May 22, 2018 – Kuujjuaq, QC – Following a two-day Meeting the Makivvik Board of Directors have approved a restructuring plan for Makivvik’s newly formed Nuvviti Development Corporation.
Nuvviti was created nine months ago as a subsidiary of Makivvik to manage and operate its economic interests and subsidiary companies such as First Air and Air Inuit. In restructuring, Makivvik seeks to streamline operations, reduce costs, and establish clearer lines of communications with Nuvviti.
Under a new structure approved by the Makivvik 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 Makivvik’s main subsidiaries.
Makivvik President, Charlie Watt says there are challenges in creating a business arm that meets the needs of Makivvik politically and economically.
“Makivvik 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, Makivvik 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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Makivvik 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. Makivvik’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. Makivvik promotes the preservation of Inuit culture and language as well as the health, welfare, relief of poverty, and education of Inuit in the communities.