Equity Trustees enables native title group to take on $5m far west coast community trust
Equity Trustees and The Far West Coast Aboriginal Corporation today announced that trusteeship of a Native Title Trust established in 2010 will be handed over to the local Aboriginal corporation’s subsidiary company Far West Coast Investments Pty Ltd.
It is a clear acknowledgment by Equity Trustees that Far West Coast Investments has now has built the capacity and expertise to manage the Trust and the trustee obligations through their successful management of the economic development initiatives and other trustee services on behalf of the Far West Coast Peoples.
Both organisations worked together to make it possible, culminating in Equity Trustees signing the Deed of Retirement as trustee of the Far West Coast Community Trust and appointing Far West Coast Investments as the new trustee.
The Far West Community Trust was established from the Iluka mine to alleviate the poverty, distress and misfortune of the members of the Far West Coast community. This is the first time the Trust will be fully controlled and managed by the community it was set up to benefit.
Equity Trustees will remain connected to the Trust, providing trustee support and advice to ensure a smooth transition, and assisting the new Trustee manage their investment portfolios.
”This development sets up the Native Title group to manage two charitable trusts established to benefit the Far West Coast peoples empowering the community to have greater control of Trustee processes and the future of their community,” explained Ian Westley, Executive General Manager, Trustee and Wealth Services, Equity Trustees..
“We look forward to continuing to work with the new trustee to ensure the native title benefits are invested in the best possible way to ensure this community is set up to maintain self-sufficiency beyond the life of the mine and receipt of other native title benefits,” he said.
This development will enable the organisation to build a more diversified and sustainable financial future.
Gavin Peel, Chairman of the Far West Coast Aboriginal Corporation said: “It’s a great milestone for the Far West Coast Community Trust – and for Equity Trustees. Our organisation will now manage all our trusts in-house. I thank our CEO Ljuba Mojovic, Equity Trustees and Far West Coast Investments for this result which will deliver a better outcome for the community.”
Mr Mojovic added: “It’s a fantastic outcome for the group which will deliver an increase in funds available as a consequence of the reduction of management costs and rebalancing of the investment portfolios to create additional revenues.”
“I acknowledge the amazing work done by Equity Trustees in growing the Trust and look forward to our continued relationship. This is a great outcome that will enable the corporation to be more sustainable and distribute more assistance through the charitable programs for the sole benefit of our members.”
April Lawrie, Chairperson of the new trustee, Far West Coast Investments added: “Far West Coast Investments is pleased to be appointed. It will help us acquire new skills and grow as a diversified investments organisation. We thank both our shareholder and Equity Trustees for their support.”
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Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As Australia’s leading specialist trustee company, we offer a diverse range of services to individuals, families and corporate clients including asset management, estate planning, philanthropic services and Responsible Entity (RE) services for external Fund Managers. Equity Trustees is the brand name of EQT Holdings Limited (ABN 22 607 797 615) and its subsidiary companies, including Equity Trustees Wealth Services Limited (ABN 33 006 132 332) AFSL 234528. EQT is a publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Bendigo, Sydney, Brisbane, Perth and London.
Far West Coast Aboriginal Corporation
Far West Coast Aboriginal Corporation RNTBC manages the Far West Coast land, recognised in law (a Determination) as belonging to the Far West Coast Peoples in the Federal Court Determination for Native Title on the 5th of December, 2013. The Far West Coast Aboriginal Corporation is one of South Australia’s most progressive Aboriginal Corporations with a 9b Agreement with Iluka Resources, the mining company that operates the Jacinth Ambrosia mine. The corporation owns a portfolio of trusts and companies that it manages for the benefit of its membership of over 1500 members. More information on www.fwcac.org.au