IN ATTENDANCE: Marc Brière – Chair and 1st National Vice-President, Doug Gaetz – Co-Chair and RVP-Atlantic, Gary Esslinger - Co-Chair and RVP-Prairies, David Webster – Presidents’ Representative – Kingston – Local 00011 and Stephanie Wolff – Staff Technical Advisor.
1. Review of June 2016 Financial Statements and Investments
The committee reviewed and approved the June 2016 Financial Statements. The committee also reviewed the Investments as of June 30, 2016.
2. Review of Over-Expenditures at June 30, 2016
No over expenditures at this point in time.
3. Investment Portfolio Performance Analysis with CIBC Wood Gundy
The committee reviewed the performance of the investment portfolio. The committee is satisfied with the overall performance of the portfolio since inception in June 2012 with CIBC Wood Gundy as our investment firm. In our analysis, we did a comparison to TD Canadian Bond Index Fund and the Toronto Stock Exchange. We also did a comparison of the last 6 years with Scotia Cassels versus the last 4 years with CIBC Wood Gundy. The overall performance of the portfolio was similar with both firms.
4. Corporate Account with Air Canada
The committee was presented with information regarding the benefits associated with opening a corporate account with Air Canada. This included a discount applicable to all travel booked at a minimum level of flex airfare which could result in a significant saving for both the component and locals. The committee recommends to open up a corporate account with Air Canada.
5. Review of UTE’s Investment Portfolio with Investment Advisor from CIBC Wood Gundy
The committee received a presentation from Howard Greenberg from CIBC Wood Gundy, our investment firm. Howard gave a detailed analysis of the performance of our portfolio in comparison with the overall market performance; it showed that our portfolio is performing as well if not better than the markets.
6. Review of UTE’s Statement of Investment Policy
The committee reviewed and amended the UTE Statement of Investment Policy with the CIBC Wood Gundy Investment Advisor.
7. Review of UTE’s per diem
The committee had a discussion about UTE’s per diem rates and have decided to recommend the following increases to Executive Council.
Weekday Weekend
Breakfast 23 30
Lunch 30 40
Dinner 47 55
Total 100 125
The rationale behind these increases is that on April 1st, 2016, the Treasury Board increased their rates. We are increasing our per diem rates to maintain a small difference between the Treasury Board rates and UTE’s rates.
8. Review of the Financial Statement Line Item Review Book
The committee reviewed and updated the Financial Statement Line Item Review Book.
9. Dues increase January 2017
The committee discussed and reviewed the 2017 dues increase adopted at the 2014 Triennial Convention. The committee agreed that no recommendation was required.
The meeting was adjourned at 5:00 pm on Thursday July 21, 2016.
/sw