Inuit org’s board says yes to new revenue policy

Officials from the Qikiqtaaluk Corp. and the Qikiqtani Inuit Association display a blow-up cheque representing QC’s $1-million dividend contribution to QIA this year. (QIA FACEBOOK PHOTO)

The Qikiqtani Inuit Association has approved a new revenue policy that will create a $24-million legacy fund for its beneficiaries over two phases.

At their annual general meeting in Iqaluit Oct. 5, the Baffin Inuit organization’s board of directors voted to approve the new policy.

“The first phase of the revenue policy… will see revenue sources such as royalties from the Mary River Project Inuit Impact Benefit Agreement, dividends received from QIA’s subsidiary organizations such as the Qikiqtaaluk Corp. and… any other sources of revenue as determined by the board of directors directed into the legacy fund,” an Oct. 5 news release from the QIA said.

“QIA will be able to deliver programs based on the return on investment from said funds.”

Most of the fund is made up of royalties collected from Baffinland Iron Mine Corp. from their Mary River mine operation, through the terms of an Inuit impact and benefit agreement.

But the new legacy fund received a boost on Oct. 5: the QC presented its parent organization a cheque for $1.06 million.

That money, earmarked for the legacy fund, comes as a result of a dividends policy agreed to by the QIA and the QC in February 2016.

The second phase of the new revenue policy, to be drafted and considered at the organization’s spring 2017 board meeting, will aim to develop investment and operational policies “to guide how the return on investment will be spent on programs and initiatives,” the release said.

“We will want to hear from Inuit in our region what they would like to see done in terms of programming or projects with the Inuit money,” QIA President PJ Akeeagok said in the statement.

The QIA’s annual general meeting continued Oct. 5 in Iqaluit, and is expected to end Oct. 6.

QIA Revenue Policy by NunatsiaqNews on Scribd