NEW REPORT RELEASED FROM INDEPENDENT REVIEW OF ISLAND COASTAL ECONOMIC TRUST

Wednesday, May 18, 2022

Report cites vital need for new investment in the Trust and
inclusion of Indigenous governments in the Trust’s governance 

COURTENAY, May 18 2022 – An independent review of the Act governing Island Coastal Economic Trust is now available, providing key recommendations to the Province of British Columbia with respect to the governance and sustainability of the Trust.

Under the North Island-Coast Development Initiative Trust Act (the Act), an Independent Legislative Review Committee must be formed and provide an independent assessment of the Act every five years. The independent committee formed in December 2021, comprised the following leaders:

  • Kekinusuqs Dr. Judith Sayers
  • Su-taxwiye Dr. Sarah Morales
  • Wayne Rowe
  • Frank Leonard

Based on its review of the Act and its own independent research and consultations, this independent committee made several conclusions, including:

  • It is past time that Indigenous governments have a defined role in Trust governance.

    There is an opportunity to combine recapitalization with a renewed vision for the Trust that sees it as a 3-way partnership between Indigenous governments, local governments and the provincial government.
  • After 15 years, the time has come for the provincial government to make a significant investment in recapitalizing the trust.

    Recapitalizing the Trust, with a significant infusion of capital that is sufficient to support the needed adjustments in the Vancouver Island Coastal economy in a way that builds on the lessons learned since 2006 should be an important part of the continuing transition of the Vancouver Island and Coastal economy.

“On behalf of our board, I express my sincere gratitude for the thoughtful approach and valuable insights offered by the independent committee members,” stated Mayor Aaron Stone, Chair of Island Coastal Economic Trust. “Our board is resolved to partner with the Province to realize key opportunities for communities we serve: the vital inclusion of First Nations in Trust governance and a generational investment to equip island and coastal communities with an enduring, sustainable Trust that evolves and empowers regional collaboration, community-led development, and locally accountable decision-making for generations to come.”

Alongside the release of this report, Island Coastal Economic Trust’s CEO, Brodie Guy, will be reaching out and engaging in collaborative dialogue with leaders and changemakers to galvanize a clear regional vision for the renewal and evolution of the sole economic trust serving the island-coastal region. For more information and to share your perspectives, the board of directors invites communities to contact Brodie at brodie@islandcoastaltrust.ca.

“We are building on the success and positive impacts communities have achieved in partnership with the Trust over 15 years — as islanders and coastal people, we’re unwavering in our dedication to building healthy, resilient communities to create a sustainable future for each other and our future generations,” stated Brodie Guy, CEO, Island Coastal Economic Trust.

Download the full independent report, here.

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About Island Coastal Economic Trust


Founded by the Province of British Columbia in 2006, the Island Coastal Economic Trust works to build a sustainable and resilient coastal economy in reciprocal relationships with First Nations, municipalities, and regional districts across Vancouver Island, the Sunshine Coast, and islands and inlets from the Salish Sea to Cape Caution. Serving over half a million residents, we partner with communities in the development and financing of their economic infrastructure and diversification efforts through our unique structure that is led by, and accountable to, communities.

Since our inception, Island Coastal Economic Trust has approved more than $55 million to economic development initiatives that have attracted over $270 million in new investment to our region. These investments have created over 2,750 permanent jobs, and countless positive impacts, across the coast. 

Island Coastal Economic Trust acknowledges that we work for communities across the ancestral and unceded territories of the Kwak̓wala, Nuučaan̓uɫ, Éy7á7juuthem, Ligwilda'xw, Pəntl'áč, She shashishalhem, Hul’q’umi’num’, diitiidʔaatx̣, SENĆOŦEN, Lekwungen, and T’Sou-ke speaking peoples.

For more information, please visit www.islandcoastaltrust.ca

Contact:
Brodie Guy, CEO  
Island Coastal Economic Trust
250-871-7797
brodie@islandcoastaltrust.ca

ICET By The Numbers

2,500
person years employment created (construction phase)

ICET By The Numbers

50
locally elected officials and MLAs working together

ICET By The Numbers

$10.4
million annual provincial government revenue generated

ICET By The Numbers

2,750
post completion jobs created

ICET By The Numbers

$4.6
dollars leveraged for every ICET dollar invested

ICET By The Numbers

$246
million leveraged into the region

ICET By The Numbers

$52.3
million disbursed

ICET By The Numbers

$55.2
million committed

ICET By The Numbers

230
economic development projects

ICET By The Numbers

210
projects completed

ICET By The Numbers

36%
projects in small (less than 5,000) communities

ICET By The Numbers

50+
communities with ICET projects

2020-2021
ANNUAL REPORT

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