The Indigenous Land Claims in New Zealand and Canada

More documents

Recommendations

Info

The Inuvialuit Investment CorporationAccording to the 2000 Annual Report of the ICG, the Inuvialuit Investment Corporation (IIC)“was established to receive the bulk of the financial compensation that came from the IFA. … investthese funds in low risk investments and to preserve the capital for future generations of Inuvialuit”(ICG 2000, 39). The company maintains a conservative and diverse portfolio of investments innational and international securities. In 2002, IIC experienced a weaker performance earning $1.6million, which was down from $3.5 million in 2001 (IDC 2002 Annual Report, 30).The Inuvialuit Development CorporationThe Inuvialuit Development Corporation (IDC) was created to address one of the objectives ofthe IFA; that is, “to enable the Inuvialuit equal and meaningful participation in the Western Arctic,circumpolar, and national economies” (ICG 1998, 1). In pursuing this objective IDC says it will “buildand protect a diversified asset base, generate financial returns, create employment, and increase skillsand development among the Inuvialuit” (IDC 1998, 1). As the business arm of the IRC, the asset baseof IDC is presently $135 million, with revenues exceeding $163 million in 2004.The IDC has created or acquired over 30 companies operating in eight sectors – technologyand communications, health and hospital services, environmental services, property management,manufacturing, transportation, northern services and real estate development. These companiesoperate in the north, throughout southern Canada and internationally. Many are joint ventures oftenwith non-Indigenous corporate partners. One of the IDC’s successful joint ventures is a holdingcompany called NorTerra owned in partnership with the Nunasi Corp., representing the Inuit ofNunavut. This augurs well for Inuit and Inuvialuit participation in the much anticipated rebirth of theoil and gas industry. In the Edmonton Journal on June 4, 2003, Gary Lamphier described theanticipated spin-offs of the Mackenzie Valley natural gas pipeline proceeds as follows:24
The massive project would, in turn, spur demand for air travel and marine transportationthroughout the North -- services NorTerra is ideally positioned to provide through itssubsidiaries, Canadian North Airlines and Northern Transportation Co. Ltd. (Lamphier2003)These expectations led NorTerra president Carmen Loberg to say, “I hate to make projections.But with the opportunities that are out there, we should be a $300 million to $350 million companywithin five years” (Lamphier 2003). Revenues in 2002 were $239 million.The Inuvialuit Petroleum CorporationThe Inuvialuit Petroleum Corporation (IPC) was formed in 1985. The IPC began operationsby purchasing shares in two small publicly-traded companies. The IPC grew steadily through the late1980s and early 1990s. In 1994, the IPC sold all its oil and gas assets except for one property innorthwestern Alberta. “IPC received a total price of $83.4 million which after the deduction of allassociated costs, resulted in an extraordinary profit of $29.5 million. This extraordinary gain is verynotable as it was realized for the Inuvialuit on an equity investment of $11.9 million” (ICG 1998, 2).As a result of the sale of its oil and gas assets, the company ended 1994 with a $50 million investmentportfolio to be used “to investigate internally generated oil and gas prospects, pursue acquisitionopportunities and finance ongoing commitments for Inuvialuit benefits” (ICG 1998, 2). In 1995, IPCpurchased the assets of Omega Hydrocarbons and formed Inuvialuit Energy Inc., a joint venture 60%owned by the IPC.The IPC’s strategy has been successful. In 1997, the company reported a profit of $5.6 millionon revenues of almost $29.6 million. In 1999, the IPC sold its interest in Inuvialuit Energy Inc.Proceeds from this sale were added to those from earlier sales and invested in a portfolio ofmarketable securities. This portfolio earned $2.1 million in 2000. IPC’s strategy is to “hold themarketable securities in anticipation of opportunities to participate in discoveries on Inuvialuit landswithin five years” (ICG 2001, 25). With the resurgence of interest in petroleum and natural gas25
Page 1 and 2: The Saskatchewan Institute of Publi
Page 3 and 4: This paper explores the struggle by
Page 5 and 6: RECOGNIZING the urgent need to resp
Page 7: the treaties signed. It must also n
Page 11 and 12: The Canadian CasesBefore examining
Page 13 and 14: esource-based corporations for cert
Page 15 and 16: of Natives to protect their histori
Page 17 and 18: administration and development of t
Page 19 and 20: • Nunavik Arctic Foods harvests w
Page 21: In 1982, the CRA created the Cree R
Page 25: Inuvialuit Final AgreementIn May 19
Page 29 and 30: the rebuilding of the Inuvialuit
Page 31 and 32: that the settlement does not includ
Page 33 and 34: nearly enough to redress the previo
Page 35 and 36: Ngai Tahu Tourism is the parent com
Page 37 and 38: ConclusionNow to return to the four
Page 39 and 40: About the AuthorsRobert B. Anderson
Page 41 and 42: Indigenous Peoples’ Human Rights
Page 43: No. 23 Performance Measurement, Rep

The Indigenous Land Claims in New Zealand and Canada

Create successful ePaper yourself

Delete template?

Save as template?