NTI president clarifies resource revenue policy

I am concerned that comments I made during a recent telephone interview for an article, Rosy financial future lies ahead for NTI: Towtongie, were misunderstood.

In the article I am quoted as saying, “Based on our projections, we are saying that by 2013, we’ll be able to pay direct monetary benefits to Inuit.”

I would like to clarify this statement. NTI’s Revenue Resource Policy will enable NTI to make direct monetary benefits through this policy once royalties payments begin to be paid. There is no set date for when this may happen.

This is a policy on resource revenue, and the focus is on how to manage, distribute and use royalties from Inuit Owned Lands and revenue from oil and gas development.

The policy will cover royalties from mines on IOLs, which include royalties negotiated directly between NTI and mining companies, and royalties collected by the federal government from grandfathered mining leases.

The Resource Revenue Trust will be managed by seven trustees consisting of the presidents of NTI and the RIAs and three independent trustees. The three independent trustees will be professional persons with relevant experience and expertise appointed from a list nominated by NTI-RIA senior management.

Each RIA will be the main decision-maker on expenditures of trust funds in its region. Expenditures shall be for the purpose of providing both near-term and long-term sustainable benefits, and may be for economic, social, cultural, environmental or other purposes.

Any form of direct, monetary distribution (or equivalent) by NTI or an RIA to all Inuit enrolled in the NLCA will need the approval of 75 per cent of NTI’s membership.

A copy of the Resource Revenue Policy is available on NTI’s website.

Cathy Towtongie
President, Nunavut Tunngavik Inc.

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