains Act (the “Act”) which came into force on January 1, 2024. She advised the Board that minor updates had been made to the report since last year, including a refreshed format and branding, and updated facts and figures. The nature and geographic origin of purchased goods remained similar to preceding years and were therefore considered low risk. She noted that procurement spend and country of origin were added to enhance transparency. This year, Procurement initiated foundational work, including a supplier code of conduct, to address procurements with a higher risk of forced and/or child labour. Continued efforts were also made to improve procurement and supplier data to support compliance with the Act.
Members were supportive of the report. A member suggested that perspectives or testimonials from vendors and partners could be solicited for industry context. Ms. Nelson thanked the member, advising that efforts were underway to support engagement with suppliers and the suggestion would align with that work.
On motion duly moved, seconded, and carried
YOUR BOARD APPROVED
THAT the Fighting Against Forced Labour and Child Labour in Canadian Supply Chains: University of Toronto Annual Report dated April 22, 2026 as presented be approved; and
THAT the Chair of the Business Board be authorized to attest to the Minister of Public Safety that, having exercised reasonable diligence, the information in the Report for the 2024-25 fiscal year is true, accurate and complete in all material aspects for the purposes of the Fighting Against Forced Labour and Child Labour in Supply Chains Act. -
Annual Report: Vice-President, People Strategy, Equity and Culture
Erin Jackson, Assistant Vice-President, University Human Resources, People Strategy, Equity & Culture, presented the Annual Report of the Vice-President, People Strategy, Equity and Culture (PSEC). She noted that this year the report was produced exclusively digitally to enhance accessibility. Ms. Jackson noted key collaborations with the Office of the Vice-President and Provost, including the collection of complaints data for the inaugural annual report under Bill 166, Strengthening Accountability and Student Supports Act, 2024, creation of a website for complaints and concerns about discrimination and reviews of key policies including the Policy on Sexual Violence and Sexual Harassment and the Statement on Prohibited Discrimination and Discriminatory Harassment. She also noted that a Multi-Year Accessibility Plan was developed in 2025-26.
Ms. Jackson then provided the Board with highlights from the portfolios within PSEC including increased capacity to address complaints and preparing systems for integration with AI in the Human Resources area; successful ratification of ten collective agreements and enhancements to access to child care benefits for certain unionized members by the Labour Relations area; revisions to the Memorandum of Agreement by the University of Toronto Faculty Association Relations area; strengthened networks and tabletop training in the Safety area; outreach, collaboration, consultations and the development of educational resources by the Equity area; and finalization of the Indigenous Substantiation Recommendations Report by the Indigenous Initiatives area.
The Board discussed the Annual Report. In response to a member’s question, Ms. Jackson advised that questions about an action plan to address antisemitism prepared by some governors would be best addressed by the Equity team led by Jodie Glean. In response to another member’s question, Ms. Jackson discussed return to campus plans, including a target of May 1 to have the majority of administrative staff in-office. In response to another member’s question, Ms. Jackson advised that the President is asking senior leaders to align on measurement and metrics and that PSEC is considering how to translate education and outreach efforts into indicators demonstrating impact. Building on that concept, another member suggested that financial implications and risk be included in subsequent reports from the Vice-President responsible for these functions.
The Chair thanked the PSEC team for their hard work and contributions over the last year. -
Semi-Annual Update on Investment Performance and Responsible Investing Activities to December 31, 2025
Chuck O’Reilly, President and Chief Investment Officer of UTAM, presented the Semi-Annual Update on Investment Performance and Responsible Investing Activities to December 31, 2025. He provided a brief summary of the components of the Long-Term Capital Appreciation Pool (LTCAP) and Expendable Funds Investment Pool (EFIP) portfolios and how they differ; he advised the Board that the portfolios returned 10.8% and 4.6% on a 1-year basis. Noting that there is interest each year in relative performance of the LTCAP, he advised that publicly available disclosures suggested that large pension plans in Canada returned around 6% on funds roughly comparable to the LTCAP but cautioned that risk tolerance, which can impact returns, varies across plans.
Turning to performance relative to the reference portfolio, Mr. O’Reilly noted that the reference portfolio has increased, closing the gap between the rolling 10-year returns for LTCAP and the reference portfolio. He reiterated the view he had shared with the Board over the last 18 months that the environment remains challenging for diversified portfolios that include private investments given the exceptional recent performance of public markets. The challenge has been felt industry-wide and is not unique to UTAM.
Mr. O’Reilly discussed asset class exposures of the LTCAP, specifically concentration risk in global equities. The global equity portfolio is benchmarked to the MSCI All Country World Index (ACWI). Over the last 3-5 years, concentration of US equities in ACWI has increased significantly and within that allocation, there is significant concentration in the 10 largest companies on the S&P 500. The Investment Committee spent the last 12 months considering this issue and as a result, a decision was made to adjust the benchmark to reduce US equity weight with reallocations to non-US developed markets.
Turning to responsible investing, Mr. O’Reilly reported continued implementation of a strong program and progress towards goals set in 2021. He noted that certain climate commitments such as those pertaining to carbon footprint and fossil fuel exposures do not always decrease in a linear fashion. Over the long-term they are expected to decrease, but may have short-term increases as part of a long-term downward trend.
In response to two questions from a member, Mr. O’Reilly advised that dividend investments are generally yielding in the range of 3-4% and that top equities held by the University generally mirror those of the ACWI.
CONSENT AGENDA
On motion duly moved, seconded, and carried
YOUR BOARD APPROVED
THAT the consent agenda be adopted and that Item 10 be approved.
- Health and Safety Requirements – Quarterly Report on Compliance for January 1, 2026 to March 31, 2026
The Health and Safety Requirements - Quarterly Report on Compliance for January 1, 2026 to March 31, 2026 was received for information. -
Quarterly List of Donations for the period November 1, 2025 to January 31, 2026
The Board received the Quarterly List of Donations for the period November 1, 2025 to January 31, 2026 for information. -
Status Report on Debt to March 31, 2026
The Status Report on Debt to March 31, 2026 was received for information. - Report of the Previous Meeting: Report Number 289, March 4, 2026
Report Number 289 of the Business Board was approved. -
Business Arising from the Report of the Previous Meeting
There was no business arising from the Report of the previous meeting. -
Report Number 168 of the Audit Committee, April 15, 2026
Report Number 168 of the Audit Committee was received for information. -
Date of Next Meeting – June 18, 2026, at 5:00 p.m.
The next regular meeting of the Business Board will be held on June 18, 2026 at 5:00 p.m.
- Other Business
There was no other business.
The Board moved in Camera.
IN CAMERA SESSION
- In Camera Reports of the Administrative Assessors
Members received an in camera update from an Administrative Assessor. - Agreement Update: December 19, 2025 to December 31, 2027 Collective Agreement between the University of Toronto and USW Local 1998: University of Toronto Scarborough – Residence Advisors bargaining unit
Members received an update on a Collective Agreement. -
Report on Capital Projects
Members received a presentation on the Report on Capital Projects. - Build More Housing Initiative: Real Estate Partnership
Members received a presentation on a real estate partnership as part of the Build More Housing Initiative.
The Board approved a motion that the recommendation of the Vice-President, Operations and Real Estate Partnerships, as outlined in the memorandum dated March 15, 2026, be approved.
The Board returned to Open Session.
The meeting adjourned at 7:25 p.m.
April 28, 2026