Relationship between TFCT and TFQL
Tuhoe Fish Quota Ltd (TFQL) is 100% owned by TFCT. TFCT therefore exercises strategic governance over TFQL as the only shareholder.
This means that the Trust has, among other things:
- Oversight of the TFQL and any subsidiaries it establishes
- Appoints and removes directors of TFQL
- Exercise the rights as shareholder of the TFQL under the Companies Act, the Maori Fisheries Act and the TFQL and the TFCT's constitutions
- Examining and approving annual plans and five year plans that set out:
- Key strategies for the use and development of Tuhoe fisheries assets
- The expected financial return on those assets
- Any programme to manage the sale of annual catch entitlements (ACE) and the sale and purchase of settlement quota
The diagram and key below shows TFCT's relationships in the Maori Fisheries Sector:
| Key | |
| A | He Kawai Amokura set out the allocation model for fisheries assets from TOKM to Iwi |
| B | Maori Fisheries Act 2004 enacted He Kawai Amokura into law |
| C | Te Ohu Kai Moana’s role is to implement the allocation model and protect iwi fishing interests |
| D | Aotearoa Fisheries Ltd owned 80% by Iwi and 20% by TOKM to do business of fishing |
| E | TWMTB set up a TFCT as the Mandated Iwi Organisation (MIO) to receive Tuhoe fisheries assets |
| F | TFQL set up as Asset Holding Company to receive, hold & manage Tuhoe fish quota & AFL shares |
| G | $1.1 Million in cash allocated to TFCT for charitable purposes and administration |
| H | Quota shares (share of commercial fish species), from which ACE – Annual Catch Entitlement is generated and can be leased to fishers, and AFL Income Shares (i.e. no voting rights but dividend entitlements) |
| I | Multi-year lease of ACE to AFL in return for minimum level of annual payments; AFL Income Shares return dividends after first 5 years |