Audit Committee - Insurance Company Limited - May 31, 2016
Meeting Info
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Agenda
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Meeting Minutes
Members
- Chair Joe Mihevc
- Vice Chair Denzil Minnan-Wong
- Shelley Carroll
- Brian Leck
- Michael Roche
- Vincent Rodo
Members
- Chair Joe Mihevc
- Vice Chair Denzil Minnan-Wong
- Shelley Carroll
- Brian Leck
- Michael Roche
- Vincent Rodo
Declaration of Interest - Municipal Conflict of Interest Act
Education/Training (TTC Procedural By-Law Section 29(B) and City of Toronto Act Section 190 (3.1)
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b.
Minutes of the Previous Meeting
Notices of Motions
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Motions Without Notice
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Items of Which Notice has Previously Been Given
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Items Deferred From Last Meeting to Permit Debate/Public Presentation
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1. Reports with Confidential Attachments
Nil
2. Presentations
4. New Business
5. Correspondence
A meeting of the TTCICL Audit Committee was held in Committee Room 1, 2nd Floor, City Hall, 100 Queen Street West, Toronto, on Tuesday, May 31, 2016 at 11:05 a.m. for the purpose of discussing business related to the Company.
Present
J. Mihevc (Chair - TTCICL), D. Minnan-Wong (Vice Chair - TTCICL), S. Carroll (Director), J. Colle, A. Heisey, V. Crisanti, R. Lalonde, R. Byers (TTC Commissioners), V. Rodo (President), M. Roche (Treasurer), B.M. Leck (General Counsel), M. Ferreira (Secretary), A. Byford (CEO), J. Taylor (Chief of Staff), K. Lee (Head of Commission Services), D. McDonald (Co-ordinator –Corporate Secretariat), Jim K. Christie, Carrie Lam (Collins Barrow Toronto Actuarial Services Inc.), Cathy Russell and Akif Siddiqui (PricewaterhouseCoopers LLP) were present.
V. Rodo was in the Chair.
In this section
In this section
Minutes of Previous Meetings
- TTCICL Audit Committee Meeting No. 8 – June 22, 2015
The Audit Committee reviewed and approved the minutes of the above mentioned meeting and authorized the Chair and Secretary to sign the same.
3. Other Business
- PricewaterhouseCoopers LLP Audit Results – 2015
- Draft Financial Statements of TTC Insurance Company Limited For The Year Ended December 31, 2015
- Appointment of External Auditors
- Appoint PricewaterhouseCoopers LLP to perform the 2016 financial year-end audit of TTC Insurance Company Limited at a cost of $12,000 plus HST and;
- Forward this report to the Shareholders for approval.
The Audit Committee received the letter from PricewaterhouseCoopers LLP expressing their opinion on the 2015 financial statements.
The Audit Committee received the draft financial statement for the year ended December 31, 2015 and recommended that the statement be forwarded to the Director’s Meeting for formal approval and to the City Manager.
The Audit Committee approved the following recommendations: