What is the Trust?
Te Hā o Tānemahuta, Forestry Emission Unit Trust, is the kaitiaki for the New Zealand Units (‘NZUs’) allocated to Crown forest licensed land (‘CFL’).
The koru design of the brand depicts one koru growing into another – representing kaitiakitanga. The lower koru represents the absorption of auahi waro (carbon dioxide emissions) from the atmosphere into the trees. The top koru represents the release of carbon back to the atmosphere when the trees are harvested. The three shades of green acknowledge Papatūānuku, the claimants who will in time benefit from the distribution of NZUs, and the Crown with whom they have settled their Treaty claim.
Why was the Forestry Emission Unit Trust (FEUT) established?
The Government required that a person (or entity) be responsible for applying for, holding and distributing New Zealand Units (NZUs) allocated to pre-1990 Crown Forest Licensed (CFL) land. Parliament’s intention was that the application, holding and distribution should be carried out by an agency which is not an agent of the Crown and is able to act in the interests of the future owners of the land.
Under what legislation was the FEUT established?
Pursuant to section 73 of the Climate Change Response Act 2002, the Minister for Climate Change Issues was required to appoint a ‘person(s)’ to apply for an allocation of NZUs on behalf of future owners of eligible pre -1990 CFL land and to hold those NZUs on trust until the ownership of CFL land is transferred to iwi under relevant Treaty of Waitangi settlement legislation. The Minister’s appointment of trustees to the FEUT was notified in the New Zealand Gazette No. 55 on 21 April 2011.
How is the FEUT funded?
The Crown funded the establishment and operation of the FEUT through Vote: Environment. A funding agreement between the Chairperson of the FEUT and the Minister for the Environment is in place. It details the annual funding to be provided, the scope of the funds’ expenditure, when payments will be made, and the reporting requirements for the fund. The payments provided by the Crown are the only source of income available to support the FEUT.
How is the FEUT serviced?
The FEUT Trustees appointed Darrin Sykes, Chief Executive of Crown Forestry Rental Trust (CFRT) as Secretary to the FEUT. Trustees concluded that the CFRT staff have the necessary suite of skills and knowledge to provide administrative and technical services to the Trustees of the FEUT. The Chairperson of the FEUT formalised the secretarial and technical services through a contract for services between himself and the Chief Executive of the CFRT.
How long will the FEUT operate for?
The FEUT will be required until the ownership of all remaining Crown forest licensed land is resolved through the Treaty Settlement process. Completion is anticipated by 2017.