History and Growth

The first meeting of Inuit leaders led to the creation of the Inuit Tapirisat of Canada (now known as the Inuit Tapiriit Kanatami or ITK), the national body that represented all the Canadian Inuit in Land Claims negotiations with the Federal Government.

Transcript from February 18-22, 1971 when Inuit leaders gathered in Toronto to meet on the creation of the Inuit Tapirisat of Canada.

Inuit Tapirisat of Canada early logo
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Inuit Tapiriit Kanatami logo

“…we would like to be involved in any private business or developments taking place.”
CELESTINO MAKPAH

ITK quickly decided that an Economic Development Corporation should be formed in anticipation of Land Claim funding.

In 1976 ITK created the Inuit Development Corporation, later to be renamed as Nunasi Corporation. The corporation was created to be the development arm of the yet to be formed territory of Nunavut. Its purpose was to support Inuit to take a prominent place in the world of Canadian business.

ITK also formed an organization called Tunngavik Federation of Nunavut (TFN), now known as Nunavut Tunngavik Incorporated. TFN was assigned the responsibility of negotiating the final Nunavut Land Claims Agreement.  Shortly after the creation of TFN, the Inuit Development Corporation was renamed as Nunasi Corporation.

Originally, Nunasi Corporation was financed through debt financing with the debt being secured from the land claim that was still under negotiation at the time.

One of the first contracts Nunasi had was with the Colomac mine to provide personnel. Colomac is a former gold mine located 220 km north of Yellowknife.

In 1985 a deal was brokered on behalf of Nunasi Corporation and Inuvialuit Development Corporation to purchase Northern Transportation Company Limited. This acquisition was pivotal to set the stage for the future growth of Nunasi Corporation.

Nunasi Corporation restructured its finances to support its plan for aggressive growth.

Nunasi’s Board and Executive set revised principles and goals to re-establish relationships with the Regional Inuit Associations (Kitikmeot Inuit Association, Kivalliq Inuit Association and Qikiqtani Inuit Association) in order to work together to benefit all shareholders.

Nunasi made a key decision to have representatives from the Regional Development Corporations (Kitikmeot Corporation, Sakku Investments and Qikiqtaaluk Corporation) play a key leadership role as Board Members on the Nunasi Board of Directors.

In 1992 Nunasi repaid all monies it had borrowed and secured through the Nunavut Land Claims Agreement.

After years of negotiations, the Nunavut Land Claims Agreement was finally signed in May 1993 in Iqaluit.

The profits that Nunasi makes are re-invested into other acquisitions or paid out in dividends. A dividend policy is now in place to give a certain amount to the Nunasi Trust every year. The trust then distributes the money to the three Regional Inuit Associations.

Nunasi developed a strategic plan to seek opportunities in and outside of Nunavut and to only seek partnerships and joint ventures in Nunavut when they are invited in by the Regional Inuit Development Corporations.

Nunavut officially became a Canadian territory.

Nunasi has declared dividends of over $3 million since 1999.

In 2012 the two positions for President/COO and CEO Nunasi are moved to Nunavut.

The corporate governance is reformed to include the Presidents and Chairpersons of the Regional Development Corporations and the Presidents of the Regional Inuit Associations.

In 2013 the Regional Inuit Organizations introduce a new ownership structure that clarifies and harmonizes investment policies of the Regional Inuit Development Corporations and Nunasi.

April 1, 2014 Nunasi sells NorTerra to align Nunasi’s interest with those of the three Regional Development Corporations.

April 1, 2016 Nunasi closes their Ottawa office and consolidates all staff in the Iqaluit office.