Governance

UTAM, as a corporation, is governed by its Board of Directors, whose members are appointed by the university.

UTAM’s relationship with the university is governed by a delegation of authority, which empowers us to act as the university’s agent on investment matters, and by an investment management agreement specifying the services to be provided by UTAM. Within that framework, we collaborate formally and informally with many areas of the university’s administration, and UTAM’s President and CIO typically meets with U of T’s Chief Financial Officer every two weeks, and with the university’s President quarterly.

In addition to working with our Board and the university’s administration, we work closely with the university’s Investment Committee (IC), a group of investment experts who provide guidance to both UTAM and the administration on investment matters. UTAM also reports regularly to the university’s Business Board and the Pension Committee.

Below we provide additional information on how we interact with the UTAM Board of Directors, the Investment Committee, the Business Board and the Pension Committee.


UTAM Board of Directors

A corporation without share capital, UTAM is governed by a Board of Directors whose members are nominated by the University of Toronto.

The Board approves our annual corporate budget and oversees matters such as regulatory compliance, enterprise risk and executive compensation. While it does not guide investment strategy (that is the mandate of the university’s Investment Committee), the Board is focused on ensuring that UTAM has developed an effective investment management infrastructure and organization in order to fulfill the responsibilities delegated to it by the University of Toronto.

UTAM reports to the Board quarterly. We are fortunate that senior representatives from the university are members of the Board, and we benefit greatly from their guidance and direction. The Chair is typically an independent director who brings a valuable broader perspective to oversight of UTAM.


Investment Committee

In April 2016, the university’s Investment Committee (IC) was created to replace the Investment Advisory Committee (IAC), which was established in 2010. The IC currently consists of five members with significant investment experience, each appointed by the President of the university. The mandate of the IC is substantially different from that of the IAC and is designed to foster much greater direct interaction and collaboration with UTAM. The IC and UTAM hold formal meetings every other month and engage in regular dialogue between meetings. The university and UTAM are extremely fortunate to have such a high-quality group of volunteers actively engaged in the oversight of the investment management of the Pension and Endowment assets. UTAM benefits greatly from the insights and experience of the IC.

The IC reports to the President of the university and provides expert advice to U of T’s administration, collaborating extensively with the administration and with UTAM management staff on investment objectives and investment activities.

The IC is responsible for interacting with the UTAM Board and, as required, with the management staff of UTAM to convey the President’s views and instructions, and to act on the President’s behalf regarding relevant investment-related activities that are within the authority of the President. It is constituted so as to have significant expertise, and the President and the UTAM Board have agreed that it can provide direct input to UTAM staff as they carry out their duties.

Among other activities, the IC is responsible for the following:

  • Recommending investment risk and return objectives to the university’s administration
  • Recommending investment strategy to the university’s administration
  • Approving various elements of strategy execution proposed by UTAM management
  • Providing ongoing oversight of strategy execution by UTAM management
  • Monitoring investment performance
  • Providing input into the hiring, compensation and performance assessment of UTAM’s senior management team

Investment Committee Members

David Denison
Co-Chair

A corporate director with extensive experience in the financial services industry, Mr. Denison served as President and CEO of the Canada Pension Plan Investment Board from 2005 to 2012. He was previously President of Fidelity Investments Canada. He also sits on the boards of Royal Bank of Canada and BCE and is Chair of the Board of Element Fleet Management Corporation.

Geoff Matus
Co-Chair

A co-founder (in 1988) of Tricon Capital Group, Mr. Matus remains on the company’s board, serving as Chair of the Executive Committee and as a member of the Investment Committee. He is also Chair and co-founder (in 1998) of Cidel, a global financial services group, and Chair of The TEAM Companies, an international payroll provider serving the entertainment industry. In addition, he is on the board of the MaRS Discovery District, chairing the Real Estate Committee.

Brent Belzberg

Mr. Belzberg is the founder and Senior Managing Partner of TorQuest, a private equity firm based in Toronto. He also sits on the Board of CIBC and is Chair of the Board of the Sinai Health System.

Heather A. T. Hunter

Retired after nearly 40 years in the investment industry, Ms. Hunter most recently served as VP and Head of Canadian Equities at Invesco, a global investment manager.

Craig Rimer

The Chief Executive Officer of Cidel Bank Canada, Mr. Rimer is also Chairman of Cidel Asset Management.

The University of Toronto’s President and its Chief Financial Officer, as well as the Chair of UTAM’s Board of Directors, are ex officio observers of the IC.


Business Board

UTAM reports to the university’s Business Board regarding the investment management and performance of all portfolios managed by UTAM: Pension, Endowment and the short-term working capital fund (EFIP). Under its terms of reference, the Business Board approves investment risk tolerance and return targets for the university’s funds (Endowment and EFIP) and delegates approval of investment strategy and execution to the President of the university, who relies on the advice of the Investment Committee.

The Business Board is one of the three Boards of the Governing Council. Its responsibilities include: ensuring that resource allocations are responsible and cost-effective, and approving policy and major transactions in the business management of the university. It is also responsible for the areas of advancement, public and community relations, and alumni affairs. The Business Board has one standing committee, the Audit Committee.

Learn more about the Business Board on the University of Toronto’s website.


Pension Committee

UTAM regularly reports to the university’s Pension Committee regarding the investment management and performance of the University of Toronto Pension Plan. The Pension Committee is responsible for consideration of policy and for monitoring matters affecting the administration of the Pension Plan. Under its terms of reference, the Pension Committee’s responsibilities include approval of the Statement of Investment Policies and Procedures, which includes without limitation: return objectives, normal risk tolerance, asset allocation, and benchmarks for the evaluation of performance and review of reports on investment performance and risks being incurred.

Learn more about the Pension Committee on the University of Toronto’s website.