CNI Collective Iwi
Each iwi in the Collective needs to have an organisation in place to receive its share of the settlement assets. These organisations are called Post Settlement Governance Entities (PSGEs). A PSGE is an organisation that represents the interests of members of the iwi.
Ultimately these PSGEs will decide how to invest or use their share of the settlement assets – and whether or not to participate in Collective commercial activities. The Collective’s job is to ensure that iwi have the option to participate if they choose to, both now and in the future.
There are three core requirements for a PSGE, and these provide a framework for the principles of good governance.
Firstly the PSGE must be representative. This means that the people of the iwi must be able to participate in the election of their PSGE representatives.
Secondly, the PSGE must be transparent. This means that the people of the iwi must receive regular information on the operations of the PSGE, including annual accounts and audit reports. Annual General Meetings (AGMs) must also be held.
Lastly, the PSGE must be accountable. This means that the duties and obligations of representatives to the people of the iwi must be unheld at all times. If the people are seriously unhappy with what’s going on, then they must ultimately be able to remove the trustees.
In practice, PSGEs are generally set up as trust holding entities. This is because trusts are the best type of entities for safe-guarding the assets on behalf of members of the iwi, ensuring accountability back to members of the iwi, and promoting good governance. The specific type of trust that is normally used for a PSGE is called a Common Law Trust. Each PSGE will be governed by its elected representatives (or “Trustees”), in accordance with the PSGE’s Trust Deed.
The Trust Deed is based on a standard template, which complies with the principles of good governance and the Crown’s minimum requirements. Each iwi will then add to or adapt the Trust Deed to suit their own unique requirements (for example voting procedures in accordance with their tikanga).
A trust holds assets on behalf of its beneficiaries, and the beneficiaries of a PSGE are the people of the iwi. Anyone who can demonstrate their whakapapa back to that iwi can become a beneficiary of the trust.
See below for Iwi PSGEs: