Item - 2021.TA10.8
Tracking Status
- This item was considered by Board of Directors of the Toronto Atmospheric Fund on February 5, 2021 and was adopted with amendments.
- See also EX24.6
TA10.8 - Direct Investment Request (Update) - 2020 - No. 3.1
- Decision Type:
- ACTION
- Status:
- Amended
Confidential Attachment - Commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Approved an investment of up to net $2,841,800 and gross $3,363,800 subject to the terms and conditions outlined by the Investment Committee at its meeting of 10 December 2020 and as set out in Confidential Attachment 1 to the report (January 22, 2021) from the Vice President, Impact Investing.
2. Directed the Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund’s Solicitor.
3. If deemed necessary by the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, requested, via the City Manager, Council approval for the investment as it exceeds $2,000,000.
4. Directed that the confidential information contained in Confidential Attachment 1 to the report (January 22, 2021) from the Vice President, Impact Investing remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Decision Advice and Other Information
The Board of Directors of the Toronto Atmospheric Fund recessed its public meeting to meet in closed session to consider the item as it pertains to commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Origin
Summary
The Investment Committee recommends increasing the previously-approved investment from $2,500,000 Net to $2,841,800 Net ($3,363,800 Gross). The increase is based on similar potential for risk-adjusted return and an increased potential for impact aligned with Toronto Atmospheric Fund's mandate.
Background Information
https://www.toronto.ca/legdocs/mmis/2021/ta/bgrd/backgroundfile-162829.pdf
Confidential Attachment 1
Motions
That the Recommendations in the report be amended to read as follows:
The Board of Directors of the Toronto Atmospheric Fund:
1. Approve an investment of up to net $2,841,800 and gross $3,363,800 subject to the terms and conditions outlined by the Investment Committee at its meeting of 10 December 2020 and as set out in Confidential Attachment 1.
2. Direct the Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund’s Solicitor.
3. If deemed necessary by the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, request, via the City Manager, Council approval for the investment as it exceeds $2,000,000.
4. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.