Settlement Agreement Review Settlement Agreement: What the agreement IS about… Compensation for Breach of Fiduciary Duty Fiduciary Duty: A legal obligation of one party to act in the best interest of another. Breach: An act of breaking or failing to observe a law, agreement, or code of conduct.
Settlement Agreement Review Settlement Agreement: What the agreement IS about… Compensation is for Loss of Use for five parcels of land; Mann-Fraser Former Busteeds Mission lands Highway 132 right-of-way Interprovincial Highway (bridge approach)
Settlement Agreement Review Settlement Agreement: What the agreement IS NOT about… The sale of land Settlement Agreement: What the agreement DOES NOT affect Aboriginal Title Aboriginal Rights Treaty Rights
Settlement Agreement Review Negotiations are a “Give & Take”… What would we gain? Compensation amount of $64.5 million What would we agree to in return? We could not sue Canada again for Breach of Fiduciary Duty regarding the same 5 parcels of land. Cross Point (Mann-Fraser Estate) will continue to exercise their existing interest in the land (i,e. They are not re-locating)
Settlement Agreement Review Canada has agreed that the exercise of Aboriginal Rights, Aboriginal Title and Treaty Rights of Listuguj are unaffected. Any disputes about Aboriginal Rights, Aboriginal Title and Treaty Rights in Cross Point (as the same anywhere else) are left to be negotiated or litigated at a later date.
Community Concerns & Misconceptions Common Misconceptions We are selling the land – FALSE By accepting this agreement, we will forfeit our Aboriginal rights – FALSE We can get more money if we re-open negotiations with Canada before a vote- FALSE
Trust Agreement & Trust Fund To safeguard the settlement compensation and to ensure that the settlement benefits both the current & future generations Why have a Trust Agreement & Trust Fund?
Trust Agreement & Trust Fund Trust Agreement – with specific details Corporate Trustee & 4 Member Trustees Statement of Investments Policies & Guidelines Ongoing & annual reporting = increased accountability How is a Trust Fund protected?
Trust Account Corporate Trustee Trust Capital ($) Preservation for future generations Grows with inflation for benefit of future generations Income distributed to First Nation annually Trust Capital ($) Preservation for future generations Grows with inflation for benefit of future generations Income distributed to First Nation annually First Nation Account Cash flow & flexibility for today Under control of First Nation with accountability to the community First Nation Account Cash flow & flexibility for today Under control of First Nation with accountability to the community Independent Investment Manager(s)
Community Questions & Concerns Discussion Groups What have you been hearing within the community regarding the Settlement Agreement? What concerns have you been hearing within the community regarding the idea of a Trust Agreement? Your input & feedback is very important to us! Please, submit your feedback to us on-line.
Update on Settlement Agreement Where are we in this process? Aiming for a vote date of March 22, 2014. Official Ratification Notice planned for publication on February 15, 2014.
Contact Us Your feedback is important to us!!! Please send your questions, comments and concerns to our Communications Officer Mike Isaac at email@example.com firstname.lastname@example.org Additional information regarding the Settlement Agreement can be found at www.listuguj.cawww.listuguj.ca Thank you for sharing your time with us. -