Board of Directors of the Toronto Atmospheric Fund
The full agenda, as filed
All 7 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.
TA8.1received
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.
TA8.2received
Low Carbon Cities Canada (LC3) Network and National Office
Kate Fleming, Program Director, Low Carbon Cities Canada (LC3), and Mary Pickering, Vice President, Strategy and Partnerships, Toronto Atmospheric Fund will jointly provide an overview of the LC3 Network and National Office, detailing purpose, roles and responsibilities, and leveraging opportunities designed to enhance resources and outcomes for Toronto Atmospheric Fund and other LC3 Network members across Canada.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA8.3received
Minutes from the Investment Committee Meeting Held May 25, 2020
Minutes from the Investment Committee meeting held on May 25, 2020.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA8.4received
Minutes from the Investment Committee Meeting Held June 18, 2020
Minutes from the Investment Committee meeting held on June 18, 2020.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA8.5adopted
Direct Investment Request - 2020 - Number 3
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 net $2,500,000 and gross $3,120,000.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved an investment of up to net $2,500,000 and gross $3,120,000 subject to the terms and conditions outlined by the Investment Committee at its meeting of 18 June 2020 and as set out in Confidential Attachment 1 to the report (July 13, 2020) from the Chair, Investment Committee. 2. Approved, based on the final plan and energy savings estimates, the need to re-present the transaction to the Investment Committee / Board for approval prior to final commitment only if the final project returns to TAF fall below the outlined risk spread of 3 percent or the capital cost varies by greater than 5 percent over the net $2,500,000 investment. 3. Directed the Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 4. Directed that the confidential information contained in Confidential Attachment 1 to the report (July 13, 2020) from the Chair, Investment Committee 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 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 an investment of up to net $2,500,000 and gross $3,120,000 subject to the terms and conditions outlined by the Investment Committee at its meeting of 18 June 2020 and as set out in Confidential Attachment 1. 2. Approve, based on the final plan and energy savings estimates, the need to re-present the transaction to the Investment Committee / Board for approval prior to final commitment only if the final project returns to TAF fall below the outlined risk spread of 3 percent or the capital cost varies by greater than 5 percent over the net $2,500,000 investment. 3. Direct 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 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.
TA8.6received
Unaudited Financial Reports for the Second Quarter of 2020
The unaudited financial results for the second quarter of 2020 period are provided in Attachment 1.
The Board of Directors of the Toronto Atmospheric Fund received the item for information.
TA8.7amended
Request for Investment and Hiring of a Second Fixed Income Manager
The Investment Committee is recommending hiring a second Fixed Income manager. The proposed investment is a credit-driven product and will complement the current Fixed Income TD Asset Management mandate and diversify Toronto Atmospheric Fund's Fixed Income portfolio.
The Board of Directors of the Toronto Atmospheric Fund: 1. Approved the investment, as set out in Confidential Attachment 1 to the report (July 15, 2020) from the Chief Executive Officer. 2. Requested that, via the City Manager's Office, the City of Toronto's Chief Financial Officer and Treasurer hire the Fixed Income Manager identified in Confidential Attachment 1 to the report (July 15, 2020) from the Chief Executive Officer on Toronto Atmospheric Fund (TAF)'s behalf, subject to negotiation of the details of the agreements and in coordination with TAF staff and TAF's Investment Advisor, HUB/Proteus Performance Management Inc. 3. Authorized the public release of Confidential Attachment 1 to the report (July 15, 2020) from the Chief Executive Officer following the closing of the transaction.
Staff recommendation as filed
The Chief Executive Officer recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve the investment, as set out in Confidential Attachment 1. 2. Request that the City of Toronto's Chief Financial Officer and Treasurer hire the Fixed Income Manager identified in Confidential Attachment 1 on Toronto Atmospheric Fund (TAF)'s behalf, subject to negotiation of the details of the agreements and in coordination with TAF staff and TAF's Investment Advisor, HUB/Proteus Performance Management Inc. 3. Authorize the public release of Confidential Attachment 1 following the closing of the transaction.