The Dehcho First Nations Master Trust Agreement (the Trust) was effective August 21, 2006 when the first settlement proceeds were received from Canada under the terms of the Settlement Agreement. A settlement of $15,000,000.00 was received.
CIBC Trust Corporation of Canada (CIBC Trust) acts as the Corporate Trustee for the Trust.
The Trustee is responsible for ensuring that the Trust funds are received and invested as authorized under the Trust Agreement, and that all distributions of funds out of the Trust Accounts are properly authorized and documented.
The Trust Agreement requires that the Trustee provide an Annual Report concerning receipts, expenditures and investments of the Trust. This Annual Report is to be presented annually at the Dehcho First Nations Annual Assembly.
The Investment Management Board is required to provide a report twice a year. The first report will be presented at the Deh Cho First Nations Annual Assembly and the second report will be presented at the Deh Cho Winter Leadership meeting.
The year-end financial statements for the Trust is audited by Mckay & Partners, chartered accountants, from Yellowknife, NWT, who was jointly appointed by the Investment Management Board and the Trustee, to serve as “Independent Auditor” under the terms of the Trust Agreement.
Members of the Investment Management Board are appointed at the Dehcho First Nations Annual Assembly. The Investment Management Board members consist of a Chair, Vice-Chair, Secretary-Treasurer and Member at Large.
The Investment Management Board is responsible for the investment management of the Trust funds as well as administration and disbursement under the Terms of the Trust Agreement. The IMB board members accept the obligation to perform certain significant duties and assume board responsibilities in relation to the administration of the Trust to preserve and protect it for the benefit of the Dehcho First Nations and future generations of its membership.