ONE JIB

Regular Board Meeting

Minutes

Meeting #:	2021-06
Date:	Wednesday, November 17, 2021 at 10:00 A.m. - 2:00 P.m.
Location:	Zoom Virtual Meeting

Members Present:

• Board Chair B. Hughes
• Board Vice-Chair G. James
• J. Dowty
• H. Franken
• J. Giles
• M. Melinyshyn
• S. Pountney
• S. Rettie

Others Present:

• J. Dezell, Co-President/Co-CEO, ONE Investment
• D. Herridge, Co-President/Co-CEO, ONE Investment
• H. Douglas, WeirFoulds LLP, Legal Counsel
• E. Foo, Chief Compliance Officer, ONE Investment
• D. Kelly, Board Secretary
• C. Macdonald, Manager of Investments, ONE Investment
• K. Taylor, Chief Investment Officer, ONE Investment

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1.

Chair's Welcome

Board Chair Hughes welcomed all to the November 17, 2021 ONE JIB Meeting.

2.

Acknowledgement

Board Chair Hughes, on behalf of the ONE JIB, indicated that we recognize that our work as ONE JIB and the work of municipalities take place on traditional Indigenous territories across Ontario. We recognize and respect the history, languages and cultures of the First Nations, Metis, Inuit and all Indigenous peoples whose presence continues to enrich our communities. 

3.

Disclosures of Pecuniary Interest

There were no disclosures of pecuniary interest.

4.

Minutes of Previous Meeting

4.a

Approval of Minutes

• Moved by Board Member Pountney

  THAT the minutes of the September 14, 2021 ONE JIB Meeting be approved as circulated.

  Carried

4.b

Business Arising from Minutes

There was no business arising from the minutes.

5.

Communications

5.a

ONE Investment Pooled Funds - Unaudited Interim Financial Statements 2021

(It was noted by Board Member Dowty that Bausch Health Cos. Inc., referred to page 22 as a United States equity, is a Canadian company – Bausch Health, Canada Inc., and that the Canadian Equity Fund is comprised of only Canadian funds.)

• Moved by Board Member Rettie

  THAT the Board receive the ONE Investment Pooled Funds - Unaudited Interim Financial Statements 2021, dated June 30, 2021.

  Carried

6.

Delegations

6.a

Municipality of Neebing

Laura Jones, Deputy Clerk-Treasurer, Municipality of Neebing, made a presentation on the Municipality of Neebing and provided the context for its move to the Prudent Investor regime.

• Moved by Board Member Melinyshyn

  THAT the Board receive the presentation from Laura Jones, Deputy Clerk-Treasurer, Municipality of Neebing.

  Carried

6.b

City of Quinte West

Caleb DenOuden, Director of Finance, City of Quinte West, made a presentation on the City of Quinte West and provided the context for its move to the Prudent Investor regime.

• Moved by Board Member Dowty

  THAT the Board receive the presentation from Caleb DenOuden, Director of Finance, City of Quinte West.

  Carried

7.

Board Committee Reports

7.a

New Products Committee Report No. 2

Vice Chair James introduced New Products Committee Report No.2 (November 3, 2021).

• Moved by Board Member Giles

  THAT the Board receive New Products Committee Report No. 2 (November 3, 2021) for information.

  Carried

8.

Board Governance and Administrative Matters

8.a

Board Skills Matrix Review (036-21)

Judy Dezell, Co-President/Co-CEO, ONE Investment, made a presentation on the Board Skills Matrix Review.

• Moved by Board Member Rettie

  THAT the Board receive the presentation from Judy Dezell, Co-President/Co-CEO, ONE Investment, and adopt the recommendations in the report (November 17, 2021) as follows:

  1. Approve the ONE JIB Skills Matrix attached as Appendix A, and
  2. Direct ONE staff to provide the Board with the next review of the skills matrix in the Fall of 2022.
  Carried

8.b

Board Governance Self-Evaluation (033-21)

Judy Dezell, Co-President/Co-CEO, ONE Investment, made a presentation on the Board Governance Self-Evaluation.

• Moved by Board Member Pountney

  THAT the Board receive the presentation from Judy Dezell, Co-President/Co-CEO, ONE Investment, and adopt the recommendation to receive the Board Governance Self-Evaluation  report (November 17, 2021) for information.

  Carried

8.c

ONE JIB Agreements - City of Quinte West and Municipality of Neebing (042-21)

Colin MacDonald, Manager of Investments, ONE Investment, made a presentation on the ONE JIB Agreements - City of Quinte West and Municipality of Neebing report.

• Moved by Board Member Giles

  THAT the Board receive the presentation from Colin MacDonald, Manager of Investments, ONE Investment, and adopt the recommendations in the ONE JIB Agreements – City of Quinte West and Municipality of Neebing report (November 17, 2021) as follows:

  1. Authorize the Chair and Board Secretary to execute a ONE JIB Agreement on behalf of ONE JIB with the Municipality of Neebing and ONE Investment.
  2. Authorize the Chair and Board Secretary to execute a ONE JIB Agreement on behalf of ONE JIB with the City of Quinte West and ONE Investment.
  Carried

8.d

2022 Futures List (037-21)

Judy Dezell, Co-President/Co-CEO, ONE Investment, made a presentation on the 2022 Futures List.

• Moved by Board Member Franken

  THAT the Board receive the presentation from Judy Dezell, Co-President/Co-CEO, ONE Investment, and adopt the recommendations in the report (November 17, 2021) on the 2022 Futures List, as follows:

  1. Approve the 2022 Futures List, and
  2. Direct ONE Investment staff to use the results of the Board Governance Self-Evaluation Survey to identify additional topics for 2022 meetings and make appropriate revisions to the Futures List.
  Carried

8.e

Meeting Schedule 2022 (035-21)

In considering this matter, the Board had before it a report (November 17, 2021) from Denis Kelly, Board Secretary, recommending approval of the 2022 schedule of meetings.

• Moved by Board Chair Hughes

  THAT the Board adopt the recommendation to approve the schedule of meetings for ONE JIB listed in the 2022 Meeting Schedule report (November 17, 2021) as amended to read:

  1. March 2, 2022
  2. June 1, 2022
  3. September 7, 2022
  4. November 30, 2022
  Carried

9.

Strategy and Policy

9.a

Prudent Investment Funds Compliance Manual (041-21)

Evelyn Foo, Chief Compliance Officer, ONE Investment, made a presentation on the Prudent Investment Funds Compliance Manual.

• Moved by Board Vice-Chair James

  THAT the Board receive the presentation from Evelyn Foo, Chief Compliance Officer, ONE Investment, and adopt the recommendation to receive the report (November 17, 2021) on the Prudent Investment Funds Compliance Manual.

  Carried

9.b

Anti-Money Laundering Regime and Policy (040-21)

Evelyn Foo, Chief Compliance Officer, ONE Investment, made a presentation on the Anti-Money Laundering Regime and Policy.

(Board Chair Hughes requested that staff follow up on whether there needs to be an Anti-Money Laundering training for the Board.)

• Moved by Board Member Rettie

  THAT the Board receive the presentation from Evelyn Foo, Chief Compliance Officer, ONE Investment, and adopt the recommendation to receive the report (November 17, 2021) on the Anti-Money Laundering Regime and Policy.

  Carried

10.

Investment Oversight

10.a

Canadian Equity Fund Manager - Presentation Guardian Capital (030-21)

Keith Taylor, Chief Investment Officer, ONE Investment, made a presentation on the Canadian Equity Fund Manager - Presentation Guardian Capital report.

Ted Macklin, Managing Director, Sam Baldwin, Senior Portfolio Manager, Joel Hurren, Associate Portfolio Manager, and Brian Holland, Senior Vice-President, Guardian Capital LP, made a presentation on Guardian Capital’s Canadian Equity strategy.

• Moved by Board Member Dowty

  THAT the Board receive the presentation from Keith Taylor, Chief Investment Officer, ONE Investment, and adopt the recommendation to receive the report (November 17, 2021) on the Canadian Equity Fund Manager - Presentation Guardian Capital.

  Carried
• Moved by Board Member Giles

  THAT the Board Receive the presentation from Ted Macklin, Managing Director, Sam Baldwin, Senior Portfolio Manager, Joel Hurren, Associate Portfolio Manager, and Brian Holland, Senior Vice-President, Guardian Capital.

  Carried
• Moved by Board Member Dowty

  THAT the Board recess, and reconvene at 1:00 p.m.

  Carried

  The Board recessed at 12:27 p.m. and reconvened at 1:02 p.m.

  
  

10.b

Implementation of Kenora's Revised Investment Plan (027-21)

Keith Taylor, Chief Investment Officer, ONE Investment, made a presentation on the implementation of  Kenora’s revised Investment Plan.

• Moved by Board Member Pountney

  THAT the Board receive the presentation from Keith Taylor, Chief Investment Officer, ONE Investment, and:

  1. adopt the recommendation to receive the report (November 17, 2021) on Kenora’s revised Investment Plan, and
  2.  approve Kenora’s revised Investment Plan.
  Carried

10.c

Investment Policy Statements – Municipality of Neebing and City of Quinte West (044-21)

Keith Taylor, Chief Investment Officer, ONE Investment, made a presentation on the Investment Policy Statements - Municipality of Neebing and City of Quinte West.

• Moved by Board Member Melinyshyn

  THAT the Board receive the presentation from Keith Taylor, Chief Investment Officer, ONE Investment, and adopt the recommendation to receive the report (November 17, 2021) on Investment Policy Statements - Municipality of Neebing and City of Quinte West.

  Carried

10.d

Municipality of Neebing's Investment Plan (046-21)

Keith Taylor, Chief Investment Officer, ONE Investment, made a presentation on the Municipality of Neebing’s Investment Plan.

• Moved by Board Member Franken

  THAT the Board receive the presentation from Keith Taylor, Chief Investment Officer, ONE Investment, and adopt the recommendations in the report (November 17, 2021), as follows:

  1. Approve the Municipality of Neebing’s proposed Investment Plan (Attachment 1) and
  2. Receive the Municipality of Neebing’s Municipal Client Questionnaire (Attachment 2).
  Carried

10.e

City of Quinte West's Investment Plan (038-21)

Keith Taylor, Chief Investment Officer, ONE Investment, made a presentation on the City of Quinte West's Investment Plan.

• Moved by Board Member Giles

  THAT the Board receive the presentation from Keith Taylor, Chief Investment Officer, ONE Investment, and adopt the recommendations in the report (November 17, 2021), as follows:

  1. Approve Quinte West’s proposed Investment Plan (Attachment 1) and
  2. Receive Quinte West’s Municipal Client Questionnaire (Attachment 2).
  Carried

10.f

Compliance Reports - Asset Class and Target Weight Allocations - Q3 2021 (031-21)

Keith Taylor, Chief Investment Officer, ONE Investment, made a presentation on the Compliance Reports - Asset Class and Target Weight Allocations - Q3 2021.

• Moved by Board Member Pountney

  THAT the Board receive the presentation from Keith Taylor, Chief Investment Officer, ONE Investment, and adopt the recommendation to receive the report (November 17, 2021) on Compliance Reports: Asset Class and Target Weight Allocations – Q3 2021.

  Carried

10.g

Municipal Performance Reports – Q3 2021 (028-21)

Keith Taylor, Chief Investment Officer, ONE Investment, made a presentation on the Municipal Performance Reports - Q3 2021.

• Moved by Board Member Melinyshyn

  THAT the Board receive the presentation from Keith Taylor, Chief Investment Officer, ONE Investment, and adopt the recommendation to receive the report (November 17, 2021) on Municipal Performance Reports - Q3 2021.

  Carried

10.h

Fund Manager Performance Review – Q3 2021 (047-21)

Keith Taylor, Chief Investment Officer, ONE Investment, made a presentation on the Fund Manager Performance Review - Q3 2021.

• Moved by Board Vice-Chair James

  THAT the Board receive the presentation from Keith Taylor, Chief Investment Officer, ONE Investment, and adopt the recommendation to receive the report (November 17, 2021) on Fund Manager Performance Review – Q3 2021.

  Carried

11.

Closed Session

• Moved by Board Member Dowty

  THAT the Board move into closed session for the purposes of considering the Nominating Committee item and the confidential communication dated November 12, 2021, under the headings of personal matters about an identifiable individual or individuals and solicitor-client

  Carried

  The Board convened in closed session at 2:05 p.m.

  
  

11.a

Nominating Committee

12.

Reconvene in Open Session

• Moved by Board Member Dowty

  THAT the Board reconvene in public session.

  Carried

  The Board reconvened in public session at 2:17 p.m.

  
  
• Moved by Board Vice-Chair James

  THAT the Board receive the confidential communication dated November 12, 2021 and refer the item back to the Nominating Committee.

  Carried

13.

Other Business

There was no other business.

14.

Meeting Outcomes

Board Chair Hughes outlined the meeting outcomes from today's meeting:

1. Received presentations from representatives from the Municipality of Neebing and the City of Quinte West.
2. Received an update from the New Products Committee.
3. Approved the ONE JIB Skills Matrix and directed staff to provide the Board with the next review in the Fall of 2022.
4. Received an update on the Board Governance Self-Evaluation Fall 2021 report.
5. Authorized entering into Agreements with the two newest Participating Municipalities – the Municipality of Neebing and the City of Quinte West.
6. Approved the 2022 Futures List and directed staff to use the results of the Board Governance Self-Evaluation Survey to identify additional topics for 2022 meetings.
7. Approved the 2022 Meeting schedule as amended.
8. Received an update on the Prudent Investment Funds Compliance Manual.
9. Received the Anti-Money Laundering Regime and Policy.
10. Received a presentation from Guardian Capital on the Canadian Equity Fund.
11. Received and approved the update on the implementation of the City of Kenora’s revised Investment Plan and approved the City’s revised Investment Plan.
12. Received an update on the Municipality of Neebing’s and City of Quinte West’s Investment Policy Statements, approved their Investment Plans and received their Municipal Client Questionnaires.
13. Received the Q3 Compliance Reports – Asset Class and Target Weight Allocations.
14. Received the Q3 reports for Municipal Performance, and the Fund Manager Performance Review.
15. Referred the Nominating Committee item back to the Committee.

15.

Authorizing Motion

• Moved by Board Member Giles

  THAT the appropriate staff of ONE JIB and ONE Investment be given the authority to do all things necessary, including executing any documents, to give effect to the Board’s decisions today.

  Carried

16.

Adjournment

• Moved by Board Member Rettie

  THAT the Board adjourn its meeting.

  Carried

  The meeting adjourned at 2:20 p.m.

  
  

17.

Next Meeting - March 2, 2022