Item - 2017.EX26.10
Tracking Status
- City Council adopted this item on July 4, 2017 without amendments.
- This item was considered by the Executive Committee on June 19, 2017 and adopted without amendment. It will be considered by City Council on July 4, 2017.
EX26.10 - Lakeshore Arena Corporation - Annual General Meeting and 2016 Audited Financial Statements
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
City Council Decision
City Council on July 4, 5, 6 and 7, 2017, adopted the following:
1. City Council treat the portion of the City Council meeting at which the report (June 1, 2017) from the City Manager and Deputy City Manager and Chief Financial Officer is considered as the Annual General Meeting of the Shareholder for Lakeshore Arena Corporation by:
a. appointing Welch LLP Chartered Accountants as the Auditor for Lakeshore Arena Corporation for the fiscal year 2017, and authorizing the Board of Directors of Lakeshore Arena Corporation to fix the remuneration of the Auditor;
b. receiving the Lakeshore Arena Corporation 2016 Annual Report forming Attachment 1 to the report (June 1, 2017) from the City Manager and the Deputy City Manager and Chief Financial Officer; and
c. receiving the Lakeshore Arena Corporation 2016 Audited Financial Statements, forming Attachment 2 to the report (June 1, 2017) from the City Manager and the Deputy City Manager and Chief Financial Officer.
2. City Council receive the "Lakeshore Arena Corporation - 2016 Executive Compensation Disclosure" forming Attachment 3 to the report (June 1, 2017) from the City Manager and the Deputy City Manager and Chief Financial Officer.
3. City Council direct the City Clerk to forward a copy of the Lakeshore Arena Corporation 2016 Audited Financial Statements, forming Attachment 2 to the report (June 1, 2017) from the City Manager and the Deputy City Manager and Chief Financial Officer, to the Audit Committee for information.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-104792.pdf
(May 10, 2017) Attachment 1 - Lakeshore Arena Corporation 2016 Annual Report
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-104793.pdf
Attachment 2 - Lakeshore Arena Corporation 2016 Audited Financial Statements
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-104794.pdf
Attachment 3 - Lakeshore Arena - Executive Compensation Disclosure
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-104795.pdf
Motions (City Council)
Vote (Adopt Item) Jul-05-2017 5:30 PM
| Result: Carried | Majority Required - EX26.10 - Adopt the item |
|---|---|
| Total members that voted Yes: 37 | Members that voted Yes are Paul Ainslie, Maria Augimeri, Ana Bailão, Jon Burnside, John Campbell, Christin Carmichael Greb, Shelley Carroll, Josh Colle, Gary Crawford, Joe Cressy, Vincent Crisanti, Janet Davis, Justin J. Di Ciano, Sarah Doucette, Paula Fletcher, Michael Ford, Mark Grimes, Jim Hart, Stephen Holyday, Jim Karygiannis, Norman Kelly, Mike Layton, Chin Lee, Giorgio Mammoliti, Josh Matlow, Mary-Margaret McMahon, Joe Mihevc, Frances Nunziata (Chair), Cesar Palacio, James Pasternak, Gord Perks, Anthony Perruzza, Jaye Robinson, Neethan Shan, Michael Thompson, John Tory, Kristyn Wong-Tam |
| Total members that voted No: 0 | Members that voted No are |
| Total members that were Absent: 8 | Members that were absent are Glenn De Baeremaeker, Frank Di Giorgio, John Filion, Mary Fragedakis, Michelle Holland, Pam McConnell, Denzil Minnan-Wong, David Shiner |
Councillor Carroll, rising on a Point of Privilege, stated that Councillor Di Ciano's remark "talk out of both sides of their mouth" is not parliamentary language and could be interpreted as an attack on staff.
Councillor Di Ciano apologized for his comment and stated that his remark was not a reference to staff who were diligently answering questions.
Councillor Karygiannis, rising on a Point of Order, asked the Speaker to rule on whether it is appropriate for Councillors in their remarks to indicate whether a Member of Council is present in the Chamber.
EX26.10 - Lakeshore Arena Corporation - Annual General Meeting and 2016 Audited Financial Statements
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Executive Committee recommends that:
1. City Council treat the portion of the City Council meeting at which this report is considered as the Annual General Meeting of the Shareholder for Lakeshore Arena Corporation by:
a. appointing Welch LLP Chartered Accountants as the Auditor for Lakeshore Arena Corporation for the fiscal year 2017, and authorizing the Board of Directors of Lakeshore Arena Corporation to fix the remuneration of the Auditor;
b. receiving the Lakeshore Arena Corporation 2016 Annual Report forming Attachment 1 to the report (June 1, 2017) from the City Manager and the Deputy City Manager and Chief Financial Officer; and
c. receiving the Lakeshore Arena Corporation 2016 Audited Financial Statements, forming Attachment 2 to the report (June 1, 2017) from the City Manager and the Deputy City Manager and Chief Financial Officer.
2. City Council receive the "Lakeshore Arena Corporation - 2016 Executive Compensation Disclosure" forming Attachment 3 to the report (June 1, 2017) from the City Manager and the Deputy City Manager and Chief Financial Officer.
3. City Council direct the City Clerk to forward a copy of the Lakeshore Arena Corporation 2016 Audited Financial Statements, forming Attachment 2 to the report (June 1, 2017) from the City Manager and the Deputy City Manager and Chief Financial Officer, to the Audit Committee for information.
Origin
Summary
This report recommends the actions necessary to comply with the requirements of the Business Corporations Act (Ontario) for the holding of the Annual General Meeting of the Shareholder of the Lakeshore Arena Corporation, including receipt of its Annual Report and Audited Financial Statements for 2016, and appointment of the auditor for 2017.
This report also contains recommendations for receipt at the Annual General Meeting of the Shareholder of information disclosing the individual compensation of executive officers employed by Lakeshore Arena Corporation in 2016.
Background Information
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-104792.pdf
(May 10, 2017) Attachment 1 - Lakeshore Arena Corporation 2016 Annual Report
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-104793.pdf
Attachment 2 - Lakeshore Arena Corporation 2016 Audited Financial Statements
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-104794.pdf
Attachment 3 - Lakeshore Arena - Executive Compensation Disclosure
https://www.toronto.ca/legdocs/mmis/2017/ex/bgrd/backgroundfile-104795.pdf