Toronto Atmospheric Fund
The full agenda, as filed
All 14 items in the clerk’s order. Each carries the city’s own words: the staff recommendation, what the body decided, and its status. Nothing below is written by us.
TA1.1received
Chief Executive Officer’s Report
This report provides an update on Toronto Atmospheric Fund initiatives with regard to Governance, Staff and Operational Matters, and Strategic Programs and Operations.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA1.2adopted
The attached report presents the outcomes achieved on the objectives established in Toronto Atmospheric Fund's 2022 Annual Plan. It includes results and insights regarding successes and challenges for the four focus areas - deep retrofits, net zero new construction, electrification of transportation and the electricity system - and for the functional teams that enable all aspects of the Toronto Atmospheric Fund's work. Progress against Toronto Atmospheric Fund's performance indicators - carbon emission reduction potential, mobilization of capital for low-carbon solutions, scaling potential, community benefits and equity - is presented quantitatively and qualitatively.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the report (January 27, 2023) from the Vice President, Strategy and Partnerships, Toronto Atmospheric Fund for information.
Staff recommendation as filed
The Vice President, Strategy and Partnerships recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund receive this report for information.
TA1.3adopted
The 2023 Annual Plan is presented for Board consideration and approval. The plan is guided by Toronto Atmospheric Fund's Strategic Directions and Theory of Change, and benefits from analysis of the successes and challenges experienced in our past work. It sets out four priorities for the year which "follow the carbon": accelerating deep retrofits, accelerating uptake of EVs, advancing net-zero ready new construction, and accelerating net-zero electricity. Longer-range objectives and specific annual targets are established for each of these, supported by activities from Toronto Atmospheric Fund's functional teams. A multi-solving approach will be taken to all activities, recognizing that designing climate action to achieve social, financial and environmental objectives makes for more robust outcomes and helps prevent worsening inequities.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved Toronto Atmospheric Fund's 2023 Annual Plan as set out in Attachment 1 to the report (January 27, 2023) from the Vice President, Strategy and Partnerships, Toronto Atmospheric Fund.
Staff recommendation as filed
The Vice President, Strategy and Partnerships recommends that: 1. The Board of Directors approve Toronto Atmospheric Fund's 2023 Annual Plan as set out in Attachment 1.
TA1.4received
Unaudited Quarterly Financial Reports for Third Quarter and Fourth Quarter 2022
The unaudited financial results for nine-month period ended September 30, 2022 Third Quarter are provided in Attachment 1. The unaudited financial results for twelve-month period ended December 31, 2022 Fourth Quarter are provided in Attachment 2.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA1.5adopted
The report recommends that approval of financing for individual Energy Savings Performance Agreements (ESPAs), which are drawn from financing lines that have been approved by the Toronto Atmospheric Fund Board for Efficiency Capital, be delegated to Toronto Atmospheric Fund's Direct Investment Committee (DC). Prior to the creation of the DC the Board had delegated to the Investment Committee (IC) the ability to determine and approve the terms and conditions of additional investments in EPSAs within the established financing lines. The Direct Investment Committee has assumed responsibility for these types of transactions and the Board may delegate to the Direct Investment Committee in accordance with the recently approved new By-laws.
The Board of Directors of the Toronto Atmospheric Fund: 1. Delegated to the Direct Investment Committee, in accordance with Articles 4.7 c) of the Toronto Atmospheric Fund By-law No. 1-2022, approval of financing for individual Energy Savings Performance Agreements (ESPAs) using existing Board-approved financing agreements established with Efficiency Capital Corporation, provided that: i. No financing of an individual ESPA exceeds $2 million. ii. Each ESPA is subject to any additional terms and conditions as may be acceptable to the Direct Investment Committee, having considered the appropriate levels of risk and return. iii. The Direct Investment Committee regularly reports to the Board with respect to the approved ESPAs. 2. Confirmed and ratified the following: i. The Direct Investment Committee approval on March 31, 2022 of an ESPA investment outlined in Confidential Attachment 1 to the report (January 27, 2023) from the Chief Executive Officer, Toronto Atmospheric Fund. ii. The Direct Investment Committee approval on January 24, 2023 of a revision to an existing ESPA investment outlined in Confidential Attachment 1 to the report (January 27, 2023) from the Chief Executive Officer, Toronto Atmospheric Fund. 3. Directed that the confidential information contained in Confidential Attachment 1 to the report (January 27, 2023) from the Chief Executive Officer, Toronto Atmospheric Fund remain confidential in its entirety as it contains financial information supplied in confidence to the Toronto 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.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Delegate to the Direct Investment Committee, in accordance with Articles 4.7 c) of the TAF By-law No. 1-2022, approval of financing for individual Energy Savings Performance Agreements (ESPAs) using existing Board-approved financing agreements established with Efficiency Capital Corporation, provided that: i. No financing of an individual ESPA exceeds $2 million. ii. Each ESPA is subject to any additional terms and conditions as may be acceptable to the Direct Investment Committee, having considered the appropriate levels of risk and return. iii. The Direct Investment Committee regularly reports to the Board with respect to the approved ESPAs. 2. Approve and ratify the following: i. The Direct Investment Committee approval on March 31, 2022 of an ESPA investment outlined in Confidential Attachment 1. ii. The Direct Investment Committee approval on January 24, 2023 of a revision to an existing ESPA investment outlined in Confidential Attachment 1. 3. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety as it contains financial information supplied in confidence to the Toronto 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.
TA1.6adopted
Direct Investment Request - 2023 No. 1
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.
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.
Staff recommendation as filed
The Vice President, Impact Investing recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve 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; 2. Direct Toronto Atmospheric Fund's Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor; and 3. 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 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.
TA1.7received
Minutes from the Direct Investment Committee Meeting held October 7, 2022
Minutes from the Direct Investment Committee meeting held October 7, 2022.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA1.8received
Minutes from the Grants and Programs Committee Meeting Held January 23, 2023
Minutes from the Grants and Programs Committee meeting held January 23, 2023.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA1.9adopted
Appointment of Vice Chair of the Board
This report recommends appointment the Vice Chair of the Toronto Atmospheric Fund Board of Directors.
The Board of Directors of the Toronto Atmospheric Fund: 1. Appointed Councillor Shelley Carroll as Vice Chair of the Board of Directors.
Staff recommendation as filed
The Chief Executive Officer recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund appoint Councillor Shelley Carroll as Vice Chair of the Board of Directors.
TA1.10adopted
Appointment of Members to Toronto Atmospheric Fund Committees
This report recommends the appointment of members to the Toronto Atmospheric Fund's (TAF) Investment Committee, Direct Investment Committee, and Grants and Programs Committee.
The Board of Directors of the Toronto Atmospheric Fund: 1. Established the composition of the Investment Committee as seven members, and appointed individuals A and B listed in Confidential Attachment 1 to the report (January 27, 2023) from the Chief Executive Officer, Toronto Atmospheric Fund as members. 2. Established the composition of the Direct Investment Committee as seven members, and appointed individual C listed in Confidential Attachment 1 to the report (January 27, 2023) from the Chief Executive Officer, Toronto Atmospheric Fund as a member. 3. Established the composition of the Grants and Programs Committee as ten members, and appointed the individuals D, E, F, G and H listed in Confidential Attachment 1 to the report (January 27, 2023) from the Chief Executive Officer, Toronto Atmospheric Fund as members. 4. Appointed Wayne Miranda as Chair of the Grants and Programs Committee. 5. Instructed the City Clerk to make the appointee names public once appointed by the Board, and directed that the balance of Confidential Attachment 1 to the report (January 27, 2023) from the Chief Executive Officer, Toronto Atmospheric Fund remain confidential as it deals with personal matters about identifiable people. The names of the individuals appointed to the committees, as approved in Parts 1, 2 and 3 above and set out in Confidential Attachment 1 are now public as follows: 1. Investment Committee · Sandra Berbari · Simon Segall 2. Direct Investment Committee · Sandra McEwen 3. Grants and Programs Committee · Ali Hoss · Kirk Johnson · Rosemarie Powell · Lindsay Wigington · Mike Layton
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Establish the composition of the Investment Committee as seven members, and appoint individuals A and B listed in Confidential Attachment 1 as members. 2. Establish the composition of the Direct Investment Committee as seven members, and appoint individual C listed in Confidential Attachment 1 as a member. 3. Establish the composition of the Grants and Programs Committee as ten members, and the individuals D, E, F, G and H listed in Confidential Attachment 1 as members. 4. Appoint Wayne Miranda as Chair of the Grants and Programs Committee. 5. Instruct the City Clerk to make the appointee names public once appointed by the Board, and direct that the balance of Confidential Attachment 1 remain confidential as it deals with personal matters about identifiable people.
TA1.11adopted
A 2023 workplan with key tasks for the year for the Board and Standing Committees is presented for information.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the Annual Board Plan in Attachment 1 to the report (January 27, 2023) from the Chair, Board of Directors of the Toronto Atmospheric Fund for information.
Staff recommendation as filed
The Chair of the Board of Directors recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund receive the Annual Board Plan in Attachment 1 for information.
TA1.12received
Minutes of the Human Resources Committee Meeting Held January 17, 2023
Minutes of the Human Resources Committee meeting held January 17, 2023.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA1.13amended
Human Resources Matters - Chief Executive Officer Compensation Review
The Chair of the Human Resources Committee will update the Board on Human Resources matters, including a review of compensation for Toronto Atmospheric Fund Chief Executive Officer. Additional materials with recommendations related to the compensation will be provided to the Board for consideration. These matters will require a closed session discussion, as they relate to personal information about identifiable individuals and compensation considerations.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved updates to the Chief Executive Officer level salary band as outlined in Confidential Attachment 1 to the report (February 1, 2023) from the Chair of the Human Resources Committee, Toronto Atmospheric Fund. 2. Directed the Chair of the Board of Directors and Chair of the Human Resources Committee to review and update the Chief Executive Officer contract in collaboration with Toronto Atmospheric Fund's Solicitor, and negotiate an updated salary in line with the updated salary range and Executive Compensation Policy guidelines. 3. Directed that the confidential information contained in Confidential Attachment 1 to the report (February 1, 2023) from the Chair of the Human Resources Committee, Toronto Atmospheric Fund remain confidential in its entirety, as deals with personal matters about an identifiable person.
TA1.14received
2023 Schedule of Board of Directors of the Toronto Atmospheric Fund Meetings
In accordance with the Procedural By-law for Meetings of the Board of Directors of the Toronto Atmospheric Fund, the Chair, in consultation with the City Clerk, determines the place, day and hour of its regular Meetings and the schedule of those Meetings shall be publicly available by the beginning of each calendar year, or as soon as possible following the beginning of a new term of Council. City Council on November 23 and 24, 2022 approved the 2023 schedule of meetings for City Council and its Committees. The schedule of meetings for Board of Directors of the Toronto Atmospheric Fund has been developed to avoid dates, whenever possible, that conflict with the approved City Council schedule; and to avoid meetings on days of cultural or religious significance. The following meetings of the Board of Directors of the Toronto Atmospheric Fund have been scheduled for 2023: Friday February 10, 2023 at 9:30 a.m. Thursday April 27, 2023 - 1:30 p.m. Friday July 14, 2023 - 9:30 a.m. Tuesday November 21, 2023 - 9:30 a.m.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.