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July 26, 2001
Council endorses Robert Fung as Chair of waterfront corporation
The appointment of Mr. Robert Fung as Chair of the revitalization corporation
that will oversee renewal of Toronto's waterfront has been finalized by the
Government of Canada, Province of Ontario and the City of Toronto.

Today, Toronto City Council ratified Fung's appointment to the Toronto
Waterfront Revitalization Corporation in a motion moved by Councillor Joe
Pantalone, Chair of the Waterfront Reference Group and Planning and
Transportation Committee. On July 4, 2001, Toronto Mayor Mel Lastman, Federal
Transport Minister and Minister responsible for the Greater Toronto Area David
Collenette and Ontario Deputy Premier and Finance Minister Jim Flaherty
unanimously recommended Mr. Fung as Chair.

"We have the vision, we now have the leadership and we will have our
waterfront," said Mayor Lastman. "I am keen for Mr. Fung to begin work on
realizing one of this country's most ambitious urban renewal projects," said
Mayor Mel Lastman.

Renewing Toronto's waterfront -- which extends 46 kilometres from the Humber to
the Rouge River -- represents an investment in the future of Canada's largest
city and an important means of achieving key social, economic and environmental

The Waterfront Revitalization Corporation is responsible for implementing
waterfront revitalization over the next 20 years in consultation with the three
governments. Each of the three levels of government has committed $500 million
-- $1.5 billion in total -- to transform Toronto's waterfront into the region's
most dynamic destination.

The first actions of the new corporation will involve overseeing four capital
projects totaling $300 million:
  • an expansion and improvement of public transit facilities at Union Station
  • environmental assessment of plans to transform the mouth of the Don River
  • environmental improvements to former industrial land in the Port Lands area
  • extension of Front St. from Bathurst to Dufferin streets with a new Gardiner Expressway interchange west of Strachan Avenue
The Revitalization Corporation will also develop a business
strategy and development plan for renewal in conformance with the Central
Waterfront Part II Plan to be released this fall.

In March 2000, Mr. Fung led the task force that designed a plan to revive
Toronto's waterfront.

Robert A. Fung

Robert A. Fung is Deputy Chairman of Yorkton Financial Incorporated, Canada's
leading high technology and biotechnology investment bank providing corporate
financial advice and strategy in the areas of mergers, acquisitions and capital

From 1980 to 1997, he was the vice-chairman and a director of Gordon Capital
Corporation. He was a senior member of the team that built that company into
one of Canada's most innovative independent investment dealers at the time,
participating in many of Canada's largest corporate transactions. Much of his
efforts focused on corporate finance in the natural resources sector,
particularly in acquisitions in the oil and gas industry. Upon leaving Gordon
Capital, he joined Capital West, where he was a senior partner.

From 1967 to 1978, he was vice-president and a director of Dominion Securities
Limited with responsibilities for its investment activities in Asia and the
Middle East. He began his career in the investment industry in 1964 with Wood

Mr. Fung is a member of the board of directors of a number of private, public
and charitable organizations. He is chairman of Crystallex International
Corporation, SMART Toronto, as well as a director of Mount Sinai Hospital,
Simon Lunenfeld Research Institute, Canada's Export Development Corporation,
Asia Pacific Foundation of Canada, GLOBE Foundation of Canada, and StockHouse
Media Corporation. He was a member of the Prime Minister of Canada's Advisory
Committee on Asia Pacific Economic Corporation, as well as a member of the
Government of Canada's Department of Industry International Trade and
Agriculture Team Canada Inc. Advisory Board, which provided advice to the
Government of Canada in setting strategic direction and performance objectives
for Canada's International Business Development.

Mr. Fung chaired the Toronto Waterfront Revitalization Task Force on behalf of
the Government of Canada, the Province of Ontario and the City of Toronto. He
recently issued his report detailing a strategic business plan for the
$12-billon renewal, development and financing of Toronto's waterfront.

Mr. Fung was born in Port of Spain, Trinidad. He studied at the University of
Toronto and has two sons, Robert and Mark.

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