Investment Subcommittee

Senior Steward

Ms. Diana Dutton, Interim Vice-President (Administration and Finance)

Resource Person

Ms. Sophie Leblanc, Chief Investment Officer

Ms. Edyta Rogowska, Secretary-General

TERMS OF REFERENCE

Enacting Provisions
In accordance with section 39 of the Regulations of the Committees of the Board of Governors of McGill University (the “Regulations”), the Investment Committee (“Committee”) may establish a Subcommittee of the Investment Committee (“Subcommittee”).

1. Composition

a. The Subcommittee shall be composed as follows:

• the Chair of the Committee;
• two members of the Committee, selected by the Committee, one of whom shall normally be the Vice-Chair of the Committee.

b. The Subcommittee shall be supported by:

• the Senior Steward of the Committee; and
• the Chief Investment Officer (resource person)
• the Secretary-General or delegate.

2. Mandate of the Committee

The Subcommittee shall operate within the parameters established by the Statement of Investment Policy.

The Subcommittee shall have the authority to act on behalf of the Investment Committee between regular meetings of the Committee.

2.1 Without limiting the generality of the foregoing, the Subcommittee may:

a. meet on the call of the Chair;
b. consider and take action on any matter or Committee decision as authorized by the Committee;
c. initiate, on behalf of the Committee, decisions and/or actions as may, in the opinion of the Subcommittee, be necessary to ensure compliance with the Statement of Investment Policy.
d. initiate, on behalf of the Committee, adjustments to the ongoing management of endowment assets as may, in the opinion of the Subcommittee, be required on an urgent basis to enhance investment performance or to protect the endowment assets, subject to maintaining overall Committee policy direction, and provided that normally such adjustments will not exceed 2% of the value of the MIP assets; such adjustments may include revisions to the mandate of an external fund manager, and minor changes in bond duration, quality mix, asset class rebalancing and sub-asset class transfer;
e. request a special meeting or electronic vote of the Committee to deal with any matter.

2.2 The Subcommittee shall report to each regular meeting of the Committee on all matters with which it has dealt since the previous regular meeting of the Committee.

Approved:
Investment Committee June 12, 2014

Revised: Investment Committee December 10, 2019