Item - 2019.TA4.10

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved the amendments to the Statement of Investment Objectives and Principles.

 
2.  Requested the Chief Executive Officer to work with the Chief Financial Officer and Treasurer to pursue City Council approval for amendments to TAF’s Statement of Objectives and Principles.

The Chief Executive Officer gave an overview of proposed amendments to the Toronto Atmospheric Fund Statement of Investment Objectives and Principles.

The Toronto Atmospheric Fund Statement of Investment Objectives and Principles (SIOP) and Investment Committee Terms of Reference stipulate that the Investment Committee is to review the SIOP at least once a year for continued alignment with TAF’s mandate, best practices and prudent investor standards, and is responsible for formulating, and recommending for approval by the Board, any required changes to the SIOP. In addition to some housekeeping, amendments to the SIOP are proposed to reflect best practices for prudent investing and consideration of Environment, Social and Governance (ESG) factors, and to adjust the asset allocation range and description of asset classes to accommodate the Investment Committee’s target portfolio (introduced in November 2018) including the risk/return, liquidity and diversification expectations.  TAF’s SIOP applies to all TAF’s assets, ie: the Toronto and Ontario endowments.  The SIOP requires both Board and Council approval.