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.
TA5.1received
Chief Executive Officer’s Report
This report provides an update on Toronto Atmospheric Fund initiatives with regard to Governance Matters, Staff and Operational Matters, and Strategic Programs.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA5.2adopted
The attached report presents the outcomes achieved on the objectives set out in Toronto Atmospheric Fund's 2023 Annual Plan.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the report (January 29, 2024) from the Vice President, Strategy and Partnerships, Toronto Atmospheric Fund for information.
Staff recommendation as filed
The Vice President, Strategy and Partnerships, Toronto Atmospheric Fund recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund receive the report for information.
TA5.3adopted
The 2024 Annual Plan is presented for Board consideration and approval. The plan is guided by Toronto Atmospheric Fund's Strategic Directions and like 2023, organized into four focus areas which "follow the carbon": accelerating deep retrofits, accelerating uptake of electric vehicles (EV)s, advancing net-zero ready new construction, and accelerating net-zero electricity. The 2024 plan was developed with input from all staff members and teams, and included a discrete exercise to identify co-benefits of key climate strategies Toronto Atmospheric Fund is pursuing, as well as equity-related impacts we can have, and these are reflected in the 2024 plan.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approve Toronto Atmospheric Fund's 2024 Annual Plan as set out in Attachment 1 to the report (January 29, 2024) from the Vice President, Strategy and Partnerships, Toronto Atmospheric Fund.
Staff recommendation as filed
The Vice President, Strategy and Partnerships, Toronto Atmospheric Fund recommends that: 1. The Board of Directors approve Toronto Atmospheric Fund's 2024 Annual Plan as set out in Attachment 1.
TA5.4amended
A Procurement Policy is presented for Board approval. It reflects best practices, draws significantly on the City's procurement policy, and complies with the Broader Public Sector Accountability Act and other relevant requirements and authorities. This will enable Toronto Atmospheric Fund to undertake procurements independently as authorized by the Toronto Atmospheric Fund/City Relationship Framework.
The Board of Directors of the Toronto Atmospheric Fund: 1. Amended Section 3 of Attachment 1 to the report (January 29, 2024) from the Chief Executive Officer, Toronto Atmospheric Fund, so it now reads as follows: "3 Principles All procurements will adhere to the following principles: 3.1 Be fair, equitable, unbiased, open and transparent; 3.2 Provide TAF with quality goods and services and value for money, and protect TAF's endowments, and allow TAF to advance its mandate; 3.3 Maximize diversity, equity and inclusion and reduce and prevent barriers to participation; 3.4 Be free of perceived, potential, or actual conflicts of interest; 3.5 Use efficient, effective best practices applicable to the not-for-profit sector; and 3.6 Prioritize the purchase of environmentally responsible products and services wherever feasible." 2. Amended Section 9 of Attachment 1 to the report (January 29, 2024) from the Chief Executive Officer, Toronto Atmospheric Fund, so that it reads as follows: "9 POLICY REVIEW AND REVISIONS 9.1 TAF Board shall review this Policy at least every two (2) years to ensure that it remains aligned with all requirements and best practices and is meeting business needs and goals. 9.2 Dollar values for procurement methods and approval thresholds included in this Policy may be adjusted annually for inflation using the Bank of Canada's Consumer Price Index (CPI) Inflation Calculator, as approved by the CEO." 3. Approved the Procurement Policy, as amended in Parts 1 and 2 above, as presented in Attachment 1 to the report (January 29, 2024) from the Chief Executive Officer, Toronto Atmospheric Fund, which repeals and replaces the former Purchasing Policy, approved February 9, 2018 and amended April 30, 2019.
Staff recommendation as filed
The Chief Executive Officer, Toronto Atmospheric Fund recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund approve the Procurement Policy as presented in Attachment 1, which repeals and replaces the former Purchasing Policy, approved February 9, 2018 and amended April 30, 2019.
TA5.5adopted
Pembina Institute Presentation: Creating a Medium- and Heavy-Duty Vehicle Electrification Strategy
Colleagues from Pembina Institute, led by Jennifer Meneses, Associate Director, Strategic Partnerships, will provide an update on their Toronto Atmospheric Fund-funded work to develop a national zero emissions medium, and heavy-duty vehicle strategy.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the presentation for information.
Staff recommendation as filed
The Chief Executive Officer, Toronto Atmospheric Fund recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund receive the presentation for information.
TA5.6adopted
Unaudited Financial Reports for Fourth Quarter 2023
The unaudited financial results for twelve months, ended December 31, 2023 (fourth quarter), are presented for information.
The Board of Directors of the Toronto Atmospheric Fund: 1. Received the report (January 29, 2024) from the Director of Finance, Toronto Atmospheric Fund for information.
Staff recommendation as filed
The Director of Finance, Toronto Atmospheric Fund recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund receive the report for information.
TA5.7received
Minutes of the Audit Committee Meeting Held January 29, 2024
Minutes of the Audit Committee meeting held on January 29, 2024
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA5.8received
Draft Minutes of the Direct Investment Committee Meeting Held December 12, 2023
Draft Minutes of the Direct Investment Committee meeting held on December 12, 2023.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA5.9received
Draft Minutes of the Investment Committee Meeting Held December 4, 2023
Draft Minutes of the Investment Committee meeting held on December 4, 2023.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA5.10received
Draft Minutes of the Investment Committee Special Meeting Held January 11, 2024
Draft Minutes of the Investment Committee special meeting held on January 11, 2024.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA5.11adopted
Following a search, the Investment Committee recommends hiring two additional fixed income investment management firms. This rebalancing will diversify the fixed income asset class and aims to generate greater mandate-related impact and performance.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved $10 million into each of two Fixed Income Funds, as detailed in Confidential Attachment 1 to the report (January 29, 2024) from the Vice President, Impact Investing, Toronto Atmospheric Fund. 2. Directed staff to implement the investment transactions subject to the satisfaction of the Toronto Atmospheric Fund's Solicitor and execution by the City's Chief Financial Officer. 3. Authorized the public release of the names of the Fixed Income Investment Management Firms following the close of each proposed investment transaction and directed that the balance of the confidential information contained in Confidential Attachment 1 to the report (January 29, 2024) 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, Toronto Atmospheric Fund recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve $10 million into each of two Fixed Income Funds, as detailed in Confidential Attachment 1. 2. Direct staff to implement the investment transactions subject to the satisfaction of the Toronto Atmospheric Fund's Solicitor and execution by the City's Chief Financial Officer. 3. Authorize the public release of the names of the Fixed Income Investment Management Firms following the close of each proposed investment transaction and direct that the balance of 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 prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
TA5.12received
Minutes of the Grants and Programs Committee Meeting Held January 24, 2024
Minutes of the Grants and Programs Committee meeting held on January 24, 2024.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA5.13adopted
Grants and Program Allocation Recommendations
This report recommends the Toronto Atmospheric Fund's internal program allocation request of $946,000 and grant budget allocation request of $100,000 for Board approval.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the allocation of $946,000 to support Toronto Atmospheric Fund programs in 2024 as outlined below, to be funded from the Canada, Ontario, and Toronto endowments except where otherwise indicated: a. Accelerate deployment of electric vehicles (EV) and charging: $14,000 to expand EV charging for multi-family building residents and vehicle for hire drivers; b. Decarbonizing Ontario's electricity system: $94,000 support the region's transition to a net-zero grid; c. Retrofit Accelerator: $265,000 to build the market for deep retrofits by collaborating with leading building operators and industry solutions providers to deliver deeper retrofits faster and more cost-effectively; d. Impact Investing: $100,000 to support investments in impact-first projects/companies, maintain management and compliance of the Toronto Atmospheric Fund's investment portfolio, and enable prudent investment of at least $5 million; e. Climate Policy: $50,000 (from Canada and Toronto endowments only) to be an effective and influential advocate for urban climate policy with all three levels of government; f. Research and Innovation: $95,000 to deliver critical internal and community capacity needed to support effective design and delivery of Toronto Atmospheric Fund-funded initiatives; g. Communications and Campaigns: $36,000 to increase Toronto Atmospheric Funds's overall audience reach while maintaining our high engagement levels towards all focus area priorities; h. Grants: $52,600 to build the internal and community capacity needed to support effective design and delivery of Toronto Atmospheric Fund-funded initiatives; i. Program Development: $25,000 to support new program and partnership development; j. Program Support: $144,800 to ensure resources for efficient and effective program implementation; and k. Emerging priorities: $69,600 to support emerging opportunities in 2024. 2. Approved an allocation of $100,000 from Toronto Atmospheric Fund's 2024 grants budget to support potential co-granting opportunities with other Low Carbon Cities Canada centers during the year, with any unspent balance available for the Toronto Atmospheric Fund grants.
Staff recommendation as filed
The Senior Grants Manager, Toronto Atmospheric Fund recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve the allocation of $946,000 to support Toronto Atmospheric Fund programs in 2024 as outlined below, to be funded from the Canada, Ontario, and Toronto endowments except where otherwise indicated: a. Accelerate deployment of electric vehicles (EV) and charging: $14,000 to expand EV charging for multi-family building residents and vehicle for hire drivers; b. Decarbonizing Ontario's electricity system: $94,000 support the region's transition to a net-zero grid; c. Retrofit Accelerator: $265,000 to build the market for deep retrofits by collaborating with leading building operators and industry solutions providers to deliver deeper retrofits faster and more cost-effectively; d. Impact Investing: $100,000 to support investments in impact-first projects/companies, maintain management and compliance of the Toronto Atmospheric Fund's investment portfolio, and enable prudent investment of at least $5 million; e. Climate Policy: $50,000 (from Canada and Toronto endowments only) to be an effective and influential advocate for urban climate policy with all three levels of government; f. Research and Innovation: $95,000 to deliver critical internal and community capacity needed to support effective design and delivery of Toronto Atmospheric Fund-funded initiatives; g. Communications and Campaigns: $36,000 to increase Toronto Atmospheric Funds's overall audience reach while maintaining our high engagement levels towards all focus area priorities; h. Grants: $52,600 to build the internal and community capacity needed to support effective design and delivery of Toronto Atmospheric Fund-funded initiatives; i. Program Development: $25,000 to support new program and partnership development; j. Program Support: $144,800 to ensure resources for efficient and effective program implementation; and k. Emerging priorities: $69,600 to support emerging opportunities in 2024. 2. Approve an allocation of $100,000 from Toronto Atmospheric Fund's 2024 grants budget to support potential co-granting opportunities with other Low Carbon Cities Canada centers during the year, with any unspent balance available for the Toronto Atmospheric Fund grants.
TA5.14adopted
Amendments to Toronto Atmospheric Fund’s Executive Compensation Policy
This report recommends updates to Toronto Atmospheric Fund's Executive Compensation Policy, responding to City Council's 2023 direction to City Agencies and Corporations to amend their organization's compensation policy to align with the updated Guiding Principles for the Development of Senior Executive Policies at City Agencies and Corporations.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the updated Executive Compensation Policy in Attachment 1 to the report (January 29, 2024) from the Chief Executive Officer, Toronto Atmospheric Fund.
Staff recommendation as filed
The Chief Executive Officer, Toronto Atmospheric Fund recommends that: 1. The Board of Directors of the Toronto Atmospheric Fund approve the updated Executive Compensation Policy in Attachment 1.