Message From The Chair
As Inuvialuit Regional Corporation (IRC) and the other members of the Inuvialuit Corporate Group conduct their activities throughout the year, it is critical that they be guided by the Inuvialuit Final Agreement (IFA) and that each of their activities relate to or support the achievement of one or more of its primary goals:
- To preserve Inuvialuit cultural identity and values in a changing northern society.
- To enable Inuvialuit to be equal and meaningful participants in the northern and national economy and society.
- To protect and preserve the Arctic wildlife, environment and biological productivity.
Inuvialuit beneficiaries will also utilize the IFA goals as their guide when they review the performance of IRC and its subsidiaries. While working within this core direction it must be recognized that no organization can do everything for or be everything to all of its members. While advancing the primary goals of the IFA, IRC must ensure that it focuses on what is most important, what is within its mandate, and what is within its means.
Financial Performance
In 2008 despite the downturn in the global economy, the Inuvialuit Corporate Group
enjoyed after tax earnings of $3,824,000.
Each enrolled beneficiary received the minimum available under the IRC Distribution
Policy. In May 2009, each of the 3,912 beneficiaries received $400, for a total
distribution of $1,565,000. These cash payments came directly from the four income
generating subsidiaries – Inuvialuit Development Corporation (IDC), Inuvialuit
Investment Corporation (IIC), Inuvialuit Petroleum Corporation (IPC) and Inuvialuit
Land Corporation (ILC).
Direct Benefits to Beneficiaries
Since the signing of the IFA on June 5, 1984, the net worth of the Inuvialuit
Corporate Group has grown considerably. Land claim payments to IRC from the
Canadian government totalled $169,500,000. On December 31, 2008, Beneficiaries’
Equity within the Inuvialuit Corporate Group was $381,841,000.
In 2008 IRC and its wholly owned subsidiaries provided $21,102,222 in direct
benefits to Inuvialuit beneficiaries through their own resources.
In addition to these benefits, community wellness, and capacity building initiatives
of $11,600,000 were delivered through contribution agreements with federal and
territorial government departments.
As we focus our efforts towards the year ahead I would like to recognize the many people who have contributed to the achievements of 2008. Thanks go out to the directors and staff of the Inuvialuit Corporate Group for their hard work and to the many beneficiaries who gave freely of their personal time and energy to advance the well-being of the Inuvialuit. We look forward to working together in the year ahead!
Nellie J. Cournoyea
Chair and CEO
Inuvialuit Regional Corporation