Lakeshore Arena – Board Governance Structure
Mandate and Responsibilities
The Lakeshore Arena Corporation was established by City Council in July 2011 under the authority of Section 148 of the City of Toronto Act, 2006 and Ontario Regulation 609/06. Lakeshore Arena Corporation is incorporated under the Business Corporations Act (Ontario), with the City of Toronto as its sole shareholder. The mandate of the Corporation is to assume the leasehold interest in the Arena previously held by Lakeshore Lions Arena Inc. and the various debt obligations associated with the construction of the Arena, in order to stabilize and operate the facility over until a future direction for the Arena can be established by the City.
The Board of Directors is responsible for supervising the management of the business and affairs of the Corporation, including the following specific activities:
- stabilizing operations and funding seasonal working capital shortfalls;
- maintaining arena staff, and continuity of service to arena customers and tenants;
- avoiding default and eliminating further increases in debt servicing costs by discharging floating rate debt facilities and assuming the loan on an interim basis;
- recruiting citizen members for the board of this municipal services corporation with expertise in finance, marketing and sports and entertainment
- managing operations for a limited time and identifying and maximizing the revenue potential of the facility;
- identifying options to divest leasehold obligations to an operator with minimal or no loss to the City;
- ensuring City and school board ice time entitlement are maintained; and
- developing a strategy and associated business plan for sustainable, long-term operation of the facility for consideration by City Council.
Board Size and Composition
The Board of Directors consists of 6 members and is composed of:
- the General Manager of Parks, Forestry and Recreation or their designate;
- the Chief Corporate Officer or their designate;
- the Deputy City Manager and Chief Financial Officer or their designate;
- a representative of the tenants of the Corporation, and approved by the shareholder; and
- 2 citizen members.
The General Manager of Parks, Forestry and Recreation, or their designate, is the Chair of the Board. If the Chair is not present at a Board meeting, a chair will be chosen for that meeting from amongst the Directors present.
Citizens are eligible for appointment to the Board of Directors, and eligible to remain on the Board after being appointed, if they satisfy the eligibility requirements for appointment as set out in the City’s Public Appointments Policy.
In addition, no person shall be qualified for election as a Director if he or she:
- is less than 18 years of age;
- is of unsound mind and has been so found by a court in Canada or elsewhere;
- has the status of a bankrupt;
- is neither a resident Canadian or a lawful landed immigrant in Canada; or
- neither resides in the City, nor is the owner or tenant of land in the City.
Citizen members appointed to the Board of Directors shall be approved by the shareholder and should have expertise and a background in:
- sports and entertainment;
- finance; or
Appointments Process – Tenant and Citizen Members
City Council, acting as the shareholder, has authorized the Board of Directors of the Corporation to recruit the tenant representative and the citizen members to be appointed to serve as Directors, and report the recommended appointees to City Council for approval. The appointments process is conducted according to the policies and procedures in the City’s Public Appointments Policy.
The Board generally meets monthly. Board meetings are open to the public, except for meetings or parts of meetings where a subject matter is being considered that is set out in section 190 of the City of Toronto Act, 2006.
No remuneration is paid to Board members.