May 22, 2018 – Kuujjuaq, QC – Following a two-day Meeting the Makivik Board of Directors have approved a restructuring plan for Makivik Corporation’s newly formed Nuvviti Development Corporation.
Nuvviti was created nine months ago as a subsidiary of Makivik Corporation to manage and operate its economic interests and subsidiary companies such as First Air and Air Inuit. In restructuring, Makivik Corporation seeks to streamline operations, reduce costs, and establish clearer lines of communications with Nuvviti.
Under a new structure approved by the Makivik Board, the board of directors of Nuvviti Development Corporation will increase from six to eight members. Four prominent Inuit with business backgrounds have been appointed. The selected members of the new board are Johnny Adams, Noah Tayara, Johnny May and Tommy Palliser. Additional members will be named soon. The new board of Nuvviti and will oversee the management of Makivik’s main subsidiaries.
Makivik President, Charlie Watt says there are challenges in creating a business arm that meets the needs of Makivik Corporation politically and economically.
“Makivik Corporation is unique in Canada in that it has a mandate as an Indigenous political organization and as an investment company, and we have operated under that umbrella very successfully for 40 years. To get a subsidiary to handle our business interests is going to take careful scrutiny, and changes will be made from time to time to make the best use of our beneficiaries’ equity,” says Mr. Watt.
As a political and investment Corporation, Makivik has been a success story in the Canadian Arctic. In 1975 under an agreement reached with Quebec and Canada – the James Bay and Northern Quebec Agreement – the Inuit of Quebec received $91-million dollars as compensation for damming of rivers by Hydro-Quebec. The capital was invested and today is worth in excess of $450-million.
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Makivik is the land claims organization mandated to manage the heritage funds of the Inuit of Nunavik provided for under the James Bay and Northern Québec Agreement. Makivik’s role includes the administration and investment of these funds and the promotion of economic growth by providing assistance for the creation of Inuit-operated businesses in Nunavik. Makivik promotes the preservation of Inuit culture and language as well as the health, welfare, relief of poverty, and education of Inuit in the communities.