Sustainable development refers to progress and activities that enable current generations to meet environmental, social, economic, and other needs without compromising the ability of future generations to meet their needs. Sustainability occurs when current and future generations can meet their needs.
I have seen some unfortunate postings on social media and in the news. Self-appointed experts telling us what happened, why, and whose fault it was. There’s a political battle going on as well, with people blaming federal government administrations, regulators, and so on. I’m not going to get into that. But I think it is important for governance, risk, and audit practitioners to understand the situation and its implications.
The Ontario Superior Court of Justice recently heard its first case on donor advised funds in The Joseph Lebovic Charitable Foundation v. Jewish Foundation of Greater Toronto. (PDF) This is the first time a court in Canada has discussed donor advised funds at length, and it sheds light on the court’s treatment of this increasingly popular philanthropic vehicle.