University Secretariat and Legal Counsel

University Secretariat and Legal Counsel

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Investment Committee

(As approved by the Board of Trustees in May 1996, amended March 2001, December 2006, March 2012, May 2013, May 2014, May 2018)

I.  Purpose and Authority

The Investment Committee is responsible for recommending Board non-pension investment policy, monitoring the performance of the University's non-pension investments and overseeing the financial health, administration and governance of the University's non-pension invested assets. This includes determining the appropriate asset mix for both the Pooled Endowment Fund and Pooled Investment Fund as set out in the Board-approved Statement of Investment Policies and Procedures (SIP&P).

The Investment Committee has delegated authority from the Board of Trustees hire External Investment Managers to manage investment funds, and also to terminate any Investment Manager whose strategy and/or performance does not meet the objectives established by the Committee. Such decisions shall be communicated to the Board of Trustees at the next meeting of the Board.

II.  Duties and Responsibilities

  1. The Committee shall report annually to the Board of Trustees at which time it will provide an update on activities during the prior year. The Committee may report more frequently than annually if so requested by the Chair of the Board.
  2. The Investment Committee shall:
    1. Determine the appropriate asset mix for both the Pooled Endowment Fund and Pooled Investment Fund, and, within the prescribed limits set out in the Board-approved SIP&P, adjust each asset mix as appropriate based on committee members’ views and market conditions;
    2. Review at regular intervals the University's investments and monitor the performance of each External Investment Manager with a view to maximizing the total return while taking due regard for risk, keeping in mind the need for immediate income as well as the preservation and enhancement of the future purchasing power of the funds;
    3. Review External Investment Manager reporting on environmental, social, and governance (“ESG”) activities and report annually on such activities to the Board to ensure compliance with the Responsible Investing Policy;
    4. Make recommendations to the Board of Trustees concerning the management of the investment funds of the University (Queen's Pooled Endowment Fund, Queen's Pooled Investment Fund, Queen's Short-term Fund, sinking funds) and other funds as requested by the Board of Trustees;
    5. Within the statutory authority of the University, invest and, within such policies as may be established from time to time by the Board, give direction to any External Investment Manager appointed from time to time for the management of the funds;
    6. Act in an advisory capacity when the Board of Trustees decides on the dollar amounts to be withdrawn each year from investment funds to support operations;
    7. Supervise the safekeeping and handling of the University's investments that are under the Investment Committee's jurisdiction; and
    8. Utilize a proactive approach to monitor trends, initiatives and developments in the specific risk categories as assigned by the Board of Trustees from time to time and approve strategies and directions to mitigate the likelihood or severity of events or conditions that could contribute to the potential occurrence of the situations described in the respective Risk Definitions for those assigned risk categories.

III.  Membership 

The only ex officio members of the Investment Committee shall be the Chair of the Board, the Chancellor, the Principal and the Vice-Principal (Finance and Administration).

The majority of the membership need not be Trustees; the membership shall include at least three Trustees.

Notwithstanding Section 3 of By-law No.2, a quorum of the Investment Committee shall be a majority of the appointed (non ex officio) members.

IV.  Meetings

The Committee shall meet at least quarterly, and at such times and places as it deems advisable.

 

Membership Status Term Ends
D. Janiec Ex Officio  
J. Leech Ex Officio  
D. Raymond Ex Officio  
D. Woolf Ex Officio  
L. Hannah Appointed Jun-2019
L. Hansen Appointed Jun-2019
J. Keohane Appointed Jun-2019
S. Lawrence Appointed Jun-2019
C. Lynch Appointed Jun-2020
T. Mattina Appointed Jun-2019
G. Pugh Appointed Jun-2019
G. Steffensen Appointed Jun-2020

Chair: J. Keohane

Vice-Chair:  T. Mattina

Secretary: B. O'Neill