Next Steps for Trust Fund Agreement

Update from Chief Mervin Cheechoo
Friday, January 27, 2023

MCFN Trust Fund Agreement: The Next Steps

The ratification vote on the Moose Cree Trust was held in late November and early December, which included voting stations set up in various cities in addition to Moosonee and Moose Factory.  There was also the option of submitting mail-in ballots.  Membership did vote in favour of the Trust Agreement and to creating the Moose Cree First Nation (MCFN) Trust. As a result, a portion of our Self-Generated Revenue (SGR) from the Lower Mattagami project (OPG) will be put into the Trust on an annual basis to be invested in accordance with an investment policy to be developed and approved through the process set out in the Trust Agreement. Council decided to hold a ratification vote so that Membership had the opportunity to have the final say in this decision, it was not required but was done to be as inclusive as possible.

The first step in implementing the Trust Agreement involves the establishment of a Selection Committee, which will be responsible for putting a public call out for interested Trustees to serve on the MCFN Board of Trustees.

The Selection Committee will work with legal and financial advisors to formalize the criteria for potential Trustees, which will include the following:

1. Is not an undischarged bankrupt;
2. Has not been convicted at any point in the previous five years of an indictable offence involving trust property, theft, dishonesty, fraud or the exercise of his or her responsibilities as a trustee;
3. Is at least 18 years of age;
4. Is not a non-resident of Canada for purposes of the Income Tax Act, and;
5. Has not been found liable by a civil court at any point in the previous five years of breach of trust.

These criteria are set out in Article 5.1 of the MCFN Trust Agreement. The Selection Committee will be established by Chief & Council and will be responsible to review the resumes and experience of potential trustees. They will then make recommendations to Chief & Council, and it is Chief & Council that will make the appointments to the MCFN Board of Trustees.

The establishment of a MCFN Trust is a positive development for MCFN and for our children and their grandchildren. The Trust will allow us to invest and grow a portion of the SGR that our First Nation receives from the Lower Mattagami project. As I mentioned during the information sessions prior to the ratification vote, Council understands that we need to take a balanced approach by addressing the needs of our Membership now and saving and investing for future generations. The implementation of the MCFN Trust is a step in the right direction. I want to thank our Membership for coming out to the information sessions and for participating in the ratification vote.