Minutes To be Confirmed

This meeting of the Board of Directors of the Toronto Atmospheric Fund was conducted with members participating in person and remotely.

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved the transfer of:

a. $578,595 from the Toronto General Fund (unrestricted) to the Internally restricted Stabilization Fund;

b. $411,523 from the Ontario General Fund (unrestricted) to the Internally restricted Stabilization Fund; and

c. $1,433,298 from the Canada General Fund (unrestricted) to the Internally restricted Stabilization Fund.

2. Approved the Toronto Atmospheric Fund 2024 Audited Consolidated Financial Statements as presented in Attachment 1 to the report (April 25, 2025) from the Director of Finance, Toronto Atmospheric Fund. 

3. Received the Report to the Audit Committee on Audit Results, Auditor’s Letter to Management, and Draft Minutes of the Audit Committee Meeting held April 25, 2025 as presented in Attachments 2, 3 and 4 to the report (April 25, 2025) from the Director of Finance, Toronto Atmospheric Fund.

4. Recommends that City Council receive for information the Toronto Atmospheric Fund 2024 Audited Consolidated Financial Statements as presented in Attachment 1 to the report (April 25, 2025) from the Director of Finance, Toronto Atmospheric Fund.

The 2024 Audited Consolidated Financial Statements have been prepared by Doane Grant Thornton and are presented to the Toronto Atmospheric Fund (TAF) Board of Directors for approval. These statements provide separate fund accounting for the endowment funds provided to TAF by the City of Toronto, Province of Ontario, and Government of Canada.

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

The Chief Executive Officer, Toronto Atmospheric Fund gave an overview of the Chief Executive Officer's report.

This report provides an update on the Toronto Atmospheric Fund initiatives with regard to Governance Matters, Staff and Operational Matters, and Strategic Programs.

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

Draft Minutes of the Investment Committee meeting held March 20, 2025.

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

Draft Minutes of the Direct Investment Committee meeting held April 1, 2025.

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved an investment of up to $4.5 million as a working capital facility, subject to the terms and conditions outlined by the Direct Investment Committee and set out in the Confidential Attachment 1 to the report (April 11, 2025) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations.

2.  Directed the Vice President, Impact Investing to implement the investment subject to the satisfaction of Toronto Atmospheric Fund's solicitor.

3.  Directed that the confidential information contained in Confidential Attachment 1 to the report (April 11, 2025) 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 Direct Investment Committee (DC) recommends an investment of up to $4.5 million in a company providing a specialized, integrated Direct Current Fast Charging (DCFC) and Battery Energy Storage System (BESS) solution. The investment is in the form of a short-term working capital facility which will support the installation of fast charging within the Greater Toronto and Hamilton Area and across Ontario, matching the term of a government backed post-construction grant program. The investment is aligned with Toronto Atmospheric Fund's mandate of Accelerating Electric Vehicle (EV) Uptake and Accelerating Net-Zero Electricity focus areas. This proposed allocation complies with Toronto Atmospheric Fund's investment policy and target portfolio.

The Board of Directors of the Toronto Atmospheric Fund:

1.  Adopted the resolution outlined in Confidential Attachment 1 to the report (April 11, 2025) from the Vice President, Impact Investing, Toronto Atmospheric Fund, remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations.

2.  Adopted the proposed changes to the Direct Investment Committee Terms of Reference as presented in Attachment 1 to the report (April 11, 2025) from the Vice President, Impact Investing, Toronto Atmospheric Fund, remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations.

3. Directed that the confidential information contained in Confidential Attachment 1 to the report (April 11, 2025) 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 Direct Investment Committee is recommending that an existing credit facility established to advance energy efficient building retrofit projects be restructured to eliminate tax-inefficiencies, better align with market conditions, and increase the use of the facility which supports Toronto Atmospheric Fund's building retrofit objectives. Changes to the Direct Investment Committee’s Terms of Reference are proposed to maintain the existing authority for the Committee to approve each use of the credit facility which has been delegated by the Board.

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

Draft Minutes of the Grants and Programs Committee meeting held April 03, 2025.

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved the following grants to be funded from the endowments indicated:

a. $144,750 over 18 months (from the Toronto, Ontario, and Canada endowments) to Affine Climate Solutions Society to accelerate the widespread adoption of low carbon, climate-resilient construction by transforming how financial institutions (FIs) assess, value, and finance green buildings. The funding recommendation is subject to the following condition:

i. At least 20 percent of the buildings proposed for the financing pilot are to be located in the Greater Toronto and Hamilton Area (GTHA).  

b. $210,000 over 24 months (from the Toronto and Canada endowments) to Efficiency Canada to make the case at all three levels of government for improving appliance and equipment efficiency, ensuring the capacity of existing/new technologies to provide flexibility to cleaner electricity grids, and to support equity objectives such as tenant protection in Toronto.

2.  Declined one grant request with a total value of $104,500. This is summarized in Confidential Attachment 1 to the report (April 11, 2025) from the Senior Grants Manager, Toronto Atmospheric Fund.

3.  Conveyed the two projects recommended for approval to each of the Low Carbon Cities Canada (LC3) centres with an invitation, from the Chair of the Grants and Programs Committee, to co-fund these projects given their relevance and opportunity for impact in municipalities across the country. Both recommended projects have high emissions reduction potential and project outcomes would support the climate goals of the other LC3 centres and the Canadian cities in which they operate.

4.  Directed that the confidential information contained in Confidential Attachment 1 to the report (April 11, 2025) from the Senior Grants Manager, Toronto Atmospheric Fund remain confidential in its entirety, as it contains financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

This report recommends approval of two grants with a combined value of $354,750.

The Board of Directors of the Toronto Atmospheric Fund received the item for information.

Draft Minutes of the Human Resources Committee meeting held April 25, 2025

The Board of Directors of the Toronto Atmospheric Fund:

1. Approved implementing the Chief Executive Officer’s annual cost-of-living adjustment effective January 1 of each year, in alignment with the timing for all other staff, and consistent with the cost-of-living adjustment rate approved in the annual budget by the Board at its final meeting of the prior year.

2. Approved the implementation of the Chief Executive Officer’s 2025 cost-of-living adjustment effective immediately, retroactive to January 1, 2025, in accordance with the cost-of-living adjustment rate approved in the 2025 budget.

The Chair of the Human Resources Committee will provide a verbal update regarding the CEO cost-of-living adjustment (COLA) and performance review process as discussed by the Committee on April 25, 2025. The purpose of this update is to outline the proposed approach and solicit the Board’s approval to proceed. These matters will require a closed session discussion, as they relate to personal information about identifiable individuals.

Announcements

The Chair acknowledged that the Board of Directors of the Toronto Atmospheric Fund was meeting on the traditional territory of many nations including the Mississaugas of the Credit, the Anishnabeg, the Chippewa, the Haudenosaunee and the Wendat peoples and is now home to many diverse First Nations, Inuit and Métis peoples. The Chair also acknowledged that Toronto is covered by Treaty 13 with the Mississaugas of the Credit.

Where the Members of the Board of Directors of the Toronto Atmospheric Fund listed in the attendance for this meeting participated remotely, they were counted for quorum, as permitted by Section 189(4.2) of the City of Toronto Act, 2006 and the Board's Procedures.

Also Present - Non-Members:

Julia Langer, Chief Executive Officer, Toronto Atmospheric Fund

Jamie Klein, Senior Manager, People and Operations, Toronto Atmospheric Fund

Kristian Knibutat, Vice President, Impact Investing, Toronto Atmospheric Fund

Uzoma Erondu, Senior Manager, Impact Investing, Toronto Atmospheric Fund

Rob Wotten, Director, Finance, Toronto Atmospheric Fund

Tracy Haynes, Manager, Investor Partnerships, Toronto Atmospheric Fund

David Manzo, Analyst, Impact Investing, Toronto Atmospheric Fund

Fatima Crerar, VP, Strategy and Partnerships, Toronto Atmospheric Fund

Sadia Khan, Senior Manager, Grants, Toronto Atmospheric Fund

Bryan Purcell, VP, Strategy and Partnerships, Toronto Atmospheric Fund

Ian Klesmer, Director, Strategy and Grants, Toronto Atmospheric Fund

Clifford Goldfarb, Lawyer, Toronto Atmospheric Fund

David Fioretti, Doane Grant Thornton LLP