Board of Directors of the Toronto Atmospheric Fund
The full agenda, as filed
All 12 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.
TA13.1received
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.
TA13.2amended
Presentation - TAF / TCHC Partnership to Accelerate Retrofits
The Atmospheric Fund (TAF) and Toronto Community Housing Corporation (TCHC) have worked together for many years on a range of retrofit projects to reduce energy and carbon and improve building condition and comfort. Representatives from TAF and TCHC will present the recently-signed Memorandum of Understanding between the two organizations to amplify collaborate on deep energy retrofits of TCHC's building portfolio to achieve mutual social, financial and environmental objectives.
The Board of Directors of the Toronto Atmospheric Fund: 1. Directed that the Board Chair, on behalf of the Board of Directors of the Toronto Atmospheric Fund, to: a. convey appreciation to Toronto Community Housing Corporation (TCHC) Board of Directors, Executive and staff for their leadership and commitment to reducing carbon emissions as an integral part of ensuring quality housing and vibrant communities in Toronto. b. acknowledge and recognize the significant effort and investment that both organizations will be making to advance mutual objectives by working in partnership and building on many years of collaboration and lessons learned. c. confirm that the Board looks forward to reviewing with Toronto Community Housing Corporation the progress of this important formal partnership over the coming months and years.
TA13.3received
Presentation - Key Performance Indicators
A refreshed set of performance indicators are being developed by Toronto Atmospheric Fund (TAF) and the wider Low Carbon Cities Canada (LC3) network, building on TAF's current Key Performance Indicators (KPIs). The presentation will outline the direction and rationale for new KPIs and explore their likely implications on TAF's work. Staff can respond to questions and are seeking the Board's input before finalizing the KPIs in September 2021.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA13.4amended
Statement of Investment Objectives and Principles
An update of Toronto Atmospheric Fund's Statement of Investment Objectives and Principles (SIOP) is presented in substantively completed form for Board approval, to be finalized with the City of Toronto before seeking Council approval.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the updated Statement of Investment Objectives and Principles (SIOP), substantially in the form presented in Attachment 1 to the report (June 24, 2021) from the Chief Executive Officer, Toronto Atmospheric Fund. 2. Directed Toronto Atmospheric Fund (TAF) staff to continue working with City staff to finalize the SIOP to both parties' satisfaction, and to review the final SIOP with the Chair Parminder Sandhu and Director Kim Marshall, Chair of the Investment Committee, to their satisfaction prior to submission to City Council. 3. Requested, via the Chief Financial Officer and Treasurer, City Council approval of TAF's Statement of Investment Objectives and Principles. 4. Established a Direct Investment Committee composed of at least four and no more than eight members, or such other number as the Board may fix by resolution from time to time. Quorum shall be a majority of the number of members. The Direct Investment Committee shall have the duties set out in terms of reference established by resolution of the Board from time to time. 5. Amended Toronto Atmospheric Fund By-law No. 1 by: a. deleting "Loan Committee" in section 6.2; b. deleting section 6.4 in its entirety; and c. adding "Direct Investment Committee" to the list of standing committees in section 6.2." d. adding a new Section 6.4 describing the composition and duties of the Direct Investment Committee as set out in Part 4 above. 6. Requested, via the City Manager, City Council approval for the amendment of Toronto Atmospheric Fund By-Law #1 above. 7. Established the terms of reference of the Direct Investment Committee as follows: The Direct Investment Committee shall have the following duties, among others, some of which were previously fulfilled by the Investment Committee: a. considering applications for financing of Direct Investments as defined in the Statement of Investment Objectives and Principles including loans, debentures, mortgages, performance contract financing, purchase order financing, options, securities, and loan guarantees, but not including Grants; b. recommending investments to the Board along with any terms and conditions that are relevant and may be necessary in keeping with prudent investing; c. overseeing that the conditions of investment established by the Board are duly implemented before investments are advanced; d. receiving and reviewing information about the performance of investments made by the Corporation; e. advising the Board on the performance of investments against relevant benchmarks and their compliance with the investment policy f. performing such other functions as the Board may assign to it from time to time.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve the updated Statement of Investment Objectives and Principles, substantially in the form presented in Attachment 1. 2. Direct TAF staff to continue working with City staff to finalize the SIOP to both parties' satisfaction. 3. Request, via the Chief Financial Officer and Treasurer, City Council approval of TAF's Statement of Investment Objectives and Principles.
TA13.5received
Unaudited Financial Reports for the First Quarter of 2021
The unaudited financial results for the first quarter of 2021 period are provided in Attachment 1.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA13.6received
Minutes from the Investment Committee Meeting Held March 22, 2021
Minutes from the Investment Committee meeting held on March 22, 2021.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA13.7received
Minutes from the Investment Committee Meeting Held June 4, 2021
Minutes from the Investment Committee meeting held on June 4, 2021.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA13.8received
Minutes from the Grants and Programs Committee Meeting Held June 18, 2021
Minutes from the Grants and Programs Committee meeting held on June 18, 2021.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA13.9adopted
Grants and Program Allocation Recommendations
At its June 18, 2021 meeting, the Toronto Atmospheric Fund Grants and Programs Committee recommended that the Board approve two grants with a combined value of $223,111 and one internal program allocation with a total value of $100,000. This report provides recommendations and minutes from the Committee meeting.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the following grants to be funded jointly from the Canada, Ontario and Toronto endowments except where otherwise indicated: a. $92,399 over 15 months to Future Majority to mobilize youth climate activists, organize public events and other campaign elements to support the passage of a strong Green Development Standard in Mississauga (funded from the Canada and Ontario endowments only). b. $130,712 over 20 months to Ryerson University to develop a methodology for calculating the embodied carbon of building enclosure assemblies for Part 3 buildings and to create guidelines and reference tools to support design teams in meeting embodied carbon targets in municipal development standards. 2. Declined six grant requests with a total value of $822,603, as set out in Confidential Attachment 1 to the report (June 24, 2021) from the Grants Manager, Toronto Atmospheric Fund. 3. Approved the following project allocation to be funded jointly from the Canada, Ontario and City of Toronto endowments: a. $100,000 over 12 months to Toronto Atmospheric Fund (TAF)'s Retrofit Accelerator team to support Toronto Community Housing in implementing their building portfolio decarbonization program. Funding will enable TAF to develop a deep retrofit planning tool, create an aggregated procurement strategy, and to pilot the use of artificial intelligence to optimize building performance. 4. Directed that the confidential information contained in Confidential Attachment 1 to the report (June 24, 2021) from the Grants Manager, 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 Grants Manager recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve the following grants to be funded jointly from the Canada, Ontario and Toronto endowments except where otherwise indicated: a. $92,399 over 15 months to Future Majority to mobilize youth climate activists, organize public events and other campaign elements to support the passage of a strong Green Development Standard in Mississauga (funded from the Canada and Ontario endowments only). b. $130,712 over 20 months to Ryerson University to develop a methodology for calculating the embodied carbon of building enclosure assemblies for Part 3 buildings and to create guidelines and reference tools to support design teams in meeting embodied carbon targets in municipal development standards. 2. Decline six grant requests with a total value of $822,603, as set out in Confidential Attachment 1. 3. Approve the following project allocation to be funded jointly from the Canada, Ontario and City of Toronto endowments: a. $100,000 over 12 months to Toronto Atmospheric Fund (TAF)'s Retrofit Accelerator team to support Toronto Community Housing in implementing their building portfolio decarbonization program. Funding will enable TAF to develop a deep retrofit planning tool, create an aggregated procurement strategy, and to pilot the use of artificial intelligence to optimize building performance. 4. 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.
TA13.10adopted
Appointment to Toronto Atmospheric Fund's Investment Committee
An appointment to Toronto Atmospheric Fund's Investment Committee is recommended.
The Board of Directors of the Toronto Atmospheric Fund: 1. Appointed Jacoline Loewen to the Investment Committee.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Appoint Jacoline Loewen to the Investment Committee.
TA13.11received
An update on Toronto Atmospheric Fund's People and Operations activity is provided, drawing on content originally prepared for the Executive Compensation and Performance Review Committee in April 2021.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA13.12received
Chair, Board of Directors of the Toronto Atmospheric Fund will provide an update to the Board on several items, as follows: - Executive succession planning - Chief Execitve Officer performance review feedback - Investment committee working group These items will require a closed session discussion.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.