Minutes Confirmed on December 19, 2017
Board of Directors of the Toronto Atmospheric Fund
- Meeting No.:
- 17
- Contact:
- Jennifer Lin, Committee Secretary
- Meeting Date:
- Wednesday, September 27, 2017
- Phone:
- 416-392-4666
- Start Time:
- 9:30 AM
- E-mail:
- jennifer.lin@toronto.ca
- Location:
- Committee Room 3, City Hall
- Chair:
- Sandra Odendahl
TA17.1 - Welcome and Introductions
- Decision Type:
- Information
- Status:
- Received
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Received the item for information.
Summary
Welcome and Introductions by the Chair of the Board of Directors of the Toronto Atmospheric Fund.
Motions
That the item be received for information.
TA17.2 - Chief Executive Officer's Report
- Decision Type:
- Information
- Status:
- Received
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Received the item for information.
Decision Advice and Other Information
The Chief Executive Officer gave an overview of the report (September 13, 2017) from the Chief Executive Officer, Toronto Atmospheric Fund.
Origin
Summary
This report provides an update on Toronto Atmospheric Fund initiatives with regard to Governance and Organizational Matters, Strategic Programs, and Operations.
Background Information
https://www.toronto.ca/legdocs/mmis/2017/ta/bgrd/backgroundfile-106894.pdf
Communications
Motions
That the item be received for information.
TA17.3 - Roles of the Integrity Commissioner and Public Office Holders
- Decision Type:
- Presentation
- Status:
- Received
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Received the item for information.
Decision Advice and Other Information
The Integrity Commissioner gave a presentation on Roles of the Integrity Commissioner and Public Office Holders.
Origin
Summary
Valerie Jepson, the Integrity Commissioner will give a presentation outlining the roles of the Integrity Commissioner and public office holders.
Background Information
https://www.toronto.ca/legdocs/mmis/2017/ta/bgrd/backgroundfile-106895.pdf
Motions
That the item be received for information.
TA17.4 - Draft Financial Results for the Second Quarter Ended June 30, 2017
- Decision Type:
- Information
- Status:
- Received
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Received the item for information.
Origin
Summary
The unaudited financial results for year-to-date operations to the end of the second quarter are compared to the approved 2017 budget pro-rated for 6 months. Overall, Toronto Atmospheric Fund's first six months are very favourable driven by strong "paper gains" in its publicly-traded securities portfolio while the operating expenses were tracking the operating budget.
Background Information
https://www.toronto.ca/legdocs/mmis/2017/ta/bgrd/backgroundfile-106896.pdf
Attachment 1 - Consolidated Unaudited Summary of Revenues and Expenditures for 6 months ending June 30, 2017
https://www.toronto.ca/legdocs/mmis/2017/ta/bgrd/backgroundfile-106897.pdf
Motions
That the item be received for information.
TA17.5 - Appointment to Toronto Atmospheric Fund's Investment Committee
- Decision Type:
- ACTION
- Status:
- Adopted
Confidential Attachment - Personal matters about an identifiable individual, including municipal or local board employees
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Appointed the following to the Investment Committee:
- Bill Crossland
- Robert Eberschlag
- Graham McBride
2. Directed that the balance of Confidential Attachment 1 to the report (September 13, 2017) from the Chief Executive Officer be kept confidential at it deals with personal matters about an identifiable person.
Origin
Summary
The appointment of one new member and re-appointment of two current members to Toronto Atmospheric Fund's Investment Committee is recommended.
Background Information
https://www.toronto.ca/legdocs/mmis/2017/ta/bgrd/backgroundfile-106898.pdf
Confidential Attachment 1 - Prospective Appointees
Motions
TA17.6 - Transferring Two Energy Savings Performance Agreement (ESPA) Transactions to the Warehouse Facility (Grandravine and Marine Heights)
- Decision Type:
- ACTION
- Status:
- Adopted
Confidential Attachment - The security of the property of the municipality or local board
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Adopted the confidential instructions to staff in Confidential Attachment 1 to the report (September 14, 2017) from the Vice President, Impact Investing.
2. Directed that the confidential information contained in Confidential Attachment 1 to the report (September 14, 2017) from the Vice President, Impact Investing remain confidential in its entirety, as it involves the security of property belonging to the City or one of its agencies or corporations.
Decision Advice and Other Information
The Board of Directors of the Toronto Atmospheric Fund recessed its public meeting to meet in closed session to consider the item as it pertains to the security of the property of the municipality or local board.
Origin
Summary
On May 25, 2017, Toronto Atmospheric Fund advanced the first installment of a Subordinated Debt loan to Efficiency Capital Corp (ECC) to implement Energy Savings Performance Agreement (ESPA)-financed retrofits for two projects. To reflect forthcoming administrative changes between Toronto Atmospheric Fund and Efficiency Capital Corp, both are to be transferred to Toronto Atmospheric Fund. Both transactions were vetted by the Investment Committee and full details are provided in the Confidential Attachment 1.
Background Information
https://www.toronto.ca/legdocs/mmis/2017/ta/bgrd/backgroundfile-106917.pdf
Confidential Attachment 1 - Energy Savings Performance Agreement (ESPA) Transactions
Motions
11:12 a.m. - That the Board of Directors of the Toronto Atmospheric Fund recess its public meeting to meet in closed session to consider:
Item TA17.6 - Transferring Two Energy Savings Performance Agreement (ESPA) Transactions to the Warehouse Facility (Grandravine and Marine Heights)
as it pertains to the security of the property of the municipality or local board.
TA17.7 - Internal Allocation Request - TransformTO 2.0
- Decision Type:
- ACTION
- Status:
- Adopted
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Approved an internal project allocation of $27,000 over nine months to add capacity within Toronto Atmospheric Fund to attract external funding for TransformTO.
Origin
Summary
Approval of an internal project allocation totalling $27,000 is requested.
Background Information
https://www.toronto.ca/legdocs/mmis/2017/ta/bgrd/backgroundfile-106919.pdf
Motions
TA17.8 - Executive Compensation Policy
- Decision Type:
- ACTION
- Status:
- Amended
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Amended the Executive Compensation Policy in Attachment 1 to the report (September 13, 2017) from the Chair, Board of Directors of the Toronto Atmospheric Fund and the Executive Compensation Policy and Performance Review Committee by replacing "bonus" with "merit pay" under Subsection headed: "Merit Pay", and adopted the Executive Compensation Policy, as amended.
Origin
Summary
An Executive Compensation Policy is required by all Agencies for compliance with City Council directives. A draft policy has been developed by the Executive Compensation Policy and Performance Review Committee, modelled on the City of Toronto policy, and is recommended for Board approval.
Background Information
https://www.toronto.ca/legdocs/mmis/2017/ta/bgrd/backgroundfile-106923.pdf
(September 13, 2017) Attachment 1 - Toronto Atmospheric Fund Executive Compensation Policy - draft for Board consideration
https://www.toronto.ca/legdocs/mmis/2017/ta/bgrd/backgroundfile-106924.pdf
Motions
That Attachment 1 - Executive Compensation Policy be amended by replacing "bonus" with "merit pay" under Subsection headed: "Merit Pay".
Procedural Motions
10:55 a.m. - That the Board recess till 11:00 a.m.
That the minutes of the Board of Directors of the Toronto Atmospheric Fund meeting held on June 29, 2017 be confirmed.
Also Present - Non-Members:
Julia Langer, Chief Executive Officer, Toronto Atmospheric Fund
Ian Klesmer, Grants Program Manager
Tim Ehlich, Communications Manager, Toronto Atmospheric Fund
Mary Pickering, Vice President, Programs and Partnerships, Toronto Atmospheric Fund
Richard Rysak, Director, Finance, Toronto Atmospheric Fund
Tim Stoate, VP, Impact Investing
Cliff Goldfarb, Solicitor, Gardiner Roberts LLP
Jaime Klein, Executive Coordinator, Toronto Atmospheric Fund
Rich Whate, Corporate Management Policy Consultant, City Manager's Office
Meeting Sessions
Session Date | Session Type | Start Time | End Time | Public or Closed Session |
---|---|---|---|---|
2017-09-27 | Morning | 9:38 AM | 10:55 AM | Public |
2017-09-27 | Morning | 11:00 AM | 11:12 AM | Public |
2017-09-27 | Morning | 11:13 AM | 11:35 AM | Closed |
2017-09-27 | Morning | 11:36 AM | 11:37 AM | Public |
Attendance
Date and Time | Quorum | Members |
---|---|---|
2017-09-27 9:38 AM - 10:55 AM (Public Session) |
Present |
Present: John Campbell, Christin Carmichael Greb, Corey Diamond, Stephen Holyday, Jason Kotler, Mike Layton, Jacoline Loewen, Kimberly Marshall, Susan McLean, Sandra Odendahl (Chair), Gord Perks Not Present: Rob Roberti |
2017-09-27 11:00 AM - 11:12 AM (Public Session) |
Present |
Present: John Campbell, Christin Carmichael Greb, Corey Diamond, Stephen Holyday, Jason Kotler, Mike Layton, Jacoline Loewen, Kimberly Marshall, Susan McLean, Sandra Odendahl (Chair), Gord Perks Not Present: Rob Roberti |
2017-09-27 11:13 AM - 11:35 AM (Closed Session) |
Present |
Present: John Campbell, Christin Carmichael Greb, Corey Diamond, Stephen Holyday, Jason Kotler, Jacoline Loewen, Kimberly Marshall, Susan McLean, Sandra Odendahl (Chair), Gord Perks Not Present: Mike Layton, Rob Roberti |
2017-09-27 11:36 AM - 11:37 AM (Public Session) |
Present |
Present: John Campbell, Christin Carmichael Greb, Corey Diamond, Stephen Holyday, Jason Kotler, Jacoline Loewen, Kimberly Marshall, Susan McLean, Sandra Odendahl (Chair), Gord Perks Not Present: Mike Layton, Rob Roberti |