Item - 2019.TA4.5
Tracking Status
- This item was considered by Board of Directors of the Toronto Atmospheric Fund on November 8, 2019 and was adopted with amendments.
TA4.5 - Establishment of Audit Committee
- Decision Type:
- ACTION
- Status:
- Amended
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Approved the establishment of an Audit Committee with Terms of Reference as outlined in Attachment 1 to the report (October 25, 2019) from the Director of Finance and Operations.
2. Appointed the following three TAF Board members to the Audit Committee:
1. Jacoline Loewen (Chairperson)
2. Kimberly Marshall
3. Deepak Ramachandran.
Origin
Summary
This report recommends the establishment of an Audit Committee and associated Terms of Reference. While this function has been undertaken by the Board as a whole, the addition of the $40 million Federal endowment will increase the volume and complexity of TAF’s financial reporting, warranting additional oversight.
Background Information
https://www.toronto.ca/legdocs/mmis/2019/ta/bgrd/backgroundfile-139447.pdf
Attachment 1 - Draft Audit Committee Terms of Reference, October 2019
https://www.toronto.ca/legdocs/mmis/2019/ta/bgrd/backgroundfile-139448.pdf
Motions
That the following TAF Board members be appointed to the Audit Committee:
1. Jacoline Loewen (Chairperson)
2. Kimberly Marshall
3. Deepak Ramachandran.