Incorporation Details

Cape York Corporation Pty Ltd (the Corporation) is a company incorporated under the Corporations Law. The company was formed in 1995 following a resolution passed at the 1994 Cape York Land and Health Summit held in Rocky Crossing, Wenlock River.

The resolution stated:

The delegates resolved that a commercial corporation with an active role in a wide range of commercial activities be formed. That the governing committee of the Land Council be the advisory board for the corporation and a trust deed (approved by the Governing Committee) be drawn up to ensure proper operation of the corporation.

The Corporation is not a private company in the usual sense, which trades for the benefit of its shareholders. Instead, its only function is to act as the trustee of the Cape York Aboriginal Charitable Trust. Its shareholders hold their shares on trust for the Aboriginal people of Cape York and are bound to act in the best interests of Cape York Aboriginal people.

Currently there are three shares in the Corporation. Each of these shares is held on trust for the Aboriginal people of Cape York. The Memorandum of Association states that the Corporation pays no dividend to its Shareholders and any surplus over expenditure for each financial year is retained and spent on carrying out the Trust's Objects.

Upon the establishment of the Corporation by the Land Council, the three registered shares were originally assigned to principal office holders of the Land Council, who are also bound to act in the best interests of Cape York Aboriginal people.

The Corporation (on behalf of the Trust) owns a number of subsidiary companies including:

Balkanu Cape York Development Corporation Pty Ltd ACN 075 711 198 www.balkanu.com.au
Cape York Leasing Pty Ltd (not currently trading) ACN 070 475 311
Cape York Community Consulting Pty Ltd ACN 071 253 239

It also owns the Cape York Building Unit Trust, which owns the building currently housing the Land Council and Balkanu.

A Private Corporation Model

The Trustee of the Cape York Charitable Trust is a Corporation is a corporation, rather than a person or some other kind of organisation. A private Corporation model has benefits for Cape York Aboriginal people that an Aboriginal Association model does not have. Economic prosperity is irrefutably tied to issues of autonomy and self-governance. The Aboriginal Councils and Associations Act 1976 (Commonwealth) can in some cases restrict community ability to control financial management and engage in commercial activities.

Under the Corporations Law, companies are not subject to the Registrar of Aboriginal Councils and Associations. Companies are able to act for the benefit of all Cape York Aboriginal people without limiting the ability for Cape York appointed managers and directors to conduct business.

This is of special significance for organisations seeking to establish and promote economic opportunities. Councils and Associations are generally 'not for profit' service providers. Corporations on the other hand are established primarily to conduct economic activities.

Objects

The Corporation's sole aim is to act as trustee of the Trust and to carry out the objects of the Trust. The Corporation must always act in accordance with the Trust Deed and in the best interests of the beneficiaries, the Cape York Aboriginal people.

Management

The Corporation has an Executive Committee made up of nine Directors from the Board of Directors. Five of those Directors represent the key organisations and the remaining four Directors are from the northern, western, eastern and southern regions of Cape York.

Board of Directors

The Corporation's Board of Directors is currently made up of eighteen elected dpositions. Five directors are appointed from Cape York Regional organisations: each of ATSIC ATSIC Peninsula Regional Council, the Land Council, Apunipima, and the Youth Council appoints a director to a position on the board.

Balkanu appoints its Executive Director (if she or he is an Aboriginal person from Cape York) or some other person, as a director.

Thirteen directors are appointed from thirteen sub-regional areas in Cape York. Except for the Interim board of Directors, they are to be appointed by a process of community election in those areas.

The corporation's rules may be changed to include one Director each from Injinoo, Umagico and New Mapoon, to replace one allocated position from the Northern Peninsula area.

Aboriginal people living in each of the thirteen sub-regional areas nominate a representative from their area, to be a Director on the Corporation Board, through election at the Annual General Meeting.

Each director has an equal vote. Ten directors are needed to form a quorum for a meeting.

The Board of Directors is responsible for the overall policy of the Corporation and for making decisions about what activities the Trust should be involved in. Those decisions must be consistent with the aims of the Trust.

The company secretary is Tracy Fantin of Morrow and Associates Solicitors.

The role of the Executive Committee is to ensure that decisions made by the full Board of Directors are implemented. The Executive Committee must also manage the affairs of the Corporation.

Annual General Meeting

Under the Corporations Law the Corporation may but is not required to hold an Annual General Meeting or produce an Annual Report.

The full Board of Directors does however, meet four times each year to decide policy and management issues and also holds an Annual General Meeting which all Cape York people are eligible to attend.

As well as confirming the minutes of the preceding meetings, these Annual General Meetings receive reports from the Executive Committee and reports concerning the activities and business of the Corporation during the preceding financial year.

Auditors and Audit Arrangements

KPMG Chartered Accountants are the current auditors.

Accountability

Cape York Corporation Pty Ltd is accountable to:

• The beneficiaries of the Trust, the Aboriginal people of Cape York.

• The Australian Securities and Investment Commission to ensure it complies with the Corporations Law.

• Funding bodies for acquittal of specific grants.