Item - 2023.TA1.6

The Board of Directors of the Toronto Atmospheric Fund:  

1.  Approved an investment of up to $1,000,000, subject to the terms and conditions outlined by the Direct Investment Committee at its meeting on 24 January 2023, as set out in Confidential Attachment 1 to the report (January 27, 2023) from the Vice President, Impact Investing, Toronto Atmospheric Fund.

2.  Directed Toronto Atmospheric Fund’s Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund’s Solicitor.

3.  Directed that the confidential information contained in Confidential Attachment 1 to the report (January 27, 2023) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential in its entirety, as it contains 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.

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 information explicitly 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.

This report recommends an investment of up to $1,000,000 in secured green bonds. Due diligence demonstrates strong alignment with Toronto Atmospheric Fund’s mandate and potential for appropriate risk-adjusted returns. The allocation is in compliance with Toronto Atmospheric Fund’s investment policy and target portfolio.