Creating agency for future generations to administer monetary settlements
Siksika Nation Chief & Council decided to develop a new trust framework to provide more flexibility than the previous Nation trusts. The Trust Working Group (TWG) was developed by Chief and Council to work in conjunction with Deloitte, who have experience in developing First Nation Community Trust Frameworks.
Community Trust Frequently Asked Questions (FAQ)
What is a community trust?
Community Trust is a trust framework or way of structuring the trust so to allow more input from Nation members. Nation members may be elected/selected to be community trustees. Community Trustees are empowered with financial capacity and decision-making authority, so long as the decisions are compliance with the Trust Agreement.
Community Trust framework provides greater community consultation & community involvement.
Why did Siksika Chief and Council and Treasury Board decide to develop a new trust?
Chief & Council decided to develop a new trust framework to provide more flexibility than the previous Nation trust. The Heritage & Acreage Trusts are good Trusts & are designed to provide financial security for the future generations; however, our Nation currently needs more flexibility to meet the current & growing needs of the Nation. A New Trust can be designed to address the needs of the people, both current and for generations to come.
What is the purpose of the Trust Working Group?
The Trust Working Group (TWG) was developed by Chief and Council to work in conjunction with Deloitte, who have experience in developing First Nation Community Trust Frameworks. The TWG will be involved with providing information to the community and gathering information critical for the trust framework development. Once the information is gathered through surveys and community consultation, the trust framework will be drafted based on input from community. The trust framework will then be reviewed and approved by the Siksika Treasury Board and Chief and Council. Once approved, the trust framework will be used to draft the Trust Agreement. This trust agreement will be provided to Siksika Nation members to review and the community will have the final say in the form of a referendum. At this point the TWG will have completed their role and will no longer exist.
Who decides what the money is allocated for?
The Trust Agreement will outline how the funds will be allocated, but the Trust Agreement is based on the input of the People & Leadership. Therefore, the ultimate decisions are made by the needs of the people; however, the community trustees are bound by the trust agreement and a 3rd party administrative trustee will ensure that all trustees comply to the agreement. The administrative trustee is legally liable should funds be misappropriated.
Who will manage the trust?
Every Trust is managed by Trustees. Trustees have a legal obligation & fiduciary duty to perform in the best interest of the beneficiaries (Siksika Nation Members). The Community Trust will have both an Administrative Trustee (for example, a bank or a financial management firm) as well as Nation Member Trustees. The Nation Member Trustees and the Administrative Trustee will manage the Trust Assets, based on the terms as outlined in the Trust Agreement.
When will the community vote on this trust?
Once the Trust Working Group (TWG), along with Deloitte, develops the Trust Framework, and the trust agreement is drafted by lawyers. The trust agreement will then go out the People & voted on.
Why should I vote?
You should vote to voice your opinion. How these trust dollars are invested & spent directly effects each Siksika Nation member. The Community Trust framework provides Nation members with more involvement in the trust & provides more flexibility as to how the Trust dollars are allocated.
Will the community have an opportunity to provide input on the Trust Framework?
The Community will have an opportunity to provide input via the trust surveys. The Trust Working Group (TWG) have developed a survey that ask how each Nation member would like to see the trust governed and allocated (for example Community priorities such as education, housing, etc). Community members can also provide input to Nation Member Trustees as well as to C&C once the trust framework has been implemented.
How can I become involved?
Attend the Community Information Sessions. Fill out the surveys to let the Trust Working Group (TWG) know what is important to you.
Contact CFO (Ouray Crowfoot) or any other TWG member questions regarding the current trusts, the framework being developed or any other question or concerns regarding the trusts.