REPORT TO THE BOARD OF GOVERNORS ENDOWMENT FUNDS: NAME CHANGE REQUEST

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1 Agenda Item #1.5 REPORT TO THE BOARD OF GOVERNORS SUBJECT ENDOWMENT FUNDS: NAME CHANGE REQUEST MEETING DATE April 14, 2014 Forwarded to the Board of Governors on the Recommendation of the President APPROVED FOR SUBMISSION Presented By Hubert Lai, Q.C., University Counsel Report March 6, 2014 DECISION REQUESTED IT IS HEREBY REQUESTED that the UBC Board of Governors approve the change of name of the endowment funds listed in this docket and the amended and restated endowment documentation as recommended by the President and University Counsel. EXECUTIVE SUMMARY 1. The Paprican Professorship in Pulp and Paper Engineering Endowment Fund: FPInnovations, the successor organization to Paprican requests approval to add the name FP Innovations to the name of the Paprican Professorship in Pulp and Paper Engineering Endowment Fund so the new name will be the Paprican Endowment Fund Supporting the FPInnovations Professorship in Pulp and Paper Engineering. 2. UBC Department of Radiology Academic Enhancement Endowment Fund: The Faculty of Medicine requests approval from the Board of Governors to add the name Dr. Brian Lentle to the UBC Department of Radiology Academic Enhancement Endowment Fund so the new name will be the Dr. Brian Lentle UBC Department of Radiology Academic Enhancement Endowment Fund.

2 ENDOWMENT FUNDS: NAME CHANGE REQUEST Place and Promise COMMITMENT(s Place and Promise ACTION(s Description & Rationale These endowment requests support the Sustainability commitment to explore and exemplify all aspects of economic, environmental and social sustainability. These endowment requests support the following goal and action associated with the commitment above: to ensure UBC s economic sustainability by aligning resources with the University vision and deploying them in a sustainable and effective manner. 1. The Paprican Professorship in Pulp and Paper Engineering Endowment Fund (the Fund Background: In 2001, Paprican made a donation to the University to create the Fund to support a professorship. Paprican was a federally incorporated not-for-profit forest industry member organization. FPInnovations is a federally incorporated non-for-profit corporation, whose previous name as FORTEKIA. It changed its name to FPInnovations on January 12, Effective April 1, 2007, a legal transfer of assets and liabilities from Paprican to FPInnovations took place. FPInnovations became the successor forest industry member organization for the pulp and paper industry. In 2012, Paprican was dissolved and ceased to exist. FPInnovations, and formerly Paprican, specializes in the creation of scientific solutions in support of the Canadian forest sector s global competitiveness and responds to the priority needs of its industry members and government partners. FPInnovations understands that in accordance with the terms of the Fund, the name Paprican must always be associated with the Fund. Therefore, FPInnovations wishes to add its name to the Fund while retaining the historical name of Paprican. This change reflects the fact that FPInnovations is the successor to Paprican, and is the only entity which carries out the activities which were formerly carried out by Paprican. Further, this will avoid confusion in the pulp and paper industry and provide recognition to the forest industry member organizations which support FPInnovations, and formerly Paprican. Approval Requested: FPInnovations, as the successor to the Donor, and with the support of the Faculty of Applied Sciences, requests approval from the Board of Governors to: (a add the name FPInnovations to the name of the Fund so that it is called the Paprican Endowment Fund Supporting the FPInnovations Professorship in Pulp and Paper Engineering ; and (b change the name of the Professorship to the FPInnovations Professorship in Pulp and Paper Engineering. It is recommended that the Board approve this resolution on the basis that the University recognizes the interest of the successor to the Donor in having the Fund reflect its corporate name while also maintaining the historical name of the Donor. Page 2

3 Legal Authority: ENDOWMENT FUNDS: NAME CHANGE REQUEST The Board of Governors authority to approve the variation of the Endowment Deed is found in section 6 of the Endowment Deed, which provides that: If in the opinion of the University, the operation of the Endowment becomes impossible or impractical or is not achieving its purpose in a satisfactory manner, the University may vary the terms of this Deed of Endowment, but so that the name of Paprican shall always be associated with the Fund and that it shall be administered for teaching and research in pulp and paper engineering or if that is not feasible, in chemical engineering; provided however that the University may only vary the terms if that variation is recommended by the President to the Board of Governors and is approved by the Board of Governors. 2. UBC Department of Radiology Academic Enhancement Endowment Fund (20E40770 Endowment Fund (the Fund Background: The Fund was established in 2002 for the purpose of supporting academic enhancement of the Department of Radiology, as determined by the Department s Executive Committee based on the Department s needs and priorities in teaching and research. The Department would like to recognize and honour Dr. Brian Lentle, Professor Emeritus, for his many research, education, and leadership contributions to the field of Radiology and UBC. Dr. Lentle was the Department Head of Radiology at UBC for ten years and has been one of North America s greatest diagnostic imaging educators during his career. In addition to being an excellent teacher, Dr. Lentle was also President of numerous Radiological societies and organizations, including the President of the Radiological Society of North America (RSNA, the highest such honour that could be achieved by a Radiologist. The Faculty of Medicine has attempted to contact all of the donors who have provided donations to the Fund to inform them of the Faculty s request to add Dr. Lentle s name to the Fund name, and no concerns have been raised in respect of this request. Approval Requested: The Faculty of Medicine requests approval from the Board of Governors to add the name Dr. Brian Lentle to the UBC Department of Radiology Academic Enhancement Endowment Fund so the new name will be the Dr. Brian Lentle UBC Department of Radiology Academic Enhancement Endowment Fund. It is recommended that the Board approve this resolution on the basis that Dr. Brian Lentle s character exemplifies the purpose of the Fund, and this name change will honor his contributions to the field and the Department. Legal Authority: The Board of Governors authority to approve the variation of the Terms of Reference is found in section 6 of the Terms of Reference, which provides that: If in the opinion of the University the operation of the Fund becomes impossible or impractical or is not achieving its purpose in a satisfactory manner, the University may vary these Terms of Reference if that variation is recommended by the President to the Board of Governors and is approved by the Board of Governors." Additional Materials: A comparison of the original and amended Endowment Deeds for the Funds are attached. Page 3

4 THE UNIVERSITY OF BRITISH COLUMBIA Endowment Name Changes - Attachment 1 THE PAPRICAN ENDOWMENT FUND SUPPORTING THE FPINNOVATIONS PROFESSORSHIP IN PULP AND PAPER ENGINEERING ENDOWMENT DEED Amended and Restated as of, 2014 (Varies the original Endowment Deed for The Paprican Professorship in Pulp and Paper Engineering Endowment Fund, approved March 14, Name of Fund The Endowment Fund shall be known as The the Paprican Endowment Fund supporting the FPInnovations Professorship in Pulp and Paper Engineering Endowment Fund (the Fund. 2. Use of Capital The capital of the Fund shall be held by The University of British Columbia (the University and: (1 may be invested and reinvested by the University in such investments as the University shall decide; and in making such investments the University shall not be restricted to the investments for trustees set out in the Trustee Act of the Province of British Columbia, or in any similar legislation or in any amendments to that Act or similar legislation; (2 without restricting the generality of the provisions of paragraph 2(1 above, may be invested as part of the University s pooled endowment investments; (3 in making investment decisions, the University shall have as its objective the maintenance of the real capital value of the Fund over time and the generation of a sufficient flow of income to fund properly the Professorship; (4 the University may accept further contributions, from any other source, whether by gift, Will or otherwise, or may otherwise add to the capital of the Fund, provided that the terms and conditions of any donation or addition to the capital of the Fund shall be in conformity with this Deed of Endowment; (5 the University, may from time to time, encroach on the capital of the Fund if, in the opinion of the University, it is clearly necessary to do so in order to carry out the purposes of the Fund; provided however that the University may only encroach on the capital if that encroachment is recommended by the President to the Board of Governors and is approved by the Board of Governors. 3. Use of Income The income of the Fund shall be used by the University to fund The the Paprican FPInnovations Professorship in Pulp and Paper Engineering and without restricting the generality of the authority of the University to use the income in any manner it sees fit in support of that object, the University may:

5 ~ 2 ~ (1 use income to supplement salary and benefits of the holder of the Professorship and/or pay research, secretarial, travel and other like expenses; (2 use income to pay the expenses associated with the administration of the Fund; (3 where income is not for the time being used, invest unused income in accordance with the provisions of paragraphs 2(1 through (3, but so that the investments shall retain the status of income; (4 add income to capital in order to preserve the real capital value of the Fund. 4. University Policy Decisions on the appointment of the holder of the Professorship and on his or her continuing state of employment at the University, and decisions on the administration, financial and otherwise, of the Fund shall be made in accordance with the policies of the University as they may be amended from time to time. 5. Reporting The University shall undertake a review of the activities carried out under the auspices of the Professorship at intervals of no more than every 7 years. 6. Variation of Terms If in the opinion of the University, the operation of the Endowment becomes impossible or impractical or is not achieving its purpose in a satisfactory manner, the University may vary the terms of this Deed of Endowment, but so that the name of Paprican shall always be associated with the Fund and that it shall be administered for teaching and research in pulp and paper engineering of if that is not feasible, in chemical engineering; provided however that the University may only vary the terms if that variation is recommended by the President to the Board of Governors and is approved by the Board of Governors. SIGNED by the Donor in the Presence of: (Signature (Print Name Signature of Donor (Address (Occupation (

6 ~ 3 ~ The University of British Columbia by its Authorized Signatory: Stephen J. Toope President and Vice-Chancellor Approved as to firm by the Office of the University Counsel: : Pulp & Paper Research Institute of Canada The University of British Columbia by its Authorized Signatory:

7 THE UNIVERSITY OF BRITISH COLUMBIA Endowment Name Changes - Attachment 2 DR. BRIAN LENTLE UBC DEPARTMENT OF RADIOLOGY ACADEMIC ENHANCEMENT ENDOWMENT FUND TERMS OF REFERENCE Amended and Restated as of, 2014 (Varies the original Terms of Reference for the UBC Department of Radiology Academic Enhancement Endowment Fund, approved September 26, Name of Fund This Endowment Fund will be known as the Dr. Brian Lentle UBC Department of Radiology Academic Enhancement Endowment Fund (the Fund. 2. Purpose of the Fund The Fund is established by The University of British Columbia (the University as an endowment with the intent that the capital will be held and kept invested in accordance with these Tterms of Rreference and the income will be used to support the academic enhancement of the Department of Radiology at the University in accordance with provisions of Schedule A hereto. 3. Use of Income Without restricting the authority of the University to use the income of the Fund in any manner it decides in support of the purpose set out in paragraph 2 of these Terms of Reference, the University may: (a (b (c use income to pay salary and benefits of UBC Department of Radiology faculty members and/or to pay research, secretarial, travel and other like expenses relevant to the academic programs in the UBC Department of Radiology; use income to pay the expenses associated with the administration of the Fund; and invest, in accordance with paragraph 4 of these Terms of Reference, any income that is not for the time being used either so that invested income retains the status of income or so that invested income is added to the capital of the Fund in order to preserve the real capital value of the Fund, or both, in whatever combination the University decides. 4. Use of Capital The University will hold the capital of the Fund and: (a may invest and reinvest the Fund in the investments as the University decides and in making those investments the University is not limited to the investments authorized by the Trustee Act of British Columbia or any other law relating to trust funds;

8 ~ 2 ~ (b (c (d (e (f may invest the Fund in any investments both inside and outside Canada as it decides; may invest the Fund as part of the University s pooled endowment investments and in any mutual or other pooled investment funds; when making investment decisions, the University shall have as its objective the maintenance of the real capital value of the Fund over time and the generation of a sufficient flow of income to fund properly the purpose of the Endowment; may accept further contributions, from any other source, whether by gift, Will or otherwise, or may otherwise add to the capital of the Fund, provided that the terms and conditions of any donation or addition to the capital of the Fund conform to these Terms of Reference; and may, from time to time, encroach on the capital of the Fund if, in the opinion of the University, it is clearly necessary to do so in order to carry out the purposes of the Fund; provided however that the University may only encroach on the capital if that encroachment is recommended by the President to the Board of Governors and is approved by the Board of Governors. 5. University Policy Decisions on the administration, financial and otherwise, of the Fund will be made in accordance with the policies of the University as they may be amended from time to time. 6. Variation of Terms If in the opinion of the University the operation of the Fund becomes impossible or impractical or is not achieving its purpose in a satisfactory manner, the University may vary these Terms of Reference if that variation is recommended by the President to the Board of Governors and is approved by the Board of Governors. TO EVIDENCE the terms of the Fund the University has executed these Terms of Reference on the date appearing below. The University of British Columbia by its Authorized Signatory: Stephen J. Toope President and Vice-Chancellor Approved as to form by the Office of the University Counsel: :

9 SCHEDULE A: TERMS OF REFERENCE DR. BRIAN LENTLE UBC THE DEPARTMENT OF RADIOLOGY ACADEMIC ENHANCEMENT ENDOWMENT FUND 1. Source of Funds The Dr. Brian Lentle UBC Department of Radiology Academic Enhancement Fund has been established at The University of British Columbia through the Department of Radiology for funds obtained through entrepreneurial activities such as continuing medical education courses, out-of-country medical training, donations from members, other fundraising activities and donations from other donors. 2. Purpose of the Fund The fund will provide support for the academic enhancement of the Department of Radiology in the Faculty of Medicine at UBC. 3. Eligibility, Selection Process and Criteria A committee, chaired by the Head of the Department of Radiology, and comprised of members of the Department s Executive Committee, and other members as may from time to time be deemed appropriate, shall determine the appropriate allocation of funds from the endowment. This determination shall be made based on the Department s needs and priorities in teaching and research. The committee may also from time to time issue a call for proposals and allocate funds on that basis. The committee will meet at least once a year to review the status of the endowment and determine the allocation of the expendable interest. Dr. Nestor Müller Head, Department of Radiology Dr. John A. Cairns Dean, Faculty of Medicine Page 1 of 1