March 21, 2006
To all First Nations in British Columbia,
Re: $100 Million New Relationship Trust
We are pleased to enclose for your information and review the New Relationship Trust Act, the proposed legislation to establish the New Relationship Trust. The first reading of this legislation will take place today (March 21, 2006). We hope that the legislation will be proclaimed by the end of this month.
Assuming the legislation passes, a seven-member Board of Directors (composed of a representative from each of the Leadership Council member organizations, two Leadership Council appointees, and two provincial government appointees) will spend the coming months structuring the Trust, including:
Selecting the financial institution to receive the allocation
Gathering input from BC First Nations (as mandated by Chiefs at the BC Regional Chiefs’ Special Assembly held in Kamloops in October 2005)
Developing a 3-year strategic plan and outcome measures
Preparing fund policies and procedures, including subsequent Director selection criteria, investment policy, operating policies and procedures, etc.
Publishing the strategic plan, including access criteria and process, based on consultations with First Nations.
Once this strategic plan is in place, it is expected that the Trust will commence operations, which will also include financial audits and annual reports. The Trust’s Board of Directors will work to have the Trust in operation as soon as possible.
We hope that the New Relationship Trust will prove to be of benefit to BC First Nations. Please do not hesitate to contact us if you have any questions or concerns.
FIRST NATIONS LEADERSHIP COUNCIL
New Relationship Trust Act available at: