Board of Directors of the 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.
TA10.1received
Chief Executive Officer's Report
This report provides an update on Toronto Atmospheric Fund initiatives with regard to Governance and Organizational Matters and Strategic Programs.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA10.2adopted
The attached report presents the activities undertaken by Toronto Atmospheric Fund in keeping with the 2020 Business Plan, the outcomes achieved, and reflections on challenges encountered and lessons learned.
The Board of Directors of Toronto Atmospheric Fund: 1. Received Toronto Atmospheric Fund's 2020 Accomplishments Report - Attachment 1 to the report (January 22, 2021) from the Vice President, Strategy and Partnerships for information.
Staff recommendation as filed
The Vice President, Strategy and Partnerships recommends that the Board of Directors of Toronto Atmospheric Fund: 1. Receive Toronto Atmospheric Fund's 2020 Accomplishments Report (Attachment 1) for information.
TA10.3adopted
The 2021 Annual Plan is presented for Board consideration and approval. It sets the priorities for the year and outlines the activities to be undertaken to achieve the ambitious objectives. The plan is guided by Toronto Atmospheric Fund's Strategic Directions and Theory of Change, our understanding of the greenhouse gas emission sources, carbon neutral targets, and reduction opportunities and approaches across the Greater Toronto and Hamilton Area, and analysis of the successes and challenges experienced in our past work. The full staff team was involved in its development, along with input from Board members. We are confident that this plan can be implemented with the current and planned capacity and resources at Toronto Atmospheric Fund's disposal.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved Toronto Atmospheric Fund's 2021 Annual Plan as set out in Attachment 1 to the report (January 21, 2021) from the Chief Executive Officer.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve Toronto Atmospheric Fund's 2021 Annual Plan as set out in Attachment 1.
TA10.4received
Unaudited Financial Report for the Fourth Quarter of 2020
The unaudited financial results for the fourth quarter of 2020 period are provided in Attachment 1.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA10.5received
Minutes from the Investment Committee Meeting Held 10 December 2020
Minutes from the Investment Committee meeting held on December 10, 2020.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA10.6amended
Direct Investment Request - 2021 - No. 1
Approval of a Direct Investment of up to $1,000,000 is recommended. Due diligence indicates the potential for risk-adjusted return and compliance with TAF's investment policy and asset mix limits. The investment, alongside sophisticated investors, will support a local company poised for growth that has strong alignment with TAF's mandate.
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 as set out in Confidential Attachment 1 subject to appropriate security reflected in the agreement. 2. Directed the 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 and the Confidential Presentation remain confidential in their entirety, as they contain commercial and financial information, supplied in confidence to The 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 Present, 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 as set out in Confidential Attachment 1. 2. Direct the Vice President - Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 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 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.
TA10.7adopted
Direct Investment Request - 2021 No. 2
Approval of a Direct Investment is recommended which demonstrates the potential for appropriate risk-adjusted return and strong alignment with Toronto Atmospheric Fund's mandate. The proposed investment of up to $1 million is in compliance with the maximum allocation for Private Equity set out in Toronto Atmospheric Fund's investment policy.
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 Investment Committee and as set out in Confidential Attachment 1 to the report (January 21, 2021) from the Vice President, Impact Investing. 2. Directed the 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 Attachments 1 and 2 to the report (January 21, 2021) from the Vice President, Impact Investing remain confidential in their entirety, as they contain commercial and 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.
Staff recommendation as filed
The Chair of Toronto Atmospheric Fund's Investment Committee recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve investment of up to $1,000,000 subject to the terms and conditions outlined by the Investment Committee and as set out in Confidential Attachment 1. 2. Direct the Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 3. Direct that the confidential information contained in Confidential Attachments 1 and 2 remain confidential in their entirety, as they contain commercial and 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.
TA10.8amended
Direct Investment Request (Update) - 2020 - No. 3.1
The Investment Committee recommends increasing the previously-approved investment from $2,500,000 Net to $2,841,800 Net ($3,363,800 Gross). The increase is based on similar potential for risk-adjusted return and an increased potential for impact aligned with Toronto Atmospheric Fund's mandate.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved an investment of up to net $2,841,800 and gross $3,363,800 subject to the terms and conditions outlined by the Investment Committee at its meeting of 10 December 2020 and as set out in Confidential Attachment 1 to the report (January 22, 2021) from the Vice President, Impact Investing. 2. Directed the Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 3. If deemed necessary by the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, requested, via the City Manager, Council approval for the investment as it exceeds $2,000,000. 4. Directed that the confidential information contained in Confidential Attachment 1 to the report (January 22, 2021) from the Vice President, Impact Investing remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to The 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 Chair of Toronto Atmospheric Fund's Investment Committee recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve an investment of up to net $2,841,800 and gross $3,363,800 subject to the terms and conditions outlined by the Investment Committee at its meeting of 10 December 2020 and as set out in Confidential Attachment 1. 2. Direct the Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 3. Request, via the City Manager, Council approval for the investment as it exceeds $2,000,000. 4. 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 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.
TA10.9received
The Investment Committee received advice from staff that it would be appropriate to use funds from the Canada endowment to finance a retrofit which has already been initiated with funds from the Toronto and Ontario endowments. Although the Canada endowment was received subsequent to these allocations, and the direction is not to use new funds for completed direct investments, the financing for this project has not been fully advanced. The purpose of this report is to advise the Board regarding the use of funds in this specific case.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA10.10amended
Investment Policy and Practices
The tripartite Toronto Atmospheric Fund, City of Toronto and Federation of Canadian Municipalities Funding Agreement sets out the terms and conditions for the $40 million Canada endowment, including the expectations for its investment. Toronto Atmospheric Fund's Council-approved Statement of Investment Objectives and Principles (SIOP) already meets most of these, but eleven (11) gaps between the current, published SIOP and the expectations have been identified. It is proposed that seven (7) of these be addressed by amending the SIOP and four (4) of these be addressed by establishing the relevant practice to be undertaken by staff and the Investment Committee.
The Board of Directors of the Toronto Atmospheric Fund: 1. Amended the Statement of Investment Objectives and Principles (SIOP) as presented in Attachment 1 to the report (January 22, 2021) from the Chief Executive Officer. 2. Requested, via the City Manager, City Council approval of the Statement of Investment Objectives and Principles (SIOP) as presented in Attachment 1 to the report (January 22, 2021) from the Chief Executive Officer. 3. Adopted the investment practices presented in Attachment 2 to the report (January 22, 2021) from the Chief Executive Officer and directed staff and the Investment Committee to use these in the course of their work.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Amend the Statement of Investment Objectives and Principles (SIOP) as presented in Attachment 1. 2. Adopt the investment practices presented in Attachment 2 and direct staff and the Investment Committee to use these in the course of their work.
TA10.11adopted
Appointment to Toronto Atmospheric Fund's Investment Committee
The appointment of a new member to Toronto Atmospheric Fund's Investment Committee is recommended.
The Board of Directors of the Toronto Atmospheric Fund: 1. Appointed the individual listed in Confidential Attachment No.1 to the report (January 22, 2021) from the Chief Executive Officer to the Investment Committee. 2. Instructed the City Clerk to make the appointee's name public once appointed by the Board, and directed that the balance of Confidential Attachment No. 1 to the report (January 22, 2021) from the Chief Executive Officer remain confidential as it deals with personal matters about an identifiable person. (February 5, 2021) The individual appointed to the Investment Committee is Bernard Li.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Appoint the individual listed in Confidential Attachment No.1 to the Investment Committee. 2. Instruct the City Clerk to make the appointee's name public once appointed by the Board, and direct that the balance of Confidential Attachment No. 1 remain confidential as it deals with personal matters about an identifiable person.
TA10.12adopted
Appointment of Board Secretary
This report recommends appointment of Toronto Atmospheric Fund's Board Secretary.
The Board of Directors of the Toronto Atmospheric Fund: 1. Appointed Graysanne Bedell as Board Secretary until her successor is appointed.
Staff recommendation as filed
The Chief Executive Officer recommends that the Toronto Atmospheric Fund Board of Directors appoint Graysanne Bedell as Board Secretary until her successor is appointed.
TA10.13received
2021 Schedule of Board of Directors of Toronto Atmospheric Fund Meetings
In accordance with Toronto Atmospheric Fund By-law Number 1, the Board may appoint one or more days in each year for regular meetings of the Board a time named; no further notice of the regular meetings need be given. City Council on November 25 and 26, 2020 approved the 2021 schedule of meetings for City Council and its Committees. The schedule of meetings for Board of Directors of the Toronto Atmospheric Fund have 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 the remainder of 2021. The date in April will be TAF's Annual General Meeting. Monday, April 26 at 3:00 p.m. Friday, July 9 at 9:00 a.m. Friday, November 5 at 9:00 a.m.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA10.14adopted
Appointments to Toronto Atmospheric Fund's Standing Committees
This report recommends appointments to Toronto Atmospheric Fund's Audit, Investment, and Grants and Programs Committees.
The Board of Directors of the Toronto Atmospheric Fund: 1. Appointed Councillor Brad Bradford to the Audit Committee. 2. Appointed Graysanne Bedell to the Investment Committee. 3. Appointed Wayne Miranda to the Grants and Programs Committee.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Appoint Councillor Brad Bradford to the Audit Committee Appoint Graysanne Bedell to the Investment Committee Appoint Wayne Miranda to the Grants and Programs Committee