The following is from the last report of the Governing Council Executive Committee:

The Chair reported that the University administration continued to explore, with the involvement and advice of legal counsel, the concern which had been brought to the attention of Governing Council on several occasions previously, regarding the citizenship restrictions set out in the University of Toronto Act, 1971, with respect to membership on Governing Council. Since these considerations involved the University’s legislation, consultations with relevant staff within the Ontario Government had commenced. The political uncertainty in Ontario (which continued post-election) meant that there could be a delay in obtaining the guidance sought by the University. Accordingly, the intention would be to report on the matter again in the Fall to advise as to what progress had been made.

You can find the full report here:

As a governor, I will be following up to ensure that progress is being made.  As always, if you have any questions or comments, feel free to contact me at ben[dot]coleman[at]mail[dot]utoronto[dot]ca.