Frequesntly Asked Questions
Where do Nunasi’s profits go?
Once Nunasi started making a profit in the early 1990’s, the profit was reinvested to help grow Nunasi into a stable corporation that could make a profit annually.
By 1998 Nunasi became stable profitable corporation and dividends were paid to the regional Inuit associations. Profits continue to be paid out in dividends and somecontinue to be reinvested to maintain a steady growth.
Who decides where the profit goes?
The Board of Directors decides how much of the profit will be paid out in dividends and how much will re reinvested. The Board of Trustees determines how the dividends will be distributed.
Who owns and controls Nunasi?
The one share is held in trust by the Board of Trustees. All three of the regional Inuit associations, Nunavut Tunngavik Inc., and the Nunasi Board of Directors each appoint a trustee to the Board of Trustees.
Why are there two boards, a Board of Trustees and a Board of Directors?
The Board of Trustees oversees and protects the assets and investments of Nunasi. The trustees also control the distribution of the dividend.
The Board of Directors decides what investments Nunasi makes. They decide the investment portfolio and investment strategy of Nunasi. The board also sets policies and strategic plans for the company that guides and directs the CEO and the President/COO. The Board also appoints directors to sit on subsidiary Boards to protect Nunasi’s interests.
Who is on the Board of Directors?
The Board of Directors membership includes appointments from all three regional Inuit association and their business development arms and Nunavut Tunngavik Inc. as well as a member-at-large who is appointed by the Board of Directors. A Chairman is selected annually by the Board of Directors.
Who manages Nunasi’s operations?
Under direction of the Board of Directors the CEO and the President/COO oversee a management team that carries out the operational tasks of Nunasi and subsidiaries wholly owned by Nunasi.
What role does Nunasi have in subsidiaries that Nunasi has less than 100 % ownership?
No two investments are the same and so each subsidiary has a management structure in place that is specific to its industry and ownership. For example some businesses have a managing board with all owners having equal say in the businesses. In some of the businesses one of the owners has an expertise in the business and is designated the managing partner.
Why so many subsidiaries?
Having many different subsidiaries in many different industries keeps Nunasi stable with a steady profit and growth over time.
How does Nunasi decide to invest in Nunavut businesses?
In 1993, Nunasi and the regional Inuit association business development corporations agreed that Nunasi would only seek partnerships and joint ventures when invited by the regional development corporation so that they don’t compete against each other.
Nunasi also assesses each opportunity and asks, 'will it create a financial return?' and 'will it create opportunities for Beneficiaries?'
Why are there subsidiaries located outside of Nunavut?
There are 52 operating companies that Nunasi has invested in; of these only six do not operate within the boundaries of Nunavut.
Why does Nunasi have an office in Yellowknife?
Nunasi was operating in Yellowknife before the territory of Nunavut was created. Yellowknife has served Nunasi well in that it has been a key point for business. Nunasi also has an office in Iqaluit.
How many people work at Nunasi?
There are currently 13 employees, 11 in Yellowknife and two in Iqaluit. Seven of the employees are Beneficiaries of the Nunavut Land Claims Agreement.