Board of Directors of the Toronto Atmospheric Fund
The full agenda, as filed
All 15 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.
TA14.1received
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.
TA14.2adopted
Draft 2022 Consolidated Operating Budget
TAF's 2022 Operating Budget is presented for Board consideration and approval. The opening net asset value (NAV) of TAF's three endowments is estimated at $104 million. Revenues have been budgeted based on: a conservative annual return of 5.5 percent on the marketable securities portfolio; an attainable direct investment portfolio that factors in risk / return expectations; attracting external revenues for specific projects in line with previous years' results; using some of the $2 million Canada operating funds; and a one-time draw from the Toronto endowment recognizing consistent above-projected returns which has filled the Stabilization Fund. Expenditures are based on: the available resources, including investment proceeds and external funds (which are not spent until raised); the minimum grant and maximum administrative expense requirements; and compliance with the Payout Ratio established to protect the endowments. The proposed budget includes both permanent and term contract positions. The 2022 Business Plan to advance climate solutions for the Greater Toronto and Hamilton Area (GTHA) will be presented to the Board at the first meeting of 2022 and will be crafted in keeping with the approved 2022 Operating Budget.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the 2022 Consolidated Operating Budget as presented in Attachment 1 to the report (October 22, 2021) from the Director of Finance, Toronto Atmospheric Fund.
Staff recommendation as filed
The Director of Finance recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund approve the 2022 Consolidated Operating Budget as presented in Attachment 1.
TA14.3adopted
The 2021 Evaluation and Reporting, and 2022 Annual Planning cycle is kicking off and we welcome input from the Board.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the report (October 22, 2021) from the Vice President, Strategy and Partnerships, Toronto Atmospheric Fund for information.
Staff recommendation as filed
The Vice President, Strategy and Partnerships recommends that the Board of Directors of the Toronto Atmospheric Fund receive the report for information.
TA14.4received
Presentation - Zero-Emission Vehicle Infrastructure Program Update
The Manager, Electric Vehicle Charging Program, Toronto Atmospheric Fund will give a presentation on Zero-Emission Vehicle Infrastructure Program Update. This presentation will provide an overview of the current status and future plans for the Zero-Emission Vehicle Infrastructure Program (ZEVIP) including program background, goals, offering for funding recipients, and implementation timeline. Staff can respond to questions and are seeking connections with organizations who might be interested securing funding for the installation of Electric Vehicle (EV) charging stations in public locations, multi-unit residential buildings and on-street locations.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA14.5adopted
Appointment to the Clean Air Investment Trust Ventures Inc.
The Clean Air Investment Trust Ventures Inc. (CVI) is a wholly-owned subsidiary of TAF. Its Board of Directors is made up of at least three members of the TAF Board. Changes to the CVI Board membership are recommended given membership changes to the TAF Board.
The Board of Directors of the Toronto Atmospheric Fund: 1. Removed Jacoline Loewen from the Board of Directors of Clean Air Investment Trust Ventures Inc. 2. Appointed Jean Olemou to the Board of Directors of Clean Air Investment Trust Ventures Inc.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Remove Jacoline Loewen from the Board of Directors of Clean Air Investment Trust Ventures Inc. 2. Appoint Jean Olemou to the Board of Directors of Clean Air Investment Trust Ventures Inc.
TA14.6received
Minutes from the Investment Committee Meeting Held June 17, 2021
Minutes from the Investment Committee meeting held on June 17, 2021.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA14.7adopted
Direct Investment Request - 2021 No. 3
Approval of a Direct Investment is recommended which demonstrates the potential for appropriate risk-adjusted return and strong alignment with TAF's mandate. The proposed investment of up to $250,000 is in compliance with the maximum allocation for Private Equity set out in TAF's investment policy.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved investment of up to $250,000 subject to the terms and conditions outlined by the Investment Committee and as set out in Confidential Attachment 1 to the report (October 22, 2021) from the Vice President, Impact Investing, Toronto Atmospheric Fund. 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 to the report (October 22, 2021) 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 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 Vice President, Impact Investing recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve investment of up to $250,000 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 Attachment 1 remain confidential in their entirety, as they contain commercial and 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.
TA14.8adopted
Direct Investment Request - 2021 No. 5
Approval of a Direct Investment is recommended which demonstrates the potential for appropriate risk-adjusted return and strong alignment with TAF's mandate. The proposed investment of up to USD $1,000,000 is in compliance with the maximum allocation for Private Equity set out in TAF's investment policy.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved investment of up to USD $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 (October 22, 2021) from the Vice President, Impact Investing, Toronto Atmospheric Fund. 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 to the report (October 22, 2021) 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 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 Vice President, Impact Investing recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve investment of up to USD $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 Attachment 1 remain confidential in their entirety, as they contain commercial and 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.
TA14.9adopted
Rescission of Decision Respecting Item TA4.11 - Direct Investment
Rescission of a previously approved Direct Investment of up to $2 million as the project, which experienced delays, now has a new investor.
The Board of Directors of the Toronto Atmospheric Fund: 1. Rescinded the November 8, 2019 decision 3 on item TA4.11 respecting a Direct Investment of up to $2,000,000.
Staff recommendation as filed
The Vice President, Impact Investing recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Rescind the November 8, 2019 decision 3 on item TA 4.11 respecting a Direct Investment of up to $2,000,000.
TA14.10adopted
Rescission of Decision Respecting Item TA 5.9 - Direct Investment
Rescission of a previously approved Direct Investment as the company was able to raise equity which further de-risked the opportunity and a major bank supplanted TAF's position.
The Board of Directors of the Toronto Atmospheric Fund: 1. Rescinded the February 14, 2020 decision on Item TA5.9 - Direct Investment Request respecting a Direct Investment of up to $1,500,000.
Staff recommendation as filed
The Vice President, Impact Investing recommends that the Toronto Atmospheric Fund Board of Directors: 1. Rescind the February 14, 2020 decision on Item TA 5.9 - Direct Investment Request respecting a Direct Investment of up to $1,500,000.
TA14.11received
Minutes from the Grants and Programs Committee Meeting Held October 8, 2021
Minutes from the Grants and Programs Committee meeting held on October 8, 2021.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA14.12adopted
Grants and Program Allocation Recommendations
At its October 8, 2021 meeting, the TAF Grants and Programs Committee recommended that the Board approve three grants with a combined value of $488,725 and one internal program allocation with a total value of $949,500. 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. $250,000 over 24 months to Electric Mobility Canada to develop and promote best practice policies, programs, and infrastructure investments that will enable the transition to 100 percent zero emissions light duty vehicles sales in Canada by 2030 (funded from the Canada and Toronto endowments only). b. $150,000 over 18 months to Pembina Institute to develop a national zero emissions medium- and heavy-duty vehicle (MHDV) strategy, outlining priority actions and policy changes needed to achieve 100 percent zero emissions MHDV sales by 2040 (funded from the Canada and Toronto endowments only). Approval to be subject to the following conditions: - Submit for Toronto Atmospheric Fund staff approval an updated project plan and stakeholder consultation strategy which identifies how the project will mobilize all relevant stakeholders and leverage all opportunities, policy windows, and key messages to achieve the desired outcomes. - With the support of a Developmental Evaluation coach, prepare and implement a Developmental Evaluation plan to assess progress against objectives on an ongoing basis, and report against the plan in interim reports. c. $88,725 over 18 months to Toronto and Region Conservation Authority to assess the economic and environmental benefits of hybrid heating systems and heat pump technologies, and to raise awareness of those benefits through a communications strategy targeted at policy makers, homeowners, and industry stakeholders such as manufacturers, HVAC installers, and energy advisors (funded from the Canada, Ontario, and Toronto endowments). Approval to be subject to the following conditions: - The grantee will consult with Heating, Refrigeration, and Air Conditioning Institute of Canada, and engage them as a project partner to promote project findings and recommendations to their network and membership. - The grantee will allocate an additional $10,000 towards the communications activities, strategies, and material expenses to ensure that the project outputs and key messages are delivered to the target audience. 2. Declined three grant requests with a total value of $359,000, summarized in Confidential Attachment 1 to the report (October 22, 2021) from the Director, Strategy and Grants, Toronto Atmospheric Fund. 3. Approved the following program allocation: a. $949,500 over 12 months to support Toronto Atmospheric Fund's functional and focus area teams in implementing their priority programs and strategies for 2022. (The allocation to Toronto Atmospheric Fund's policy team ($8,000) from the Canada and Toronto endowments, and the balance ($941,500) funded proportionately from the Canada, Ontario, and Toronto endowments.) 4. Directed that the confidential information contained in Confidential Attachment 1 to the report (October 22, 2021) from the Director, Strategy and Grants, 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 Director, Strategy and Grants 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. $250,000 over 24 months to Electric Mobility Canada to develop and promote best practice policies, programs, and infrastructure investments that will enable the transition to 100 percent zero emissions light duty vehicles sales in Canada by 2030 (funded from the Canada and Toronto endowments only). b. $150,000 over 18 months to Pembina Institute to develop a national zero emissions medium- and heavy-duty vehicle (MHDV) strategy, outlining priority actions and policy changes needed to achieve 100 percent zero emissions MHDV sales by 2040 (funded from the Canada and Toronto endowments only). Approval to be subject to the following conditions: - Submit for Toronto Atmospheric Fund staff approval an updated project plan and stakeholder consultation strategy which identifies how the project will mobilize all relevant stakeholders and leverage all opportunities, policy windows, and key messages to achieve the desired outcomes. - With the support of a Developmental Evaluation coach, prepare and implement a Developmental Evaluation plan to assess progress against objectives on an ongoing basis, and report against the plan in interim reports. c. $88,725 over 18 months to Toronto and Region Conservation Authority to assess the economic and environmental benefits of hybrid heating systems and heat pump technologies, and to raise awareness of those benefits through a communications strategy targeted at policy makers, homeowners, and industry stakeholders such as manufacturers, HVAC installers, and energy advisors (funded from the Canada, Ontario, and Toronto endowments). Approval to be subject to the following conditions: - The grantee will consult with Heating, Refrigeration, and Air Conditioning Institute of Canada, and engage them as a project partner to promote project findings and recommendations to their network and membership. - The grantee will allocate an additional $10,000 towards the communications activities, strategies, and material expenses to ensure that the project outputs and key messages are delivered to the target audience. 2. Decline three grant requests with a total value of $359,000, summarized in Confidential Attachment 1. 3. Approve the following program allocation: a. $949,500 over 12 months to support Toronto Atmospheric Fund's functional and focus area teams in implementing their priority programs and strategies for 2022. (The allocation to Toronto Atmospheric Fund's policy team ($8,000) from the Canada and Toronto endowments, and the balance ($941,500) funded proportionately from the Canada, Ontario, and Toronto endowments.) 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.
TA14.13amended
Establishing a Human Resources Committee and Its Priorities
This report provides an update on human resource-related activities and recommends changes to the name and scope of the Executive Compensation and Performance Review Committee to serve the wider mission-critical HR needs of the organization. The Committee has identified two priorities for 2022: succession planning and recruitment as TAF's VP Impact Investing is retiring in June and guidance on responding to the compensation study currently being undertaken.
The Board of Directors of the Toronto Atmospheric Fund: 1. Dissolved the Executive Compensation and Performance Review Committee. 2. Established a Human Resources Committee with Terms of Reference, as set out in Attachment 1 to the report (October 22, 2021) from the Vice President, Strategy and Partnerships, Toronto Atmospheric Fund. 3. Appointed Andrew Dooner as Chair of the Human Resources Committee, and appointed Parminder Sandhu and Councillor Shelley Carroll as members of the Human Resources Committee. 4. Appointed Stuart Galloway as Chair of the Audit Committee.
Staff recommendation as filed
The Vice President, Strategy and Partnerships recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Change the name of the Executive Compensation and Performance Review Committee to the Human Resources Committee. 2. Approve the Terms of Reference of Human Resources Committee as presented in Attachment 1. 3. Appoint Andrew Dooner as Chair of the Human Resources Committee.
TA14.14received
Minutes of the Executive Compensation and Performance Review Committee meeting held on August 18, 2021.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA14.15received
Unaudited Financial Reports for Year-to-Date the Second Quarter and the Third Quarter of 2021
The unaudited financial results for six months ended June 30, 2021 (Q2) and nine months ended September 30, 2021 (Q3) are provided in Attachments 1 and 2.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.