2015/01/12 Minutes

Minutes of the Meeting of the CIRA Board of Directors held via teleconference on January 12, 2015 at 11:00 a.m.

Directors attending: Kerry Brown, Andrew Escobar, Michael Geist, Bill Gibson, Louise Macdonald, Carole Mackaay, Kevin McArthur, Susan Mehinagic (Chair), Bill Sandiford, Rob Villeneuve, Faye West

Advisors: John Demco, Byron Holland, Adam Scott

Guest: Paul Havey

Regrets: Rowena Liang

Recording Secretary: Lynn Gravel

1. Approval of Agenda

The agenda was approved as presented.

2. Appointment of Community Investment Committee Member

It was reported to the meeting that the Community Investment Committee had recently received the resignation of one of its members, Mr. Hank Intven, thereby leaving a seat on the committee unfilled. The Governance Committee had met to consider the candidacy of Mr. Paul Andersen to fill the position and to serve as a member on the Community Investment Committee.

Upon the recommendation of the Governance Committee and on motion made and duly seconded

It was resolved that Paul Andersen be and is hereby appointed as a member of the Community Investment Committee for a two-year term.

(Moved: B. Sandiford, seconded: A. Escobar, unanimously carried)

The question of amending the mandate of the Community Investment Committee to stipulate a process to fill mid-term vacancies was referred to the Governance Committee for action.

3. Statement of Investment Policies and Procedures

The Board was informed that the Investment Consultants, management and the FAIR Committee had reviewed the detailed Statement of Investment Policy & Procedures (SIPP) along with the selected Investment Manager. This statement is fully consistent with the high-level direction and presentation previously communicated to the Board.

Upon the recommendation of the FAIR Committee and on motion made and duly seconded

It was therefore resolved that the Statement of Investment Policy & Procedures be and is hereby approved as presented.

(Moved: B. Sandiford, seconded: B. Gibson, unanimously carried)

4. Lansdowne Facility Budget

The meeting was provided with an update on the Lansdowne facility budget. It was noted that the presentation made in June 2014 on the matter had reflected standard baseline costs, without full visibility or consideration of the layout of the actual space and the outcome of the design process. The cost estimates have since been reviewed and finalized based upon the completion of the final project design.

It has now been determined that the total baseline and incremental costs will amount to approximately $2,582,742. In addition, a contingency allowance of $200K will be included in the budget, to be utilized only if required.

Upon the recommendation of the FAIR Committee and on motion made and duly seconded

It was resolved that management be and is hereby authorized to proceed with the office fit–up at the Lansdowne facility on the basis of the Preliminary Pre-Tender Construction Budget which will require:

– An estimated construction fit-up budget of $2.6M; and

– A fit-up contingency allowance up to $200K, if required.

(Moved: B. Sandiford, seconded: K. Brown, unanimously carried)

5. Other Business

There was no other business to discuss.

6. Next Meeting

The next meeting of the Board of Directors will be held in Halifax on February 24, 2014.

7. Adjournment

There being no further business, on motion by B. Sandiford, the meeting was concluded at 11:40 p.m.