Ownership Structure
AFA is structured as a limited liability partnership (LP) with the four HTAs and four Community Trusts as equal owners. This shared ownership ensures the benefits from Nunavut’s offshore commercial fisheries can be distributed to all residents in these communities, rather than select shareholders. In addition, the LP structure offers tax advantages by reducing taxes on fisheries profits, thereby leaving more revenue to reinvest in the fishing enterprise and in community development projects.
AFA is managed by Masiliit Corp., a wholly-owned subsidiary of the four HTAs. The Chairs of each HTA form AFA’s Board of Directors. The Community Trusts are chaired by the Mayor of each community, although they do not sit on the Board of Directors, a condition of the limited liability corporate structure. In addition, the wholly-owned subsidiary AFA Inc. is a for-profit company that manages AFA’s marine research activities and the Kiviuq’s winter fishery. Revenue is generated from the winter groundfish fishery in Atlantic Canada.
