Report: Executive Committee - June 24, 2021

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Via Virtual Room

REPORT NUMBER 524 OF

THE EXECUTIVE COMMITTEE

Thursday, June 24, 2021

To the Governing Council,
University of Toronto.

Your Committee reports that it held a virtual meeting on Thursday, June 24, 2021 at 3:30 p.m. with the following members present:

Present: Claire M.C. Kennedy (Chair), Brian Lawson (Vice-Chair), Meric S. Gertler (President), Olivia Batt P.C. Choo, Janet Ecker, Sandra Hanington, Joan Johnston, Ernest W.N. Lam, Mark Lautens, Jiazhen (Diana) Li, Joanne McNamara, Salvatore Spadafora, Bruce Winter

Regrets: none

Non-Voting Member:
Sheree Drummond, Secretary of the Governing Council

Secretariat:
Anwar Kazimi and Kristi Gourlay

In Attendance:
Cheryl Regehr, Vice-President and Provost and Member of the Governing Council
Anna Kennedy, Chair, Business Board and Member of the Governing Council
Paul Kingston, Chair, UTSC Campus Council and Member of the Governing Council
Andrew Szende, Chair, University Affairs Board and Member of the Governing Council
Nicholas Terpstra, Chair, Academic Board and Member of the Governing Council
Nadina Jamison, Assistant Vice-President, Strategic Initiatives, Office of the President
Bryn MacPherson, Assistant Vice-President, Office of the President and Chief of Protocol
Shelia Brown, Chief Financial Officer (Items 2 a and b)

Pursuant to section 28 (e) and 38 of By-Law Number 2, consideration of
items 8 (a)– (c) and 9 took place in camera.


The meeting was held in closed Session.

  1. Chair’s Remarks

    The Chair welcomed attendees to the meeting.
  2. Items for Endorsement and Forwarding to the Governing Council
    1. Audited Financial Statements for the Fiscal Year ended April 30, 2021

      Ms Anna Kennedy, Chair of the Business Board, reported that Ms. Shelia Brown, Chief Financial Officer (CFO), had provided an overview and presentation of the highlights of the year’s financial results at the Board’s meeting. She noted that Ms Janet Ecker, Chair of the Audit Committee, had reported that the Committee had been provided with a more detailed version of the CFO’s presentation and that the auditors had performed additional procedures to satisfy themselves of the authenticity of the documentation provided given that this year’s audit was performed remotely. Ms Ecker had also reported that the Audit Committee had been satisfied that the financial statements fairly represented the financial position of the University and its results for 2020-21 and had had no concerns that would call into question the integrity of the financial statements. 

      On motion duly moved, seconded, and carried

      YOUR COMMITTEE RESOLVED

      THAT the following recommendation be endorsed and forwarded to the Governing Council:

      THAT the University of Toronto audited financial statements for the fiscal year ended April 30, 2021, be approved. 
    2. External Auditors: Appointment for 2021-2022

      Ms Kennedy provided an overview of the Business Board’s discussion of the item and noted that the annual review of the performance of Ernst & Young LLP by the Audit Committee and the administration had been very favourable. It had been reported to the Board that the auditors had continued to perform well, had been proactive in bringing issues and new developments forward, and had also met the University’s very tight deadlines and heavy workload requirements for the various audits. Ms Kennedy reported that the Audit Committee and Business Board had supported that Ernst & Young LLP be retained for the upcoming fiscal year (2021-22). 

      On motion duly moved, seconded, and carried

      YOUR COMMITTEE RESOLVED

      THAT the following recommendation be endorsed and forwarded to the Governing Council:

      THAT Ernst & Young LLP be re-appointed as external auditors of the University of Toronto for the fiscal year ending April 30, 2022. 

The Chair offered her commendations to everyone involved with preparing the annual financial statements. She also expressed, on behalf of the Governing Council, her congratulations to Ms Brown who would be retiring at the end of July and her gratitude for Ms Brown’s contributions to University governance and extraordinary service to U of T. The Chair noted that Ms Brown had been CFO since 2005 and that on Ms Brown’s watch, the University had enjoyed consistently strong assessments from external credit rating agencies which had expressed their confidence in the financial stability of the University. She also had played a leading role in helping to implement the seamless transition to the newly created University Pension Plan.

CONSENT AGENDA

The Chair noted that no requests had been made to remove any items from the Consent Agenda.

On a motion duly moved, seconded, and carried

YOUR COMMITTEE RESOLVED

THAT the consent agenda be adopted and that Item 3 be approved.

  1. Report of the Previous Meeting of the Executive Committee

    Report Number 523 (May 14, 2021)
  2. Business Arising from the Reports of the Previous Meetings
  3. Report for Information

    Report Number 259 of the Business Board (June 17, 2021)
  4. Date of Next Meeting

    The Chair advised members that the next meeting was scheduled for Tuesday, October 19, 2021 from 5:00 to 7:00 p.m.
  5. Other Business

    There was no other business.

The Committee Moved In Camera.

  1. Items for Endorsement and Forwarding to the Governing Council
    1. Appointment: Non-Governing Council Members of the Pension Committee

      On motion duly moved, seconded, and carried

      YOUR COMMITTEE RESOLVED

      THAT the following recommendation be endorsed and forwarded to the Governing Council
      1. THAT the membership of following individuals be renewed, along with the corresponding terms:

        Professor Louis Florence (term from July 1, 2021 to June 30, 2022)
        Professor Cynthia Messenger (term from July 1, 2021 to June 30, 2022)
        Professor Jun Nogami (term from July 1, 2021 to June 30, 2022)
        Professor Maureen Stapleton (term from July 1, 2021 to June 30, 2022)
        Professor Terezia Zoric (term from July 1, 2021 to June 30, 2022)
      2. THAT, pursuant to section 38 of By-Law Number 2, the Governing Council consider this item in camera.
    2. Appointments: Membership of the Committee for Honorary Degrees, 2020-2

      On motion duly moved, seconded, and carried

      YOUR COMMITTEE RESOLVED

      THAT the following recommendation be endorsed and forwarded to the Governing Council
      1. THAT the following proposed membership of the 2021-2022 Committee for Honorary Degrees be approved:

        Administrative Staff
        Ms Shannon Simpson (Director, Indigenous Initiatives, Office of the Vice-President & Provost)

        Lay Members
        Dr. Wendy Cecil (Former Chair of the Governing Council)*
        Ms N. Jane Pepino (Former Member of the Governing Council)*
        Mr. Gary Goldberg (Former Member of the Governing Council)

        Students
        Mr. Amin Kamaleddin (Institute of Biomedical Engineering)
        Mr. Andi Darell Alhakim (University of Toronto Mississauga)

        Teaching Staff
        Professor Alexie Tcheuyap (Department of French, Faculty of Arts & Science)
        Professor Shana Kelley (Leslie Dan Faculty of Pharmacy)
        Professor Arthur Ripstein (Faculty of Law and Department of Philosophy, Faculty of Arts & Science)*
        Professor Janice Gross Stein (Department of Political Science, Faculty of Arts & Science)*
      2. THAT, pursuant to section 38 of By-Law Number 2, the Governing Council consider this item in camera.

        *member of 2019-2020 Committee.
    3. Senior Appointment: Vice-President, People Strategy, Equity and Culture

      On motion duly moved, seconded, and carried

      YOUR COMMITTEE RESOLVED

      THAT the following recommendations be endorsed and forwarded to the Governing Council for approval:  

      THAT the position of Vice-President, Human Resources and Equity be eliminated, effective June 30, 2021.

      THAT the position of Vice-President, People Strategy, Equity and Culture be created, effective July 1, 2021.

      THAT Professor Kelly Hannah-Moffat be appointed as Vice-President, People Strategy, Equity and Culture, for a five-year term, effective July 1, 2021 to December 31, 2026 [five-year term over five and a half years to include a six-month administrative leave].

      THAT, pursuant to section 38 of By-Law Number 2, the Governing Council consider the proposed appointment in camera.
  2. Item for Approval by the Executive Committee
    1. External Appointments: Members and Directors, University of Toronto Asset Management Corporation (UTAM)

      On motion duly moved, seconded, and carried

      IT WAS RESOLVED
      1. THAT the following individuals be approved and nominated as members and directors of the University of Toronto Asset Management Corporation for one-year terms until the 2022 annual meeting of the Corporation or until their successors are appointed;

        Ms Sheila Brown (ex officio)
        Professor Meric Gertler (ex officio)
        Mr. Richard B. Nunn
        Mr. Daren Smith (ex officio)
        Mr. Alan White (UTFA)
    2. THAT Mr. Richard B. Nunn be approved and nominated as a member and director of the University of Toronto Asset Management Corporation, and as Chair of its Board, for a one-year term until the 2022 annual meeting of the Corporation or until his successor is appointed.

The Committee returned to closed session

The meeting adjourned at 4:10 p.m.

July 20, 2021