The NLC and AIG’s connection has existed for over 30 years. We’ve shared the same board of directors and a mandate to serve the same seven northern regions of the NT. The NLC were the largest shareholder of AIG which means the NLC effectively owned AIG.
Times change, and both the NLC Executive Committee and the AIG Board of Directors believe it is no longer in the best interest for either organisation to remain connected. For over five years AIG and the NLC have been working towards divestment, which in this case refers to the removal of NLC’s ownership of AIG.
“Independence from NLC will allow AIG to operate autonomously and allow for AIG and NLC to work together in ways that previously could have been perceived as a conflict of interest. Autonomy gives us more flexibility, which is important for us to make a meaningful contribution to the communities we serve” Elizabeth Morgan-Brett Chief Executive Officer, AIG.
Correct process is very important
Aboriginal Investment Group controls $15 million worth of Aboriginal owned assets, so following correct divestment process and protecting those assets is very important. It has taken many months of consultation, planning and action and we’ve worked hard to ensure consultation with the NLC and with the communities we serve has been done every step of the way. We are pleased to say as of July 1, 2022, the NLC and AIG are officially divested.
The divestment process:
February & March 2022
- In principle agreement and support on the new structure from the seven regions that AIG serves through the AIG Board of Directors
- Drafting of legal documents to enable shares transfer from NLC to the North Australia Aboriginal Corporation (parent company of AIG).
- Drafting of the rulebook with legal team and professional firms
April & May 2022
- General meeting for NAAC (AIG’s parent company) to approve the rule book and election process for new board of directors/members
- Launch AIG awareness campaign in seven northern regions of the NT calling for nominations to the AIG Board.
- Election process which included nominations from 58 approved Aboriginal corporations in the seven northern regions
June 2022
- Finalisation of the election process
- Completion of legal documents
- General meeting for NAAC to appoint new directors/members and remove outgoing directors/members.
Divestment means a new board
“We modelled our board election process on the NLC election process which means we sought nominations from 58 approved Aboriginal entities in the seven northern regions of the NT. Our new board is an impressive mix of people, and the thought of working with a new, autonomous board is very exciting” said Elizabeth.
On June 30, 2022, we appointed a new AIG Board of Directors:
- Margetta Avlonitis (Chair) – Darwin, Daly, Wagait
- Brian Pedwell – Victoria River District
- Elizabeth Gillett – Borroloola Barkly
- Matthew Ryan – West Arnhem
- Helen Lee – Katherine
- Lachlan McKenzie – Independent
- 2 vacancies yet to be filled from Ngukurr and East Arnhem region
“It is critical that AIG maintains our link to the seven northern regions, and why we put so much effort into the right election process” said Elizabeth.
For more information on the new board, head to https://www.aiggroup.org.au/about-us/the-board/
What divestment mean for AIG service delivery?
For AIG it will be business as usual. Our core mandate of serving and supporting Aboriginal people living in the seven northern regions of the NT remains the same and we will work with our new board to identify community needs and support accordingly.
Our board has a very important role to play because it’s through them that we keep our finger on the pulse of what is happening in communities and where the needs are. This approach will be unchanged, which means our service delivery will remain unchanged.
We would like to thank everyone involved in the divestment process, and particularly the AIG Board of Directors. The focus and care taken by our outgoing board and the board before them deserves special mention. They never lost momentum on making the divestment a reality, and we are grateful for that. We look forward to a new era of working together to build stronger communities.
