FGM's Committee Reports

Over the past year, the Board of Directors held eight meetings, which focused on several items in pursuit of the objectives defined in the Foundation’s 2022–2026 Strategic Plan. Most notably, the Board:

• participated in planning FGM’s 25th anniversary
• approved the committees’ annual work plans, as well as the budgets and statements of FGM and the FGM Investment Fund (FGMIF)
• recruited three new Board members
• recruited two external members to serve on the Audit Committee
• appointed FGM officers and committee chairs
• created the Impact Investment Subcommittee, approved its mandate, and appointed its members
• supported FGM’s senior management in relocating FGM’s offices
• mandated FGM’s senior management to develop an impact investment fund project with the Impact Investment Subcommittee
• adopted a 0.65% increase in the FGMIF’s management fees
• adopted a distribution rate of 4.25% for 2025
• accepted a donation of approximately $3 million through a charitable remainder trust
• supported the signing of the Canadian Philanthropy Commitment on Climate Change
• adopted amendments to FGM’s administrative by-laws
• adopted FGM’s Politique sur la protection des renseignements personnels des employé·e·s de la FGM (Employee privacy policy)
• permanently adopted the signing procedure for the Politique de délégation de pouvoirs (Delegation of authority policy)
• adopted the proposed amendments to the FGMIF’s Investment Policy

Three members left the Board in 2024, at the end of their respective terms. My warmest thanks to Kathy Fazel, Eric Lapierre, and Angelina Mehta for their dedicated efforts in advancing the Foundation’s development over the past few years.

I would also like to thank all current Board and committee members, our President and CEO, and all FGM staff and members. Your contributions are vital; without you, the Foundation could not fulfill our mission of serving the communities of Greater Montreal.

Karen Macdonald
Chair of the Board of Directors, FGM
Retired journalist and organizations administrator

In 2024, the Community Engagement Committee supported the FGM team in their efforts to implement the principles of trust-based philanthropy and participatory grantmaking. Actions were taken to strengthen the predictability and transparency of the Foundation’s granting programs, including establishing a biannual deployment schedule for the Collective Fund for Climate and Ecological Transition and the Collective Fund for Social Equity, among other things. The Foundation ranked 11^th on the Top 50 Equitable Funders list for Canada this year. We are grateful for this recognition, even as we remain aware that these practices are ever evolving and that we must continue to be attentive to the needs of our communities.

With this in mind, the Committee also reflected on the real impact our grants can have on the organizations we support and the causes they champion. Impact is a multidimensional concept that extends far beyond funding. For instance, we are endeavouring to better acknowledge the expertise and activities of organizations working on the ground. Cognizant of the many issues frontline workers must contend with, we are implementing initiatives to improve support for their well-being. We are also seeking to foster the development of systemic solutions through our funding priorities. These efforts have been shaped by conversations with representatives from organizations working on the ground. Mindful of our position as a funder, we aim to establish open, ongoing dialogue with these organizations and the communities they serve. This will undoubtedly be one of the Committee’s priorities in 2025 and beyond.

Our commitment to thoughtfully exploring the best ways to practice philanthropy and support our communities also led to our attendance of a workshop on reconciliation provided by Tshuapamitin in summer 2024. The workshop offered Committee members an excellent opportunity to decentre our own experiences, take in new perspectives, and begin an ongoing reflection on the roles we can play and concrete actions we can take in the process of reconciliation with Indigenous peoples, both as members of FGM and as individuals.

The Committee also approved the grants allocated by the Foundation’s Collective Funds, namely the Collective Fund for Climate and Ecological Transition, the Women’s Impact Montréal Collective Fund (WIM Fund), and the Collective Fund for Social Equity. From now until 2026, the latter will retain its focus on backing organizations and initiatives that support asylum seekers, refugees, and migrants without status or whose status is temporary or precarious, as you are likely already aware.

We are particularly proud of this iteration of the Fund, which is supporting a diverse range of organizations, groups, and citizen-led projects that respond to pressing and immediate needs that are all too often overlooked by public and philanthropic funding. The Foundation has made significant efforts to catalyze a collective response and channel available resources toward this vital issue. On that note, I would like to thank the Trottier Family Foundation, who donated more than $1 million to this initiative, enabling us to provide funding to six additional organizations on top of the 16 that were previously confirmed. In total, the Fund will grant nearly $4 million to 22 organizations by 2026—a record for an FGM Collective Fund.

On a more personal note, 2024–2025 marks the end of my involvement as Chair of the Community Engagement Committee and as a member of FGM’s Board of Directors, after fulfilling four terms. I would like to express my gratitude to all of the colleagues I have worked with over my years here. I have learned a great deal from you, and I am very proud of the work we have accomplished together in helping the Foundation grow and better fulfill its mission for the benefit of all communities in Greater Montreal. Thank you very much!

Diane Tsonos, LL. B., TEP, Committee Chair
FGM Board Member
Tax Partner and Lawyer, Richter LLP

The Philanthropic Development Committee met five times this year to support the implementation and success of the Foundation’s Philanthropic Development Plan.

The Committee members also participated in the conceptualization of FGM’s awareness campaign in honour of the Foundation’s 25th anniversary, helped finalize the fund creators’ experience program, including the loyalty plan, and helped consolidate the Ambassadors Network. The committee also examined the potential impacts of the updated fee schedule on fund creators.

On the topic of the Foundation’s Ambassadors Network, I wish to extend my gratitude to its members: Francine Veilleux, Marie Paule Marelli and Mokhtar Amami, Michael Novak, Michel Jacques, Pierre Chamberland, Pierre Sheridan, Sophie Labrecque, Ruben Antoine, and Gabriel Jean-Simon. Thank you for your contributions over the past year.

At the end of 2024, the Foundation also lost one of its greatest ambassadors, with the passing of Pierre Comtois. Mr. Comtois had worn many hats at FGM—fund creator, member of the Board of Directors, honorary member and member of the Ambassadors Network. We are grateful to him for his tremendous contributions to the Foundation over the past 15 years.

I would also like to thank every member of the Philanthropic Development Committee for the time and effort they have devoted to our work. Three new members joined the Committee this year: Jean-François Fontaine, Grace Laing Hogg, and Raff Paquin. Thank you for your involvement and sound advice. In closing, I would also like to express my gratitude to our two outgoing members, Samia Medelci and Mahalia Verna. Thank you for your contributions and dedication!

Frédéric Lavoie, CPA, Committee Chair
Vice-Chair of the Board of Directors, FGM
Partner, PwC

The assets of the Foundation of the Greater Montréal Investment Fund (FGMIF) stood at $466.9 million as at December 31, 2024, up $70.6 million from the previous year. This growth is attributable to a $32.8 million increase in unrealized capital gains on investments, net investment income of $28.3 million, and net contributions of $9.5 million (reflecting $28.7 million in gross contributions and $19.2 million in withdrawals).

The FGMIF’s gross return for 2024 was 16.1%, bringing its five-year annualized gross return to 7.16%. Of the eight actively managed funds in the FGMIF portfolio, five outperformed their benchmarks. When including assets managed outside the FGMIF, FGM’s total assets amounted to $483.5 million at the end of 2024.

The Committee met seven times over the course of the year. Particularly notable actions include finalizing the choice of Normandin Beaudry as investment advisor and establishing the terms and conditions for the transfer of the FGMIF portfolio to its new manager, iA Global Asset Management, which officially took place on June 30, 2024. During a working group meeting, the Committee also selected the composition of the transition portfolio to enhance its sustainability attributes and reduce its carbon footprint, while maintaining a similar return profile. At two other working group meetings, it selected sub-managers for various asset classes to meet the objectives of our Responsible Investment Strategy, adopted in 2021.

In terms of impact investing, the Committee established the Impact Investment Subcommittee to support its work in this area. It also approved a third impact investment in a fund that finances projects in the climate, health, and education sectors, primarily in Canada.

Finally, in addition to overseeing and reviewing the continued application of its investment policy, the Committee recommended that the Board of Directors increase the distribution rate to 4.25% for 2025. This rate takes into account the reserves accumulated in recent years and the needs of beneficiary organizations, while safeguarding future distributions. The Board of Directors approved the Committee’s recommendation at its meeting held on December 11, 2024.

I would like to extend my heartfelt thanks to all Investment Committee and Impact Investment Subcommittee members for their exemplary commitment and active participation in every one of our meetings—we have made significant progress thanks to your contributions. I would also like to thank the members of FGM’s Board of Directors for their unwavering support and insightful leadership. Finally, I wish to warmly thank Geneviève Bouthillier and Kathy Fazel, who are stepping down from the Committee. Their contributions throughout their terms have been invaluable and are truly appreciated. Thank you all for your dedication and hard work.

Valérie Cecchini, M.Sc., CFA, CPA, Committee Chair
FGM Board Member
Managing Partner, Borealis Global Asset Management

Since its creation, the Foundation of Greater Montréal has been dedicated to maintaining the highest standards of excellence, both with respect to its financial management practices and its accountability. It is via the Audit Committee that the Board of Directors ensures sound governance practices are adhered to at all times. The Audit Committee is currently made up of seven people: five members of the Board of Directors and two independent external members.

The committee met on six occasions in 2024, primarily to track FGM’s and the FGM Investment Fund (FGMIF)’s quarterly and annual financial performance (including budget preparation and monitoring) and to make progress on several initiatives. These initiatives include following up on the cybersecurity work plan, updating the risk management table and business continuity plan, reviewing and updating administrative policies, ensuring compliance with legal obligations, reviewing annual audit results, overseeing server migration, and evaluating the external auditor.

The Foundation’s financial performance in 2024 was significantly influenced by strong financial market performance over the course of the year, leading to a net income of $54.9 million. This included a $22.8 million gain from positive changes in the unrealized fair value of investments and a $32.1 million excess of revenue over expenses. In addition to new donations, market returns increased the value of FGM’s investments from $287.3 million to $345.1 million in the period ending December 31, 2024.

The FGMIF’s net assets grew from $396.3 million to $466.9 million—an increase of $70.6 million. When we include the investments FGM manages on behalf of other organizations, the grand total of funds under FGM management was $483.5 million as at December 31, 2024, up $69 million from the previous fiscal year.

Thanks to the trust our donors placed in us and support from government programs, FGM received more than $31 million in donations in 2024. The Audit Committee is very proud of these results and has full confidence in the Foundation’s continued financial health.

Toni Dilli, CPA, CFA, Committee Chair
Treasurer of the Board of Directors, FGM
Partner, Audit, KPMG

The Governance and Human Resources Committee held a total of six meetings in 2024. The Committee accomplished the following over the course of the year:

• Analyzed the results of the survey of FGM employees and managers regarding their workplace experience and put forward appropriate recommendations;
• Recommended the appointment of three new Board members and two new Audit Committee external members;
• Recommended the appointment of an honorary Board member and the departure of a Board member;
• Updated FGM’s by-laws;
• Revised the tools used for the performance reviews of the Board of Directors, the Committees, and their members, and conducted their annual performance reviews;
• Recommended the Board of Directors adopt the Politique sur la protection des renseignements personnels des employé·e·s de la FGM (Employee privacy policy);
• Supported the creation of the Impact Investment Subcommittee to assist the Investment Committee in meeting its impact investment targets, and recommended the appointment of its members;
• Recommended the Board of Directors update the FGM staff payroll;
• Recommended to the Board of Directors the appointment of an external member to the Philanthropic Development Committee.

Suzanne Gouin, Committee Chair
Board Member, FGM
Corporate Director