Makivik’s financial position remains strong, and indeed the initial 90-million dollars paid out under the compensation package by the Government of Canada has more than doubled in the past 30 years.
Makivik’s financial position remains strong, and indeed the initial 90-million dollars paid out under the compensation package by the Government of Canada has more than doubled in the past 30 years.
When the JBNQIA was signed, the Inuit of Nunavik determined that the initial capital fund must remain in tact as a heritage fund and continue to grow for use by future generations. Additionally in the coming years substantial additional investment in the tens of millions of dollars will be directed into the heritage fund for investment and distribution as a result of the Nunavik Inuit Land Claim Agreement which came into effect in 2007.
At the heart of Makivik’s financial success is the Investment Review Committee (IRC), an advisory group to the Makivik executive with the responsibility for administering and investing the capital fund in stocks, bonds and money markets.
The IRC also reviews joint venture projects or proposals including the creation of new subsidiary companies and loan request applications.
The IRC also recommends to the Makivik directors the annual budget based on the projected rate of return from financial investments.
The IRC meets on a monthly basis but the fund and investment activities are monitored and tracked daily by an investment group.
Members to the IRC come from four different departments of Makivik, led by the Finance Department. In addition there is membership from the President’s Office, Economic Development Department and Legal Department.
