Clint Davis of Nunatsiavut appointed new boss of Nunasi Corp.
New CEO has long background in investment banking
The board that oversees Inuit-owned Nunasi Corp. has appointed Clint Davis to serve as its next president and CEO, the company said in a news release this past March 2.
Davis, an Inuk from Nunatsiavut, has a background in investment banking. He’ll replace Harry Flaherty, who has been serving as Nunasi’s interim president.
Davis’s education includes a bachelor’s degree in business administration from Acadia University, a bachelor of laws from Dalhousie University, and a master’s degree in public administration from Harvard.
After starting his career as a lawyer in St. John’s, Newfoundland, he worked for the old Department of Indian Affairs and Northern Development, and then became national director for aboriginal banking at Bank of Montreal.
After that, he became vice-president of Indigenous banking at the TD Bank Group and served as president and CEO of the Canadian Council for Aboriginal Business.
In 2016, he won an Indspire award and most recently has been CEO of North35 Capital Partners Inc., a Toronto firm that advises Indigenous businesses on how to gain access to credit and raise capital.
He’s also chair of the Nunatsiavut Group of Companies.
Nunasi Corp. is Nunavut’s oldest birthright development corporation. It began life in 1976 under the name “Inuit Development Corp.” and acquired the name “Nunasi” some years later.
Its board of directors is made up of representatives of Nunavut’s three regional Inuit associations and three regional birthright development corporations.
Nunasi is run as a privately held company and does not publish any financial statements.
One of its big early investments was a 50 per cent share in Northern Transportation Co. Ltd., when the western Arctic barge operator, a Crown corporation, was privatized by Brian Mulroney’s Progressive Conservative government in 1985.
With the Inuvialuit Development Corp., the other 50 per cent owner, Nunasi went on to create Norterra Inc., a holding company that, in addition to NTCL, owned the Canadian North airline.
But in 2014, Nunasi sold its interest in Norterra to IDC, just before NTCL went bankrupt in 2016.
After that, Nunasi restructured, closing its Yellowknife office and moving its head office to Iqaluit.
It still owns interests in the Larga family of Inuit patient boarding homes, the Nunavut Construction Corp., the Uqsuq fuel oil company in Iqaluit and other businesses.
Nunasi also had an interest in the PAIL group of companies, which once held a contract to supply services to the North Warning System.
Publishing financial statements is not a bad thing. It forces one to be good stewards of resources. This company has been struggling for a while, maybe it is time for its books to be open. A win-win for the regular members it represents. Stop the secrecy!
Why should this company open its books to the public? Its a competitive market and what good will it do for you to look at the books, can you change things for the company?
I don’t agree that they should open their books to you.
Thats not a good practice. They do get audited and the shareholders review that. Other companies do not ope their books to the public and there is a reason why.
Actually, you are right, there is no need for disclosure and transparency. Except the company has not been doing that great for many years. Thus being forced to go public with bad news. More public scrutiny could have have changed that for the better, but maybe not. Best wishes!
Congratulations Clint Davis!
And so long Harry Flaherty. Thank you for your past commitment and contribution of your knowledge. See you around!