Governance Documents Updates - Operating and Procedural By-laws

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The decision

2022-07-13 · Board of Directors of the Toronto Atmospheric Fund · amended

As filed

The Board of Directors of the Toronto Atmospheric Fund: 1. Approved By-law No. 1-2022 as presented in Attachment 1 to the report (June 28, 2022) from the Chief Executive Officer, Toronto Atmospheric Fund, which repeals and replaces the former Amended and Restated By-law Number 1, originally enacted October 31, 1995 and amended March 24, 2003, and present By-law No. 1-2022 to the Members for confirmation. 2. Received the

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Procedural By-Law contained in the updated Relationship Framework presented in Attachment 2 to the report (June 28, 2022) from the Chief Executive Officer, Toronto Atmospheric Fund and approved by City Council on June 15, 2022.

On the agenda

As the city filed it

Toronto Atmospheric Fund (TAF) and the City have been updating three of TAF's governance documents - the Relationship Framework with the City of Toronto (RF), TAF By-law No.1 (Operating By-laws) and the Statement of Investment Objectives & Principles (SIOP) - with the goals of reflecting TAF's growing capacities, endowment and mandate since the documents were last amended; clarifying mechanisms for communication and collaboration with the City; and ensuring that appropriate accountability measures remain in place.

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To clarify and streamline the governance documents: - The Operating By-laws will contain only operational and administrative matters which are within the purview of TAF's Board to approve; - The RF will contain Council's requirements and the Procedural By-law which require Council approval; and - The SIOP will contain only investment-related requirements which requires both the Board and Council approval. On June 15, 2022, City Council approved updates to the RF and SIOP; the SIOP was previously approved by the Board, substantively as presented to Council. The final versions of these documents have been posted on the TAF website and circulated to the Province of Ontario, the Federation of Canadian Municipalities, and relevant City divisions for their information. And implementation plan and guidance will be developed by TAF staff. This report presents the updated Operating By-Law No.1 (BL No.1) for approval and the Procedural By-Law for adoption.

Staff recommended

The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve the updated Toronto Atmospheric Fund (TAF) Operating By-Law No.1 as presented in Attachment 1. 2. Adopt the Procedural By-Law contained in the updated Relationship Framework presented in Attachment 2 and approved by City Council on June 15, 2022.

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