Mr. Speaker, pursuant to the Canada Marine Act, all port authorities, including the Toronto Port Authority, are autonomous entities under the strategic direction and management of its board of directors. The board has the authority to define hospitality and travel expense policies and to ensure compliance with these policies. The board has the authority to set contract amounts such as those for professional services.
Under subsection 37(1) of the Canada Marine Act, a port authority shall make available for inspection by the public, at its registered office during normal business hours at least thirty days before the annual meeting, its audited annual financial statements and those of its wholly-owned subsidiaries for the preceding fiscal year.
Subsection 37(2) of the act requires that the financial statements shall be prepared in accordance with generally accepted accounting principles and consist of at least the following:
(a) a balance sheet;
(b) a statement of retained earnings;
(c) a statement of income and expenses; and
(d) a statement of changes in financial position.
Futhermore, Subsection 37(3) of the act requires that the annual financial statements shall set out the total remuneration paid in money or in kind to each of the following persons in that year by the port authority or its wholly-owned subsidiary, including any fee, allowance or other benefit:
(a) the directors;
(b) the chief executive officer; and
(c) the officers and employees whose remuneration exceeds a prescribed threshold.
The Toronto Port Authority has satisfied these requirements by making the information publicly available at their annual general meetings, as well as publishing statements from 2007 and 2008 on their website.
Should additional financial information related to the Toronto Port Authority be required, please contact the Toronto Port Authority at 60 Harbour Street, Toronto, Ontario, M5J 1B7.