Audit Committee - Insurance Company Limited - June 21, 2011

Resolution to conduct a portion of the meeting in the absence of the public (Committee of the Whole) in accordance with section 29 of the TTC By-Law to govern commission proceedings and Section 190 of the City of Toronto Act Confidential Attachments (TTC procedural By-Law Section 29 and City of Toronto Act Section 190 (2)

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TTC Insurance Company Limited Audit Committee Meeting No. 3 - Monday, June 21, 2011

Nil.

Requests to speak must be registered in writing by 12:00 Noon of day preceding meeting day.

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1. PricewaterhouseCoopers Audit Results – 2010 (FOR INFORMATION) 
2. Draft Financial Statements of TTC Insurance Company Limited for the Year Ended December 31, 2010 (FOR ACTION)
3. Appointment of External Auditors (FOR ACTION) 

Nil

 A correspondence summary will be distributed at the meeting. 

F. Di Giorgio (Chair – TTCICL), C. Palacio - (Vice-Chair - TTCICL), P. Milczyn (Director - TTCICL), K. Stintz, V. Crisanti, N. Kelly, D. Minnan-Wong, J. Parker, (TTC Commissioners), V. Rodo (President), M.A. Roche (Treasurer), B.M. Leck (General Counsel), Gary Webster, M. Harbinson, J. Cheng (Actuary from J.S. Cheng & Partners) C. Russell, M. Walsh and S. Richardson (PricewaterhouseCoopers) were present.

F. Di Giorgio was in the Chair.

The Audit Committee reviewed and approved the minutes of Audit Committee Meeting no. 2 – June 22, 2009.

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The Audit Committee received the letter from Ernst & Young expressing their opinion on the 2009 Financial Statements.

The Audit Committee received the draft financial statements for the year ended December 31, 2009 and recommended that the statements be forwarded to the Director’s Meeting.

The Audit Committee approved the recommendation to:

1. Appoint PRICEWATERHOUSECOOPERS LLP to perform the 2010 financial year-end audit of TTCICL at an estimated cost of $13,278 and;
2. Forward this report to the shareholders for approval.

Nil