Report: Executive Committee - June 25, 2020

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Via Virtual Meeting Room

REPORT NUMBER 516 OF

THE EXECUTIVE COMMITTEE

To the Governing Council,

University of Toronto.

Your Committee reports that it held a virtual meeting on Thursday, June 25, 2020 at 3:00 p.m. with the following members present:

Present:
Claire M. C. Kennedy, Chair; Meric S. Gertler, President; Janet Ecker; Avrum I. Gotlieb; Sarosh Jamal; Ernest Lam; Mark Lautens; Mark H. Rowswell; W. Keith Thomas; Laurent-Philippe Veilleux; Bruce Winter

Regrets:
N. Jane Pepino; Apefa Adjivon; Catherine Bragg

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

Secretariat:
Anwar Kazimi, Secretary, Executive Committee

In Attendance:
Preet Banerjee, Chair, UTSC Campus Council and Member of the Governing Council; Brian D. Lawson, Chair, Business Board and Member of the Governing Council; Mohan Matthen, Chair, UTM 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; Cheryl Regehr, Vice-President and Provost and Member of the Governing Council; Scott Mabury, Vice-President, Operations and Real Estate Partnerships; Sheila Brown, Chief Financial Officer (for items 1(a.) and 1(b.)); Nadina Jamison, Chief Strategy Officer, Office of the President; Bryn MacPherson, Assistant Vice-President, Office of the President and Chief of Protocol; Anthony Gray, Director, Strategic Research, Office of the President; Pierre Piché, Controller and Director of Financial Services (for items 1(a.) and 1(b.))


  1. Items for Endorsement and Forwarding to the Governing Council
    1. Audited Financial Statements for the Fiscal Year ended April 30, 2020

      Mr. Lawson noted that the audited financial statements were examined in detail by the Audit Committee and by the Business Board at their recent meetings. He reported that the Audit Committee was provided with a more detailed presentation of the highlights of the year’s financial results and that the auditors performed additional procedures to satisfy themselves of the authenticity of documentation provided since this year’s audit was performed remotely.

      Procedures were also conducted to ensure that the disclosure of the impact of COVID-19 was appropriate.

      Members expressed their appreciation to Ms Sheila Brown and Mr. Pierre Piché.

      On a motion duly moved, seconded and carried,

      YOUR COMMITTEE APPROVED

      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, 2020 be approved.

    2. External Auditors: Appointment for 2020-2021

      The Chair advised members that the Audit Committee and Business Board had supported that Ernst & Young LLP be retained for the fiscal year ending April 30. 2021.

      On a motion duly moved, seconded and carried,

      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, 2021; and

      THAT Ernst & Young LLP be re-appointed as external auditors of the University of Toronto pension plans for the fiscal year ending June 30, 2021.
  2. Report of the Previous Meeting of the Executive Committee – June 16, 2020

    Report number 505, from the meeting of June 16, 2020 was approved.
  1. Business Arising from the Report of the Previous Meeting

    There was no business arising from the previous meeting.
  1. Report for Information

    Members received Report Number 253 of the Business Board (June 18, 2020) for information.
  1. Date of Next Meeting

    The next meeting of the Executive Committee would be on Tuesday, October 20, 2020 from 5:00 to 7:00 p.m.
  2. Other Business

    There was no other business.

    The Committee Moved In Camera.
  3. Item for Endorsement and Forwarding to the Governing Council
    1. Appointments: Non-Governing Council Member of the Pension Committee

      The Executive Committee approved a motion to endorse and forward to the Governing Council the recommendations for the appointment of non-Governing Council members to the Pension Committee for the 2020-2021 governance year.

    2. Senior Appointment

      The Executive Committee approved two motions to endorse and forward to the Governing Council the recommendations of President Meric Gertler for two senior appointments.

The Committee returned to closed session.

​​​​​​​The meeting adjourned at 3:56 p.m.

June 26, 2020