Who are the Trustees?
The Minister for Climate Change Issues appointed the current Trustees of the Crown Forestry Rental Trust (CFRT) to be Trustees of the FEUT:
Rakihia (Rik) Tau
Hon Sir Edward Taihakurei Durie
Mr Paul Majurey
Ms Bronwyn Koroheke
Hon Tau Henare
Mr John Wilson
Why did the Minister of Climate Change Issues appoint these Trustees?
The Minister sees Trustees of the CFRT as having the attributes required to oversee the functions of the FEUT, namely:
carrying out similar functions in managing income from Crown forest licences, and therefore having the capability, skills and experience;
being quickly and efficiently established and having the ability to meet easily, subsequently to the CFRT meetings;
having knowledge of the forestry sector, the Treaty of Waitangi and climate change policy, and
having a proven record to act independently and objectively, and so able to represent the interests of future owners of the forest land under claim.
The roles and responsibilities of Trustees are set out in the Trust Deed. Trustees are responsible for applying for New Zealand Units (NZUs) that are available for eligible pre-1990 CFL land as at 19 July 2010. There are 47 Licensed Crown Forests covering an area of over 306,000 hectares. Applications for an allocation of NZUs under the Forestry Allocation Plan had to be completed and filed with the Ministry of Agriculture and Forestry (MAF) by 30 November 2011.
Trustees now hold NZUs that have been allocated by MAF for each of the CFL lands in the FEUT’s New Zealand Emission Unit Register (NZEUR) Holding Account. Trustees can not trade the NZUs during the period that they are holding the NZUs. Finally, Trustees distribute the NZUs corresponding to the portion of the eligible pre-1990 CFL land transferred to the iwi as part of a Treaty settlement.
Trustees are also required to make available to interested parties information about the number of NZUs that it holds for each CFL land, and to prepare an annual report on the FEUT’s activities and finances for each year ending 31 March.
The Trust Deed