Audit Committee - Insurance Company Limited - June 24, 2013

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) Education/Training (TTC Procedural By-Law Section 29(B) and City of Toronto Act Section 190 (3.1)

TTC Insurance Company Limited Audit Committee Meeting No. 5 - Thursday, June 21, 2012

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

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• PricewaterhouseCoopers Audit Results – 2012 (For Information)
• Draft Financial Statements of TTC Insurance Company Limited for the year ended December 31, 2012 (For Action)
• Appointment of External Auditors (For Action)

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 A correspondence summary will be distributed at the meeting. 

J. Parker (Vice-Chair - TTCICL), K. Stintz (Director), M. Adamson, R. Cho, J. Colle, A. Heisey, (TTC Commissioners), V. Rodo (President), M.A. Roche (Treasurer), B.M. Leck (General Counsel), M. Ferreira (Secretary), A. Byford (TTC CEO), D. Dixon (TTC COO), C. Upfold (TTC Acting CSO), S. Ghaly (TTC CCO), J. Taylor (TTC Chief of Staff), B. Ross (TTC Executive Director – Corporate Communications), K. Lee (TTC Head of Commission Services), D. McDonald (Co-ordinator – Corporate Secretariat), J. Cheng (J.S. Cheng & Partners), and C. Russell and L. Wittich (PricewaterhouseCoopers LLP) were present.

Vincent Rodo was in the Chair.

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• TTCICL Audit Committee Meeting No. 5 – June 21, 2012

The Audit Committee reviewed and approved the minutes of the above mentioned meeting and authorized the Chair and Secretary to sign the same.

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1. PricewaterhouseCoopers Audit Results - 2012
   TTC Insurance Company Limited Audit Committee Meeting No. 6 Minutes
   Monday, June 24, 2013 Page 3
   The Audit Committee received the letter from PricewaterhouseCoopers LLP expressing their opinion on the 2012 financial statements.


2. Draft Financial Statements of TTC Insurance Company Limited For The Year Ended December 31, 2012
   The Audit Committee received the draft financial statement for the year ended December 31, 2012 and recommended that the statement be forwarded to the Director’s Meeting.


3. Appointment of External Auditors
   The Audit Committee approved the recommendation to:
   
   1. Appoint PricewaterhouseCoopers LLP to perform the 2013 financial year-end audit of TTC Insurance Company Limited at an estimated cost of $15,221 and;
   2. Forward this report to the Shareholders for approval.

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The meeting adjourned at 11:10 a.m.