LEGAL SHAREHOLDERS
The Inuit and the Inuvialuit people of the North are each represented by their own development corporations - Nunasi Corporation in Nunavut and the Inuvialuit Development Corporation (IDC) in the western Arctic. These corporations began with a vision: to create more meaningful participation in the Canadian and trans-Arctic economies for the people they represent.

Inuvialuit Development Corporation (IDC)

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The Inuvialuit Development Corporation is owned 100 percent by the Inuvialuit Regional Corporation (IRC). The IRC in turn is directly controlled by its 5,000 Inuvialuit beneficiaries.

IDC conducts its business through more than 20 subsidiary enterprises and joint ventures in seven business sectors: transportation, petroleum services, construction/manufacturing, environmental services, northern services, real estate, tourism and hospitality. Headquartered in Inuvik, the corporation maintains the majority of its asset base in the Northwest Territories and the balance in southern Canada.

IDC is the economic and employment engine for IRC. It generates wealth through continued investment activity; it increases Inuvialuit human resource capacity through formal career development and advancement programs; and it protects and secures IRC's future through formal business planning, new venture formation and portfolio management.

Nunasi Corporation

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Nunasi Corporation is a birthright development corporation, wholly owned by all the Inuit of Nunavut. Its board of directors represents all the regions of Nunavut and their respective regional Inuit development corporations. This board is overseen by a slate of trustees that also reflects all three regions.

The corporation was formed by the former Inuit Tapiriiksat of Canada (ITC), now known as Inuit Tapiriit Kanatami (ITK), as an economic institution for the advancement and benefit of its shareholders, helping them take their place in the world of Canadian business.

With offices in Yellowknife and Iqaluit, Nunasi operates four wholly owned subsidiaries and is involved in a large number of strategic joint ventures. These enterprises cover a variety of business sectors: retail, transportation, manufacturing, contracting and real estate. They also include northern services such as environmental assessment, fuel purchase and distribution, professional training opportunities, digital communications, northern infrastructure development, and accommodation for northern patients requiring medical treatment in southern Canada.

PARTNERSHIP FOR PROGRESS
The two corporations knew that the means to achieve their commonly held vision lay in a strong partnership. They also understood the importance of infrastructure and transportation in the northern economy, so in 1985 they combined to purchase NTCL. This was a crucial step towards helping northerners develop greater economic power and influence over their own region. Nunasi and IDC quickly realized that greater possibilities lay ahead, so in 1987 they strengthened their partnership and started "growing" their vision by creating NorTerra Inc. Since that time, NorTerra has served IDC and Nunasi admirably, buying and selling several companies, generating profits and bringing in other healthy long-term acquisitions such as Canadian North Airlines and Weldco-Beales Manufacturing Inc.

The relationship between NorTerra and its two legal shareholders is a close and positive one. NorTerra's board of directors includes four representatives from Nunasi Corporation and four from IDC. NorTerra's executives report to this board on a quarterly basis. These meetings are characterized by healthy dialogue and open communication because of two basic forces at work: NorTerra operates at a very high level of accountability and our corporate officers take great pride in our rigorous financial reporting standards; and, our directors, and the shareholders they represent, are extremely pleased with the successes posted by each of the NorTerra companies. The directors are particularly proud of the NorTerra group's commitment to hiring the aboriginal people who the parent corporations represent - the Inuit and Inuvialuit.

Legal shareholders, beneficiaries, parent corporations, directors - as I said above, all these terms add up to something much more than an organizational chart. Together they translate into vision, partnership, relationships, commitment and success. Those are the real cornerstones of NorTerra's corporate structure.