REPORT NUMBER 291 OF THE BUSINESS BOARD
Thursday, June 18, 2026
To the Governing Council,
University of Toronto,
Your Business Board reports that it held a meeting in the Council Chamber, Simcoe Hall, on June 18, 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, Thomas Hofmann, Paul Huyer, Sarosh Jamal*, Samantha Kappagoda, Scott MacKendrick, Nicole Martin, Adel Melek, Debbie Oakley, David Regan, Rishi Shah, Paul Tenenbein
REGRETS: Amanda Bartley, Kelly Hannah-Moffat, Maureen Harquail, David Jacobs, Audrey Karlinsky, Kevin Li, Rima Ramchandani, Ron Saporta, Danielle Skipp, Geeta Yadav
NON-VOTING ASSESSORS: Andrew Arifuzzaman (Chief Administrative Officer, UTSC), Heather Boon (Vice-Provost, Faculty & Academic Life), Christine Burke (Assistant Vice-President, University Planning), David Palmer (Vice-President, Advancement), Joseph Wong (Vice-President, International), Susan McCahan (Associate Vice-President and Vice-Provost, Digital Strategies and Vice-Provost, Innovations in Undergraduate Education), Brian Pratt (Chief, University Planning, Design & Construction), Nicholas Rule (Vice-Provost, Academic Programs), Mike Snowdon (Acting Assistant Vice-President, Planning and Budget)
SECRETARIAT: Lauren Turner (Secretary), Miranda Edwards
IN ATTENDANCE: Gwen Burrows (Assistant Vice-President, International Engagement & Impact), Andrew Denuzzo (Executive Director, Asset Management), Carlos Carrilo Duran (Senior Planner), Jodie Glean (Executive Director, Equity, Diversity & Inclusion), Cara Kedzior (Senior Planner), Mariana Mota Prado (Associate Vice-President & Vice Provost, International Student Experience), Sanish Samuel (Controller and Executive Director, Financial Services), Anthony Tia (Associate Director, Treasury & Investment Services)
*joined remotely
Pursuant to section 38 of By-Law Number 2,
consideration of items 17 to 29 took place in camera.
OPEN SESSION
- Chair’s Remarks
The Chair welcomed members and guests to the Cycle 5 meeting. - Reports of the Administrative Assessors
Professor Scott Mabury, Vice-President, Operations and Real Estate Partnerships, introduced Brian Pratt, the new Chief, University Planning Design and Construction. The Chair welcomed Mr. Pratt as a new Presidential Assessor to the Business Board. - Audited Financial Statements
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Audited Financial Statements for the Fiscal Year ended April 30, 2026
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Supplementary Report by Fund (April 30, 2026)
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Paul Huyer, Chair of the Audit Committee, reported on the Committee’s review of the audited financial statements, including private meetings with the external and internal auditors. He advised the Business Board that the Audit Committee was satisfied that the financial statements fairly represented the financial position of the University and its results for 2025-26 and reported that there were no concerns at the Audit Committee meeting on June 17, 2026 that would call into question the integrity of the financial statements. The Audit Committee recommended the statements for consideration by the Business Board.
Jeff Lennon, Chief Financial Officer, presented the audited financial statements, reporting that the University is in a strong financial position. He noted that while there was positive net income of $436 million, there are continued signs of cost curve bending and fiscal tightening as were discussed at the presentations on the budget. He noted that enrolment remains strong domestically with some anticipated softening in international enrolment. He pointed to slower expense growth than in the year previous as evidence of cost containment. Endowments grew 14% from both new donations and exceptional investment returns and the University’s debt remains within policy limits with capacity to fund future priorities.
Mr. Lennon discussed cash flows from operations, including the metric reported to the Ministry of Colleges, Universities, Research Excellence and Security. The University continues to be in the “no action” band with respect to Ministry metrics as a whole. He discussed the increase in the University’s costs relative to revenues from grants and tuition, noting that the unfreezing of tuition fees and a recent increase in the University’s operating grant from the province will improve alignment between the two. He discussed very positive investment returns for the year as well as payouts and reserves in endowments. He reported that both the Defy Gravity campaign and research funding had a very successful year.
The Chair thanked the Chief Financial Officer and his team and the internal and external auditors for their excellent work on the audited financial statements. In response to a member’s question, Mr. Lennon advised the University currently has a 5-year agreement in place for external audit services with Ernst & Young (EY) following an in-depth review of external audit services and the issuance of an RFP. In response to a member’s question, Mr. Lennon discussed UTAM’s favourable performance relative to other comparable asset managers.
On motion duly moved, seconded, and carried
IT WAS RECOMMENDED,
THAT the University of Toronto audited financial statements for the year ended April 30, 2026 be approved.
- Appointment of the External Auditors
Mr. Lennon reported that the University is in its second year of a five-year contract with EY for the provision of external audit services. In the 2025 fiscal year, a new Audit Engagement Partner, Kathi Aspros, and a new Senior Manager, Alanna Charles, were assigned to the audit team. Mr. Lennon reported that the change has been beneficial, bringing fresh perspectives and improving the strength of the audit process. He noted that the University continues to be a challenging assignment, with tight timelines and increasing complexity with each passing year. University leadership continues to be satisfied with the quality of audit advice received from EY and recommends their re-appointment for 2026-27. The Chair of the Audit Committee reported that members did not raise any questions or concerns and were supportive of EY’s re-appointment.
Members did not have any questions.
On motion duly moved, seconded, and carried
IT WAS RECOMMENDED,
THAT Ernst & Young LLP be appointed as external auditors of the University of Toronto for the fiscal year ending April 30, 2027. - St. George Campus Plan 2040
Christine Burke, Assistant Vice-President, University Planning, presented the St. George Campus Plan 2040 for information. She thanked members of her team for their hard work in bringing the Plan to fruition. The Plan is aimed at a vibrant, connected campus that connects current and future needs of built form and public realm; it will guide the shape of campus development over a 15-year horizon. Ms. Burke described the extensive consultations with students, faculty, staff and the campus community that informed the Plan as well as the Public Space Public Life study that impactfully informed it. She provided members with an overview of the history of the campus and Indigenous peoples’ history with, and connection to the land.
In response to a member’s question, Ms. Burke advised that the Campus Plan will inform capital projects alongside policies, design standards and the secondary plan. She noted that each capital project starts with a project planning committee whose discussions will be guided by the Plan. In response to a follow-up question, she advised that projects that don’t involve buildings (for example, parks or shared streets) are partnerships, usually with the City of Toronto. In response to another member’s question, Ms. Burke explained that students are engaged in capital projects by being members of capital project planning committees as well as invited to consultations and open houses. - Annual Report 2025-26: Vice-President, Operations & Real Estate Partnerships
Professor Mabury provided members with an overview of 2025-26 in the OREP portfolio, expressing pride in its accomplishments and honour at having had the opportunity to lead it for over 14 years. He highlighted that Project LEAP will reduce carbon dioxide emissions by 50% and Project RISE will make important infrastructure improvements. He noted the digital strategy and the ITS group’s work on a group to review and renew the ROSI system. A number of significant capital projects were listed, including the recent opening of Indigenous House at UTSC as well as progress on Innis and Woodsworth, and the opening of Oak House last fall. Staffing and process efficiencies were highlighted, as well as offering new graduates fulfilling work as part of the OREP team.
The report was received for information and members did not have any questions. - Annual Report 2025-26: Vice-President, International
Professor Joseph Wong, Vice-President, International reported that the Office of the Vice-President, International is working on the next international strategic plan, which will be shared with governance in spring 2027. He advised members that the plan will reflect an updated strategy for international student recruitment and the international profile of the University, as well as a continued strategic approach to partnership development. He reported that international student diversification continues to be a priority for the University, noting significant progress made in this regard since the portfolio first set diversification targets in 2016-17. Professor Wong discussed the fall 2026 outlook, noting the challenges presented by geopolitical tensions and policy decisions made by the Minister of Immigration, Refugees and Citizenship. He discussed deposit requirements and efforts made to reduce the number of students who “melt away” between offer acceptance and the commencement of studies at the University.
Professor Wong then discussed the importance of all students having access to international experiences and how global classrooms have become an integral part of what the University offers. The University’s partnerships in India were highlighted, including the Canada-India Talent and Innovation Strategy in which the University is playing a leadership role along with Universities Canada and the Prime Minister’s Office. Professor Wong closed by advising members that while geopolitical challenges may not improve in the near future, they also present some opportunities and the University continues to be well poised to continue to engage successfully internationally.
The report was received for information and members did not have any questions. -
Annual Report: Equity, Diversity and Inclusion
Professor Heather Boon, Vice-Provost, Faculty & Academic Life began by thanking all those involved in creating the report and University community members who work to advance EDI across the University. She informed members that, this year, the report had been produced for the first time in a digital format to improve the user experience. She encouraged members to visit the report online and to make use of the Employment Equity Dashboard which allowed users to drill down into data.
Professor Boon focused her presentation on employment equity data in alignment with the Board’s jurisdiction. This year, the University’s Employment Equity Survey had a 74.4% voluntary response rate (just under 10,000 employees), a significant increase from 2023 (56%). Professor Boon noted some small year over year differences across metrics, which were otherwise stable.
Professor Boon provided highlights from the Institutional Equity Office’s year in review, including the launch of the Multi-Year Accessibility Plan 2025-2030, the Report on the Review of the Statement on Prohibited Discrimination and Discriminatory Harassment, Addressing Antisemitism Web Resource, the Muslim, Arab, and Palestinian Discrimination Working Group, as well as numerous training and consultation opportunities offered to divisions throughout the University in 2025-26.
The report was received for information and members did not have any questions.
CONSENT AGENDA
On motion duly moved, seconded, and carried
YOUR BOARD APPROVED
THAT the consent agenda be adopted and that Item 13 be approved.
- Annual Report: Discovery Pharmacy
The report was received for information. -
Quarterly List of Donations of $250,000 or more to the University of Toronto: February 1 – April 30, 2026
The Board received the Quarterly List of Donations for the period February 1, 2026 to April 30, 2026 for information. -
Debt Policy Limit, Debt Allocations, Outstanding Debt Issued and Status of the Long-Term Borrowing Pool to April 30, 2026
The report was received for information. -
Status Report on Debt to May 31, 2026
The Status Report on Debt to May 31, 2026 was received for information. -
Report of the Previous Meeting: Report Number 290 – April 22, 2026
Report Number 290 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. -
Date of Next Meeting – September 23, 2026, at 5:00 p.m.
The next regular meeting of the Business Board will be held on September 23, 2026 at 5:00 p.m.
END OF CONSENT AGENDA
- Other Business
As this was the last meeting of the year, the Chair thanked members and Assessors for their valuable contributions to the Board. He also offered special recognition to Professor Kelly Hannah-Moffat and Professor Scott Mabury as this was the last meeting as Assessors to the Board for both. He thanked them for their leadership and advice to the Board over the last several years and noted the profound impact that both Professor Mabury and Hannah-Moffat had on the University.
Anna Kennedy, Chair of the Governing Council, recognized that this was Mr. Mathur’s final meeting as Chair of the Business Board and thanked him for his service as Chair and Vice-Chair of the Board. Mr. Mathur was presented with a gift of appreciation on behalf of Board members and the Secretariat. Members applauded the Board Chair for his service.
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. - Capital Project (Level 2): University of Toronto Faculty of Dentistry Clinic 2 Renewal
- Financing Requirements
On motion duly moved, seconded, and carried
IT WAS RESOLVED
THAT the estimated total project cost for the Faculty of Dentistry Clinic 2 Renewal be approved in principle as outlined in the memorandum dated June 11, 2026.
- Execution of Project
On motion duly moved, seconded, and carried
IT WAS RESOLVED
Subject to Executive Committee confirmation in principle of the project,
THAT the Vice-President, Operations and Real Estate Partnerships be authorized to execute the University of Toronto Faculty of Dentistry Clinic 2 Renewal as outlined in the memorandum dated June 11, 2026.
- Financing Requirements
- Capital Project (Level 2): Department of Computer Science at Schwartz Reisman Innovation Campus – West – Execution of Project
On motion duly moved, seconded, and carried
IT WAS RESOLVED
Subject to Executive Committee confirmation in principle of the project,
THAT the Vice-President, Operations and Real Estate Partnerships be authorized to execute the Department of Computer Science at Schwartz Reisman Innovation Campus West project as outlined in the memorandum dated June 11, 2026. - Capital Project (Level 3): Academic Wood Tower – Revised Total Project Cost and Sources of Funding
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Financing Requirements
On motion duly moved, seconded, and carried
IT WAS RESOLVED
THAT the revised total project cost of the Academic Wood Tower be approved in principle as outlined in the memorandum dated June 11, 2026.
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Execution of Project
On motion duly moved, seconded, and carried
IT WAS RESOLVED
Subject to Governing Council approval in principle of the project,
THAT the Vice-President, Operations and Real Estate Partnerships be authorized to execute the Academic Wood Tower project as outlined in the memorandum dated June 11, 2026.
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- Capital Project (Level 3): UTSC Field House – Execution of Project
On motion duly moved, seconded, and carried
IT WAS RESOLVED
Subject to Governing Council approval in principle of the project,
THAT the Vice-President, Operations and Real Estate Partnerships be authorized to execute the UTSC Field House project as outlined in the memorandum dated June 11, 2026. - Build More Housing Initiative: Recapitalization Strategy
On motion duly moved, seconded, and carried
IT WAS RESOLVED
THAT the Vice-President, University Operations and Real Estate Partnerships be given authority to execute the Letters of Intent: Chestnut Student Residences (and accompanying Schedules), between the University of Toronto and the external development partner as outlined in the memorandum dated June 18, 2026.
The Chair, noting the time, recommended that the meeting be extended until 8:00 p.m.
On a motion duly moved, seconded and carried
IT WAS RESOLVED
THAT the meeting would be extended until 8:00 p.m. - Capital Project (Level 3): Build More Housing Initiative: On-Campus Housing – Real Estate Partnership
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Financing Requirements
On motion duly moved, seconded, and carried
IT WAS RESOLVED
THAT the total project cost of the Build More Housing Initiative: On-Campus Housing - Real Estate Partnership be approved in principle as outlined in the memorandum dated June 9, 2026.
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Execution of Project
On motion duly moved, seconded, and carried
IT WAS RESOLVED
Subject to Governing Council approval in principle of the project,
THAT the Vice-President, Operations and Real Estate Partnerships be authorized to execute the Build More Housing Initiative: On-Campus Housing - Real Estate Partnership as outlined in the memorandum dated June 9, 2026.
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IN CAMERA CONSENT AGENDA
On motion duly moved, seconded, and carried
YOUR BOARD APPROVED
THAT the consent agenda be adopted and that items 28 and 29 be approved.
- Annual Report of the Senior Appointments and Compensation Committee for 2025-26
The report was received for information. -
Collective Agreement Renewal
The report was received for information. -
Report on Capital Projects as of May 30, 2026
The report was received for information. -
Project Completion Report
The report was received for information. -
Report of the Striking Committee: Co-opted Membership of the Business Board and the Audit Committee for 2026-2027
On motion duly moved, seconded, and carried
IT WAS RESOLVED
BUSINESS BOARD-
THAT Adam Fox be appointed to the Business Board as a co-opted administrative staff member for a 1-year term from July 1, 2026, to June 30, 2027; and
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THAT Rima Ramchandani be re-appointed and Mona Shah be appointed to the Business Board as co-opted lay members each for a three-year term from July 1, 2026, to June 30, 2029.
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AUDIT COMMITTEE
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THAT the following be appointed as co-opted members of the Audit Committee for one-year terms from July 1, 2026, to June 30, 2027:
• Adel Melek (re-appointed)
• Rima Ramchandani (re-appointed)
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THAT Samuel Elfassy be appointed as Chair of the Audit Committee and Brian Madden be appointed as Vice-Chair of the Audit Committee, each for one-year terms from July 1, 2026 to June 30, 2027.
- Third-Century Chair Matching Program: Use of Operating Reserves for the Establishment of a Chair in Economics in the Faculty of Arts & Science
The Board approved a motion that the recommendation of the Vice-President, Advancement, as outlined in the memorandum dated June 11, 2026 be approved.
END OF IN CAMERA CONSENT AGENDA
The Board returned to Open Session.
The meeting adjourned at 7:56 p.m.
June 23, 2026