Item - 2020.TA6.10

Tracking Status

This item was considered by Board of Directors of the Toronto Atmospheric Fund on May 21, 2020 and was adopted with amendments.

TA6.10 - Investment Committee Terms of Reference

Decision Type:: ACTION

Status:: Amended

Board Decision

The Board of Directors of Toronto Atmospheric Fund:

1. Approved the Investment Committee Terms of Reference, as amended and set out in Attachment 1 to the report (May 5, 2020) from the Chief Executive Officer; subject to City Council approval of the delegation of authority for the Investment Committee to approve certain Direct Investments.

2. Directed the Chief Executive Officer, to work with the City Manager's office, to arrange for the Terms of Reference to be submitted to City Council for approval, together with the proposed revisions to the Statement of Investment Objectives and Principles (SIOP).

Decision Advice and Other Information

The Chief Executive Officer gave an overview on Investment Committee Terms of Reference.

Origin

(May 5, 2020) Report from the Chief Executive Officer

Summary

This report recommends amendment of the Terms of Reference for TAF’s Investment Committee. In addition to some housekeeping, a new Direct Investment Subcommittee is proposed for the purpose of providing the specialized and responsive guidance needed to significantly increase the Direct Investments portfolio as TAF’s endowment is increased and in keeping with the Target Portfolio recommended by the Investment Committee.

Background Information

(May 5, 2020) Report from the Chief Executive Officer on Investment Committee Terms of Reference
https://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-147331.pdf
Attachment 1 - Draft Terms of Reference for the Investment Committee
https://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-147332.pdf

Motions

Motion to Amend Item moved by Parminder Sandhu (Carried)

That:

1. The Board of Directors of the Toronto Atmospheric Fund approve the Investment Committee Terms of Reference, as amended and set out in Attachment 1; subject to City Council approval of the delegation of authority for the Investment Committee to approve certain Direct Investments.

2. The Board of Directors of the Toronto Atmospheric Fund direct the Chief Executive Officer, to work with the City Manager's office, to arrange for the Terms of Reference to be submitted to City Council for approval, together with the proposed revisions to the Statement of Investment Objectives and Principles (SIOP).