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Subsections

Invested Funds Committee

Terms of Reference

The CMS Invested Funds Committee is responsible to the Board for the administration of the CMS Endowed Funds. The Board of Directors may, at its discretion, invest CMS contingency funds in parallel with the CMS Endowed Funds and then the Invested Funds Committee is responsible to the Board for the administration of the CMS contingency funds.

Duties and Responsibilities

  1. To select the Investment Management Firm by such processes as the Invested Funds Committee deems prudent, subject to approval by the Board.

  2. To ensure that the CMS Endowed Funds and, if applicable, the CMS Legacy Funds, are invested in accordance with the Principles for the Preservation of Capital determined by the Board and to review the investment performance of these funds, at least semi-annually, and, as necessary and desirable and in accordance with the prescribed objectives, make recommendations to the Board regarding any changes to the bench marks, asset mixes, risk characteristics, management objectives, etc.

    Currently the funds are invested in indexed funds with an asset mix approximately, 30% Canadian Real Return Bond Pooled Fund, 15% - Canadian Equity Index Fund, 30% - Global Equity Index Fund and 25%-Canadian Short Term.

  3. To ensure that, in a timely manner, gifts and donations received by the Society and included in the CMS Endowed Funds are placed in allowable and appropriate investments.

  4. To ensure that each endowment fund is administered in accordance with its Terms of Reference as approved by the CMS Board of Directors and the original donor, if applicable.

  5. To ensure that separate accounts are maintained for each endowment fund.

  6. To review the annual revenues and expenditures for each endowment fund.

  7. To ensure that the Principles for the Preservation of Capital are followed.

  8. To review the performance and administration of the Endowed Funds and, if applicable, the CMS Legacy Funds, and to make recommendations to the Board as appropriate.

  9. To review the membership of the Committee and makes recommendations to the Board as appropriate.

  10. To report to the Board of Directors on the CMS Endowed Funds and, as necessary, the CMS contingency funds.

Membership

In addition to the Chair of the Invested Funds Committee, who shall not be the CMS President, the CMS Treasurer nor the CMS Executive Director, normally three other members shall be appointed for three-year terms and such that the terms are staggered. In addition to its mandated membership, the Invested Funds Committee may appoint up to three consultants, with voting rights, for three-year terms.

The Chair and the three other members shall be members of the CMS whereas the consultants need not be members of the CMS.

The Chair of the Invested Funds Committee is an ex-officio member of the Finance Committee.

1 Chair + 3 members + up to 3 consultants


next up previous
Next: Mathematical Competitions Committee Up: Terms_of_Reference Previous: International Affairs Committee