Makivik’s financial portfolio remains very strong, and indeed the initial $90-million dollars paid out under the compensation package by the Government of Canada related to the James Bay and Northern Quebec Agreement (JBNQA) has more than tripled since 1975.
When the JBNQA was signed, the Inuit of Nunavik decided that the initial capital fund must remain intact as a heritage fund and continue to grow for use by future generations. Additionally in the coming years substantial additional investments 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 and Board of Directors 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. In 2017 Makivik created Nuvviti Development Corporation to operate its subsidiary companies and joint venture partnerships. The IRC continues to review proposals for new companies, joint ventures, and loan request applications from Nuvviti before they are approved by the Makivik Executives and Board of Directors.
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 while the fund and investment activities are monitored and tracked daily by an investment group.
Members of the IRC come from four Makivik departments, led by the Finance Department. In addition there are members from the President’s Office, Economic Development Department, and the Legal Department.