CNI Iwi Holdings Limited
On 1 July 2009, the whenua was transferred by the Crown into a trust holding entity called CNI Iwi Holdings Ltd. This is the corporate trustee of the CNI Iwi Holdings Trust. The key functions of CNI Iwi Holdings Ltd are:
- To receive the settlement assets,
- To distribute the settlement assets and any ongoing revenue from those assets (including ongoing licence fees paid under the Crown Forest Licences CFLs), and
- To safeguard the land and ensure that it is never put at risk.
It is important to note that as a trust holding entity, CNI Iwi Holdings Ltd is not a commercial company and has no commercial functions. It is run according to a Trust Deed and Shareholders Agreement and is governed by a Board of Directors. The eight iwi Post Settlement Governance Entities (PSGEs) are all equal shareholders of CNIIHL, with 2 Directors appointed for each of the eight iwi. The other shareholder is the Crown.
The Crown’s shareholding is of observer status and the purpose is to protect the claims of iwi outside the Collective who have unsettled interests in the CNI Crown forest lands.
- 100% of the CNI Crown forest lands were transferred to CNI Iwi Holdings Ltd.
- 90% of these lands (by value) belong to members of the Collective.
- The remaining 10% will be held in trust by the Crown for six years while the claims of other iwi are settled, and cultural redress is provided for members of the Collective.
After 30 June 2015, any remaining assets out of the Crown’s 10% will be purchased by the Collective, to maintain the integrity of the forest estates. As the claims of other iwi are settled, and with the agreement of the existing shareholders, iwi with successful claims will have the option of becoming shareholders in CNI Iwi Holdings Ltd.
The three core functions of CNI Iwi Holdings Ltd (i.e. to receive, distribute and safeguard the assets) are funded by its iwi shareholders.
The key role of CNIIHL's Directors is to ensure that CNIIHL, as Trustee, acts in the best interests of the trusts beneficiaries. Holdings has entered into a Land Management Agreement with CNI Iwi Land Management Ltd, CNIIHL has delegated the day-to-day management and operations in relation to the land. However CNIIHL is still ultimately responsible for the stewardship and safe-guarding of the land and must monitor the performance of CNI Iwi Land Management Ltd as Land Manager, and in accordance with CNIIHL's legal obligations.