Item - 2021.TA10.10

The Board of Directors of the Toronto Atmospheric Fund:

1.  Amended the Statement of Investment Objectives and Principles (SIOP) as presented in Attachment 1 to the report (January 22, 2021) from the Chief Executive Officer.

2.  Requested, via the City Manager, City Council approval of the Statement of Investment Objectives and Principles (SIOP) as presented in Attachment 1 to the report (January 22, 2021) from the Chief Executive Officer.

3.  Adopted the investment practices presented in Attachment 2 to the report (January 22, 2021) from the Chief Executive Officer and directed staff and the Investment Committee to use these in the course of their work.

The tripartite Toronto Atmospheric Fund, City of Toronto and Federation of Canadian Municipalities Funding Agreement sets out the terms and conditions for the $40 million Canada endowment, including the expectations for its investment. Toronto Atmospheric Fund’s Council-approved Statement of Investment Objectives and Principles (SIOP) already meets most of these, but eleven (11) gaps between the current, published SIOP and the expectations have been identified. It is proposed that seven (7) of these be addressed by amending the SIOP and four (4) of these be addressed by establishing the relevant practice to be undertaken by staff and the Investment Committee.