Members(as of Sept 5, 2013)
End of Term
|Mr. Stuart (Kip) Cobbett, Chair, Board of Governors, ex officio|
|Prof. Suzanne Fortier, Principal and Vice-Chancellor, ex officio|
|Mr. Joel Raby, Chair||[12/31/2015]|
|Mr. Sam Altman||[12/31/2017]|
|Ms. Kathy Fazel||[12/31/2015]|
|Mr. Mark Hantho||[12/31/2014]|
|Dr. Robert Rabinovitch||[12/31/2016]|
|Mr. Danny Ritter||[12/31/2016]|
|Mr. Gerald Sheff||[12/31/2016]|
|Mr. Arnold Steinberg||[12/31/2015]|
Mr. Michael Di Grappa, Vice-Principal (Administration and Finance)
Mr. Marc Weinstein, Vice-Principal (University Advancement)
Terms of Reference of Investment Committee
The Investment Committee ("Committee") is established under the authority of and is accountable to the Board of Governors (the "Board") of McGill University (the "University"), and shall function as stipulated in these terms of reference and in the Regulations of the Committees of the Board of Governors of McGill University (the "Regulations"). In accordance with the Regulations, meetings of Board Committees shall be held in closed session unless the Committee resolves to carry out a meeting or part of a meeting in open session.
a. Appointments to the Committee are approved by the Board, normally on the recommendation of the Nominating, Governance and Ethics Committee.
i. The Committee shall consist of three to eight members, exclusive of ex officio members, selected from among the following:
- Members of the general public;
- At-Large members of the Board;
- Alumni Association members of the Board;
- Governors Emeriti.
ii. The Committee members are appointed on the basis of their expertise and interest in investment, business and economics.
iii. A majority of members of the Committee must have a significant degree of investment expertise.
c. The Chair of the Board and the Principal shall serve as ex officio members of the Committee.
d. The Chair of the Committee shall be appointed by the Board, normally on the recommendation of the Nominating, Governance and Ethics Committee.
e. The Vice-Principal (Administration and Finance) shall serve as the Senior Steward to the Committee.
f. The Vice-Principal (Development and Alumni Relations) shall serve as special advisor to the Committee.
g. The Secretary-General or her/his delegate shall serve as Secretary and governance advisor to the Committee.
h. Where necessary or appropriate to facilitate and support the business of the Committee, the Senior Steward may invite University staff to serve as resource persons for particular items of business before the Committee at a meeting.
2. Mandate of the Committee
The Committee, subject to the Regulations Relating to the Approval of Contracts and Signing Authority assists the Board in fulfilling its governance responsibilities with respect to the University’s investments.
Investments include all funds (whether endowed or non-endowed, externally or internally restricted) invested in accordance with University policy or as may be designated for Investment Committee oversight from time to time, exclusive of University pension plan funds.
Endowed funds are primarily invested through the McGill Investment Pool ("MIP") and are composed of: (i) bequests and donations received by the University, for the most part externally restricted, and generally to be held in perpetuity (ii) those assets of entities affiliated to McGill which have been invested in the MIP as an investment vehicle (iii) such other assets as may be designated by the Board to be endowed.
The Committee may consider other matters delegated to it by the Board, the Principal or the Vice-Principal (Administration and Finance).
Without limiting the generality of the foregoing, the Committee shall:
2.1 Functions delegated by the Board of Governors
a. approve the appointment and termination of investment managers and advisors;
b. review and approve investment manager mandates;
c. approve the appointment and termination of the University's investment custodians and other providers of investment related services, or delegate such approval as appropriate;
d. review, on a quarterly basis, all matters related to the investment of the MIP and other investments;
e. approve the Statement of Investment Beliefs and any modifications thereto, and review it at least annually.
f. review, at least annually, the Statement of Investment Policy, and monitor compliance with this policy;
g. review, at least annually, the performance of each fund manager and providers of investment-related services;
h. monitor, as required, staff's compliance with guidelines and processes for the selection of investment managers, including compliance with the University’s conflict of interest policies;
i. approve the management fee on the MIP and any modifications thereto;
2.2 Functions subject to the authority of the Board of Governors
a. recommend to the Board the approval of all investment policies, including the Statement of Investment Policy, and any modifications thereto;
b. recommend the approval of the annual distribution rate for the income from the University’s endowment;
c. recommend to the Board the establishment of additional policies related to investments and modifications thereto;
3. General provisions
a. The Committee shall meet at least four times during the year. The Committee shall have a calendar of business, maintained by the Secretary-General or her/his delegate, for the purpose of ensuring that each meeting agenda addresses responsibilities as outlined in these terms of reference.
b. The Committee shall report to the Board on a regular basis, and within a reasonable time following each Committee meeting.
c. The Committee shall review its terms of reference at least once every three years and recommend any changes to the Board’s Nominating, Governance and Ethics Committee.
Executive Committee: November 27, 2012
Executive Committee: September 24, 2007
Executive Committee: January 25, 2010
Board of Governors: September 27, 2012