Our Beginning –
When the James Bay and Northern Quebec Agreement (JBNQA) was signed in 1975 Nunavik became the first of the four Inuit regions to sign a modern Comprehensive Land Claims Agreement. Makivik was created to both implement the agreement and invest the compensation funds. The other three Inuit regions completed their land claims agreements later — Inuvialuit in 1984, Nunavut in 1993, and Nunatsiavut in 2005. They all created separate “Development Corporations” in addition to their Land Claims Organizations when they signed their claims. With the creation of Nuvviti Development Corporation in 2017, Makivik also took the path of separating Inuit political representation, and professional business management.
In October 2016, the Makivik Board of Directors created a “ Structural Review Committee” to analyze and make recommendations on improving the business operations of its subsidiaries and joint ventures and to improve its ability to take greater advantage of new business opportunities. The Committee reported back to the Makivik Board of Directors in February 2017 recommending that Makivik create a separate business arm which would hold all of the voting shares in Makivik’s wholly owned subsidiaries and with Power of Attorney to represent Makivik in non-wholly owned subsidiaries and joint ventures. As a result, in February 2017 Makivik announced its intention to create a new business development corporation.
The creation of an Inuit owned “Development Corporation”, wholly owned by Makivik Corporation, would be consistent with the political and business models in the three other Inuit land claim regions of Canada. The Inuvialuit have the “Inuvialuit Development Corporation”, Nunavut has “Nunasi Corporation”, and the Nunatsiavut region has the “Nunatsiavut Group of Companies”.
As in the other Arctic regions, the creation of a separate business entity from Makivik is intended to improve the decision-making process as well as to improve Makivik’s ability to take advantage of business opportunities.
The creation of Nuvviti Development Corporation brought with it new Director positions on the Nuvviti Board of Directors as well as on Makivik’s two major wholly owned subsidiaries – First Air and Air Inuit – as follows:
Makivik’s Board is responsible to appoint the six Nuvviti Development Corporation Board Members according to established criteria, and make recommendations regarding the three James Bay and Northern Quebec Agreement (JBNQA) Beneficiaries appointed to the First Air and Air Inuit Boards.
The Nuvviti Board is responsible for selecting and appointing Nuvviti’s senior management; to sit as Board Members on all subsidiaries and joint ventures, except major subsidiaries such as First Air and Air Inuit who have separate Boards; to appoint the six-member Board for First Air and Air Inuit according to established criteria; and the Nuvviti President will sit as a non-voting member on all subsidiary Boards.
The Subsidiary company Boards are responsible for selecting and appointing the senior management (CEO “Chief Executive Officer”), VPs (Vice-Presidents), CFO (Chief Financial Officer) etc. The President and CEO of the subsidiary company must keep the Nuvviti President well informed on the day-to-day operations of the subsidiary company.
The structure of the Boards of Directors for Nuvviti, First Air, and Air Inuit is as follows:
- Three JBNQA Beneficiaries with business experience, who are not Makivik employees, nor members of the Makivik Board of Directors.
- Three individuals independent from Makivik, not members of the Makivik Board of Directors or an employee of Makivik, with both business experience and a professional designation, who may or may not be a JBNQA Beneficiary.
The members of the new Boards were announced on June 26th, 2017. On June 27th, all the new board members gathered for a daylong seminar to meet each other, the Makivik President and Executives, and senior staff from Makivik Corporation and subsidiary companies. Presentations were made on the history of Makivik, the signing of the James Bay and Northern Quebec Agreement, and each of Makivik’s subsidiary companies.
The Nuvviti, First Air, and Air Inuit Boards held their first official meetings on June 28, 2017. One of the first orders of business for Nuvviti was to select new Boards for Makivik’s other subsidiary companies – Halutik Enterprises, Kautaq Construction, Nunavik Geomatics, and joint ventures NEAS Group, Unaaq Fisheries, and Tarquti Energy.
Enable Makivik to provide for future generations of Nunavik Inuit.
Through the sound and responsible management of Makivik’s business interests, Nuvviti strives to ensure the sustainability of Makivik’s equity funds for the collective benefit of generations to come, in an accountable and transparent manner.
Our Objectives – The objectives of Nuvviti are:
- To manage and oversee Makivik’s existing and future wholly-owned and non-wholly owned subsidiaries and joint ventures.
- To create, invest in, operate and manage active business investments that are compatible with the visions and goals of Makivik Corporation.
- To the extent possible, support Makivik’s mandate through job creation and employment opportunities for Makivik beneficiaries in the Nunavik region and/or contribute to improving the quality of life in Nunavik communities or the region as a whole.
- To ensure that all of Makivik’s business investments managed by the Development Corporation have a reasonable expectation of making profits and that they provide Makivik with an annual cash return on its investment.
- To pursue all potentially profitable business ventures in the Nunavik region on a competitive basis, and make reasonable efforts to collaborate on joint ventures with local or regional entities.
- Growth: Rebalance business mix and invest in new business sectors bringing fresh money from new markets in the Nunavik economy
- Operations: Improve profitability by increasing revenues, lowering costs and managing cash efficiently
- Organization: Address efficiencies to compete more effectively