Item - 2024.TA8.4

The Board of Directors of the Toronto Atmospheric Fund:

1. Amended Section 4(d) to Attachment 1 to the report (November 19, 2024) from the Chief Executive Officer, Toronto Atmospheric Fund so it reads as follows:

d. Approving and implementing any Direct Investment pursuant to the terms of a Delegation Resolution and, in doing so, its determinations will then be taken as the determination of the Board on those matters. In making such determinations as to whether the terms and/or conditions of a Delegation Resolution have been met, the Direct Investment Committee may act upon the information provided to it by TAF. Matters regarding which the Direct Investment Committee does not or cannot make any required assessment or determination in whole or in part shall be referred back to the Board. 

2. Approved the proposed changes to the Direct Investment Committee Terms of Reference as presented in Attachment 1 to the report (November 19, 2024) from the Chief Executive Officer, Toronto Atmospheric Fund, as amended by Part 1 above.

This report recommends updating and amending the Terms of Reference for the Toronto Atmospheric Fund’s Direct Investment Committee to clarify the scope, process, roles and responsibilities when matters are delegated to the Committee by the Toronto Atmospheric Fund Board.