WHITEHORSE, YUKON – AUGUST 22, 2023 – Yukon First Nation entities have strengthened their investment in Northern Vision Development LP (“NVD”), and with it, the company is now majority First Nation owned.
For NVD, this shift to majority First Nation ownership is the culmination of years of work building a sustained community-focused company that cares as much about the places we do business as we do about shareholder return. In fact, this latest development is validation of one of NVD’s underlying principles – that maximizing community benefit is one of the best ways to guarantee shareholder return.
NVD’s journey towards majority First Nation ownership is unlike most companies that hit this goal, because it was not initially formed as a joint venture with this specific outcome in mind. The company started with investments from Alberta investors and some local residents who were interested in a Whitehorse real estate development. Over time, the company expanded to include a host of other activities, from hotels and restaurants to senior living to hotels and grocery in outlying communities, and at the same time, it’s investor base shifted.
In 2012, the company made a large shift with major investments from three First Nations – the Tr’ondëk Hwëch’in Trust, Carcross / Tagish First Nation’s Dáanaa Jíli (Cache) Trust and Ta’an Kwach’an Council – and with that investment, began growing in non-Whitehorse communities. That trend has continued with 13 of 14 Yukon First Nations now invested in the company in some fashion.
Much of the First Nation money that is invested in NVD is from Trusts that were originally set up to invest in compensation dollars obtained through treaty processes. That means the funds are intended to benefit grandchildren and great grandchildren, not just the current generation. NVD’s leadership team feels the weight of that obligation and always views any investment through that long-term lens.
NVD’s migration towards majority First Nation ownership is a product of the shared belief in long-term value over short-term gain. Across the board, our investor base believes in the potential of the Yukon and that a Northern company can generate the same kind of returns available from other investments across Canada.
Today, Yukon investors own nearly 75% of NVD, making this company a truly local economic engine.
“The Tr’ondëk Hwëch’in Trust is proud to be NVD’s largest unit holder, having grown our ownership in the company since 2012. The Trust’s involvement with NVD directly benefits Tr’ondëk Hwëch’in citizens and community and has been a critical piece in fulfilling the mandate of the Trust. The relationship between the Trust and NVD has grown to be more than numbers on paper, it’s a commitment to positive community impacts for generations to come. We look forward to celebrating this milestone with all unit holders, the NVD Board of Directors and management and getting to work on strengthening our partnership.”
Maureen Birckel, Citizen Trustee, Tr’ondëk Hwëch’in Trust
“The Daanaa Jili (Cache) Trust’s inception was in 2006 and was a part of the self-government agreement between Canada and Carcross Tagish First Nation through negotiated compensation dollars.
The Daanaa Jili (Cache) Trust (DJT) is an example of a Community Trust model with the mandate to grow the funds for future generations. When DJT trustees consider investing, the trustees work from a wholistic Tagish/Tlingit perspective. Guided by ethical investing, the land, water, and animals at the forefront of our due diligence. We are guided by the principles of our creation stories and ancestral value systems.
DJT is the third largest Yukon First Nation Investor and fourth largest overall. DJT invested with Northern Vision Development (NVD) in 2012 and so began an investment relationship that proudly highlights a natural progression to modern day First Nation economic reconciliation. Which should be celebrated and recognized under UNDRIP Article 21: Equal access to economic opportunities. Kei haa naltseen (we are becoming strong) Gunalchise.”
Cynthia James, Chair, Daanaa Jili (Cache) Trust
“Our company is built on the simple principle that we can create prosperity, opportunity and wealth for our communities and generate meaningful investor returns at the same time. NVD is a remarkable example of economic reconciliation where investment from First Nations and other investors work hand-in-hand to build up our communities and create hope and opportunity for all Yukoners. Today’s announcement is just one more step along that journey.”
Michael Hale, Chief Executive Officer, Northern Vision Development LP
“When the founders of NVD set out together in 2004, we did not have a goal of majority First Nation entity ownership. We have found that through the evolution of NVD, our partners, investors, and our management teams, the company’s values, mission, and goals have naturally aligned with those of Yukon First Nations entities, citizens and communities. These values, formed in part by our unit holders, ensure that our strong results build success for today and tomorrow and keep our operations focused on achieving goals that all of us can be proud of. As Chairman of the NVD Board, I look forward to working alongside our new ownership structure to plot an exciting path forward.”
Rich Thompson, Chairman of the Board, Northern Vision Development LP
NVD, a private real estate partnership established in February 2004, owns, manages, acquires, sells and develops hospitality, commercial and residential assets located in Canada’s Yukon Territory. NVD is managed by its General Partner, Northern Vision Development Corp., a private corporation based in Whitehorse and formed under the laws of the Yukon. The operations of the Partnership are overseen by a board of directors of the General Partner, comprised of individuals with a diverse mix of skill sets, including experience in the real estate and hospitality industries.
Chief Executive Officer
Northern Vision Development LP
Vice President, Property and Development
Northern Vision Development LP
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