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.
TA3.1received
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.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA3.2adopted
Presentation - Toronto Atmospheric Fund Action on Accelerating Electric Vehicle Adoption
Staff will provide an overview of TAF's Electric Vehicle (EV) work including progress on securing key program and policy objectives, current activities and collaborations, and opportunities for the Board to support our EV-related goals.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
Staff recommendation as filed
The Chief Executive Officer recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund receive the presentation for information.
TA3.3received
Unaudited Financial Report for the First Quarter of 2023
The unaudited financial results for three months ended March 31,2023 (Q1) are provided in Attachment 1.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA3.4adopted
2022 Auditor’s Letter to Management
This report conveys the Auditor's Letter to Management prepared by Welch LLP, which was not available at the April Board meeting when the 2022 Audited Consolidated Financial Statements were approved.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the Auditor's Letter to Management, as presented in Attachment 1 to the report (June 29, 2023) from the Director of Finance, Toronto Atmospheric Fund, for information.
Staff recommendation as filed
The Director of Finance from recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund receive the Auditor's Letter to Management, as presented in Attachment 1, for information.
TA3.5received
Minutes of the Investment Committee Meeting held March 1, 2023
Minutes of the Investment Committee meeting held on March 1, 2023
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA3.6received
Minutes of the Investment Committee Special Meeting Held March 27, 2023
Minutes of the Investment Committee special meeting held on March 27, 2023.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA3.7received
Minutes of the Investment Committee Meeting Held June 15, 2023
Minutes of the Investment Committee meeting held on June 15, 2023.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA3.8received
Minutes of the Direct Investment Committee Meeting Held June 20, 2023
Minutes of the Direct Investment Committee meeting held on June 20, 2023
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA3.9adopted
Grants and Program Allocation Recommendations
This report recommends three grants with a combined value of $437,274 for Board approval.
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. $150,000 over 18 months to Indigenous Clean Energy Social Enterprises to support the capacity building of an indigenous housing provider in the Greater Toronto and Hamilton Area and enable them to complete deep retrofits across their portfolio of buildings; b. $212,274 over 24 months to the Ontario Public Health Association to promote research and engagement enabling policy implementation to advance building energy retrofits and improving human health by reducing the impact of indoor heat, funded from the Canada and Toronto endowments only; and c. $75,000 over 12 months to Pollution Probe to promote research identifying renewable energy options and model pathways for achieving a net-zero electricity grid by 2035, funded from the Canada and Toronto endowments only. 2. Declined three grant requests with a total value of $487,185 as summarized in Confidential Attachment 1 to the report (June 29, 2023) from the Senior Grants Manager, Toronto Atmospheric Fund. 3. Directed that Confidential Attachment 1 to the report (June 29, 2023) from the Senior 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 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 Senior 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. $150,000 over 18 months to Indigenous Clean Energy Social Enterprises to support the capacity building of an indigenous housing provider in the GTHA and enable them to complete deep retrofits across their portfolio of buildings. b. $212,274 over 24 months to the Ontario Public Health Association to promote research and engagement enabling policy implementation to advance building energy retrofits and improving human health by reducing the impact of indoor heat. Funded from the Canada and Toronto endowments only. c. $75,000 over 12 months to Pollution Probe to promote research identifying renewable energy options and model pathways for achieving a net-zero electricity grid by 2035. Funded from the Canada and Toronto endowments only. 2. Decline three grant requests with a total value of $487,185. These are summarized 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 significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
TA3.10adopted
Conflict of Interest and Confidentiality Policy Updates
This report recommends adoption of an updated Conflict of Interest and Confidentiality Policy. The current policy was approved by the Board in 2016.
The Board of Directors of the Toronto Atmospheric Fund: 1. Amended the Conflict of Interest and Confidentiality Policy as presented in Attachment 1 to the report (June 29, 2023) from the Chief Executive Officer, Toronto Atmospheric Fund.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Amend the Conflict of Interest and Confidentiality Policy as presented in Attachment 1.
TA3.11adopted
Appointment of Members to Toronto Atmospheric Fund’s Direct Investment Committee
This report recommends the appointment of three members to the Toronto Atmospheric Fund's (TAF) Direct Investment Committee.
The Board of Directors of the Toronto Atmospheric Fund: 1. Established the composition of the Direct Investment Committee as nine members, and appoint the individuals listed in Confidential Attachment 1 to the report (June 29, 2023) from the Chief Executive Officer, Toronto Atmospheric Fund as members. 2. 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 (June 29, 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 Direct Investment Committee, as set out in Confidential Attachment 1 to the report (June 29, 2023) from the Chief Executive Officer, Toronto Atmospheric Fund, are now public as follows: Bonnie Foley-Wong Kelly Marshall Geoff Simonett.
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 nine members, and appoint the individuals listed in Confidential Attachment #1 as members. 2. 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
TA3.12adopted
Annual Performance Appraisal of the Toronto Atmospheric Fund Chief Executive Officer
This report summarizes the performance review of the Toronto Atmospheric Fund's Chief Executive Officer.
The Board of Directors of the Toronto Atmospheric Fund: 1. Directed that Confidential Attachment 1 to the report (June 29, 2023) from the Chair, Human Resources Committee remain confidential in its entirety, as it deals with personal matters about an identifiable person.
Staff recommendation as filed
The Chair of the Human Resources Committee recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it deals with personal matters about an identifiable person.
TA3.13adopted
Direct Investment Request - 2023 #3
The Direct Investment Committee recommends an investment of up to $1,000,000 in a Second Lien Loan Facility. Due diligence demonstrates strong alignment with TAF's mandate and appropriate risk-adjusted return. The allocation complies with TAF'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 July 11, 2023, as set out in Confidential Attachment 1 to the report (July 12, 2023) from the Vice President, Impact Investing. 2. Directed Toronto Atmospheric Fund's Vice President, Impact Investing to confirm satisfactory final due diligence has been completed by PaceZero. 3. Directed Toronto Atmospheric Fund's Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 4. Directed that Confidential Attachment 1 to the report (July 12, 2023) from the Vice President, Impact Investing 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 July 11, 2023, as set out in Confidential Attachment 1. 2. Direct Toronto Atmospheric Fund's Vice President, Impact Investing to confirm satisfactory final due diligence has been completed by PaceZero. 3. Direct Toronto Atmospheric Fund's Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 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 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.
TA3.14amended
Human Resources Matters - Succession Planning
The Chair of the Human Resources Committee will provide a verbal update to the Board on succession planning, to be received for information, and to solicit Board input on the planning process before a succession plan is developed. These matters will require a closed session discussion, as they relate to personal information about identifiable individuals.
The Board of Director of the Toronto Atmospheric Fund: 1. Directed the Chair, Human Resources Committee to work with the Chief Executive Officer, Toronto Atmospheric Fund and the Vice President, Strategy and Partnerships, Toronto Atmospheric Fund on a workplan for a succession plan, and report back to the Board of Directors of the Toronto Atmospheric Fund at its next meeting on November 21, 2023.
Staff recommendation as filed
The Chair, Board of Directors of the Toronto Atmospheric Fund recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund receive the letter for information.