Toronto Port Authority receives Special Examination Report

TORONTO , Dec. 30 /CNW/ - The Toronto Port Authority ("TPA") announced today that it has received the 5 Year Special Examination document from audit firm Deloitte & Touche LLP. This detailed review of all TPA business operations, financial affairs, accounting management and Board oversight covering the period 2004-08 is required to be conducted every five years under the Canada Marine Act. The Summary Report and 94-page Special Examination Detailed Report have been posted on the TPA website for review by stakeholders.

"We are pleased to receive what is clearly an exhaustive review of every element and function of the TPA" said TPA Chairman Mark McQueen . "The report advises that no significant deficiencies were found in the systems and practices of the TPA, and that major positive strides have been made on the corporate governance front in 2009."

Continued Geoff Wilson, TPA President & CEO: "I am grateful to have this detailed roadmap in hand during the first month of my role as the TPA's new business leader. Deloitte has reviewed every corner of our operation and this work and their recommendations are of great assistance to our team."

For further information: www.torontoport.com