From an Operational View Point and as part of the Investment Process and Fiduciary Responsibilities of Trustees Fran Asp Asp Management Consulting Wendy Shanks B.Sc.,CIM Trustees Roles and Responsibilities

Fiduciary Duty Trust creates a fiduciary relationship between the trustee and the beneficiary Purpose is to administer trust property on behalf of beneficiary in accordance with terms of the deed. Trustees must put interests of beneficiaries first at all times Trustees must act with the honesty, skill and prudence which would be expected of “ a reasonable man administering his own affairs” Need to use Best Practices for Financial and Investment Administration and Community Accountability

Trust AgreementSelection of Trustees Lays out Trustee responsibilities Should provide rules for disbursing Trust property Outline powers to use property, to borrow and to employ advisors and others Chosen by a selection committee or elected depending on the Trust Deed Must be transparent Standards for qualification and training

Setting of investment policy and process for review Performance monitoring and reporting Setting long term growth criteria within the risk tolerances of beneficiaries Setting appropriate risk mitigation procedures Strategic Planning – Asset Mix and long term planning Oversight is an ongoing process, not a static one 4 The even harder part is that all the above should be done while taking into account the desires and risk comfort zone of the community. Ensure the following are in place and happening at your Trust.

Overall Trust Investment Policy for governance of the Wealth of the Trust(s) for the total compensation dollars Investment Policy will outline the asset allocation strategy to meet return expectations and address the acceptable level of risk exposure and appropriate “best practices” to mitigate risk for the level of return expectations and asset classes included. Main Object of the Process is to have:

Use “Best Practices” at Each Step First Nation Vision Set Performance and Risk Guidelines First Nation Wealth Strategy Asset Allocation Strategy to meet Goals Wealth Strategy Implementation Use Asset Allocation Strategy to review current and new investment mandates Reporting and Measurement -Input Stakeholder input Community Input from other First Nation wealth creation entities Avoid overlap integrate where possible Develop thought out investment Policies that reflect risk tolerances, investment objectives and community non financial goals if possible. Reporting Format to Community Communicate Strategic Plan of Trust Community risk/return comfort zone Process for making this all happen

Things that need to happen on an ongoing basis for this process to work. Keep informed of current institutional investment tends, review trust goals & objectives, risk measures Meet with the community, stakeholders, other FN wealth entities Balance community goals with trust objectives outlined in guiding documents with the overall goal of wealth generation and protection for perpetuity. Review investment policy, strategic plan and communicate to community.

Identify and Use Best Practices An open discussion forum with all participants. 1. What has worked for your trust? 2. What has not worked trust? 3. Identification of needed new tools and processes. Session Wind-up Identify Best Practices to use going forward.

Further Questions Please feel free to contact Wendy Shanks Or Fran Asp Asp Management Consulting