"To identify,protect, add value & grow the wealth of Whakatohea fisheries assets"
On the 23 September 1992, a Deed of Settlement was entered into with Crown to implement the agreements made to provide for the development of the collective and individual interests of iwi in fishing. This saw the fisheries assets being allocated under the Māori Fisheries Act 2004 where by iwi received quota, shares, cash and Aotearoa Fisheries Limited Income Shares (AFL). The Whakatōhea Fisheries Trust was established for the purpose of receiving these assets. These assets were returned to the Trust in 2011, when negotiations were completed between iwi.
Whakatōhea Fisheries Trust
The Whakatōhea Fisheries Trust was established on the 8 November 2006 and consists of 12 Whakatōhea Māori Trust Board members, and 6 hapū advisory trustees. The Fisheries Trust purpose is to hold the Trust Fund upon the trust in accordance with its deed and to receive distributions from Te Putea Whakatupu Trustee Limited and Te Wai Māori. Along with this the Fisheries Trust must establish one or more asset holding companies that must be 100% own by the Fisheries Trust to hold all settlement quota and income shares allocated by Te Ohu Kai Moana (TOKM).
The Whakatōhea Fisheries Asset Holding Company Limited
The WFTAHCL must receive and hold on behalf of the Fisheries Trust all Settlement Quota and Income shares allocated by Te Ohu Kaimoana. These assets are to be held by the Company as trustee for the benefit of the charitable purposes of the Shareholder. The Shareholder means the Whakatōhea Māori Trust Board as trustee of the Whakatōhea Fisheries Trust. The Company as Trustee is also unable to undertake fishing or hold a fishing permit issued under the Fisheries Act 1996.
The WFAHCL will implement key strategies for the use and development of Whakatōhea’s fisheries assets, develop a programme of expected financial return on assets to the Trust and are accountable to the Whakatōhea Maori Trust Board in its capacity as Trustee of the Whakatōhea Fisheries Trust.
Five (5) directors have been appointed to the WFAHCL comprising three (3) independent directors and two (2) trustees from the Whakatōhea Fisheries Trust