Doug Ashbury
Northern News Services

NNSL (May 24/99) - Canada's first Inuit-owned investment corporation reports an investment return of almost 15 per cent.

Makivik Corp.'s investment portfolio generated $15.5 million in revenue last year, the Inuit development company said.

"Prior to the start of the fiscal year, we had prudently set our projected rate at 8.5 per cent (but) the actual realized return came to 14.63 per cent," Makivik Treasurer Anthony Ittoshat said.

Total equity of the beneficiaries of the James Bay and Northern Quebec Agreement totals $157.3 million, Makivik said in a recent release. The $157.3 million is up from $145.0 a year earlier.

Makivik was created following the signing of the James Bay and Northern Quebec Agreement in 1975. It's mandate is to represent the 8,885 Inuit of Nunavik at the political level and to administer the funds provided by the federal government.

Ittoshat adds that the good return was not only the result of money managers keeping a close eye on stock, bond and money markets but also on the performance of Makivik subsidiaries.

First Air and Air Inuit are among Makivik's companies. The corporation also is a third-owner in Pan Arctic Inuit Logistics.

Makivik is "heading in the right direction" and Ittoshat said by the end of this fiscal year, the corporation's results will exceed fiscal 1998's. In first quarter fiscal 1998-99, the three months ended Dec.31, 1998, Makivik's investment portfolio posted a 16.5 per cent gain.

Makivik distributed the majority of the investment gains to Inuit communities for education, cultural and sporting organizations and to improve social infrastructure.

Since it was created, the corporation has provided over $50 million to Nunavik communities.

Prior to Makivik announcing a 15 per cent return, the Nunavut trust

reported it had booked a 17 per cent gain (News/North, May 17).

The trust also reported an $11-million surplus after Nunavut Tunngavik costs were covered.

For fiscal 1998-99, the trust made $31.6 million.

The $31.6 million more than covers the budget of the trust's beneficiary, Nunavut Tunngavik Inc. which had a $20.6-million budget.

The trust manages and invests the $1.17-billion land claims settlement paid to the Inuit of Nunavut by the Canadian government until the year 2007.

Nunavut Tunngavik owes the trust about $93 million. A 15-year repayment plan is in place.

The trust is directed by six Inuit trustees. Each regional Inuit association appoints two trustees.

All net taxable earnings of the trust are paid to the designated beneficiaries, Nunavut Tunngavik, and the Nunavut Elders' Pension Trust.