First meeting of the interim Board of the Northern Territory Aboriginal Investment Corporation
The establishment of the Northern Territory Aboriginal Investment Corporation (NTAIC) reached an important milestone with the first meeting of the interim Board held on 27 and 28 April 2022 in Darwin.
The Aboriginal controlled interim Board, comprising of eight members appointed by the four Northern Territory Land Councils, and two members appointed by the Australian Government, came together to discuss their roles and responsibilities and set the priorities and forward agenda for the NTAIC.
Over the course of the two days, the interim Board progressed a number of key decisions including agreeing the process and requirements to establish investment and audit committees, and for appointing independent Directors and an acting CEO.
Importantly, the interim Board elected Mr Samuel Bush-Blanasi and Ms Barbara Shaw as cochairs to lead the work of the interim Board in preparing for the commencement of the NTAIC by December 2022.
The NTAIC shifts control of decisions over a significant amount of ABA funds into Aboriginal hands. Interim Board members were united by their commitment and vision to invest in a better future for the Aboriginal people and communities of the Northern Territory.
The NTAIC will be a significant new economic vehicle in the Territory. It will invest in projects that will grow long term wealth and support Aboriginal economies and support important social and cultural priorities.
The NTAIC will receive grant funding of $180 million over the first three years of operation. Once it has developed and tabled in Parliament a Strategic Investment Plan, the NTAIC will receive an endowment of $500 million.
The investment priorities of the new corporation will be set out in a Strategic Investment Plan, prepared by the Board, through engagement with Aboriginal people and organisations in the NT. The Board will work with, and listen to Aboriginal people across the NT, when co-designing and prioritising projects the NTAIC will invest in.
Looking forward, the NTAIC will replace the current Government managed ABA beneficial grants program with its own newly designed program. Over the course of the meeting, the Board was unanimous in its agreement to work with the existing ABA Advisory Committee to maximise opportunities for a new, accessible, efficient and culturally appropriate beneficial payments program.
Once established, the Northern Territory Aboriginal Investment Corporation will be an independent entity with its own staff, facilities and accommodation.
The interim Board will meet again on 28 and 29 June 2022.
Interim Board members:
- Barbara Shaw (co-Chair)
- Samuel Bush-Blanasi (co-Chair)
- Richard Dixon
- Derek Walker
- Leslie Tungatulum
- Gibson Farmer Illortaminni
- Thomas Amagula
- Bradley Bara
- Suzi Hullick
- Justin Ryan