NR 01-12 VPF ENG VP Finance.doc

IQALUIT, Nunavut (September 17, 2001) At its Board Meeting in Qikiqtarjuaq, Nunavut Tunngavik Incorporated (NTI) changed the positions of Vice President of Finance and 2nd Vice President. Each position will become part time when the current holders of the positions complete their terms. At present, both are full time positions.

We authorized a study earlier this year to look at these positions, said James Eetoolook, Acting President. The report suggested that the functions of the Vice President of Finance and 2nd Vice President could be conducted effectively on a part time basis and that there will be significant cost saving as well.

Our new Board governance model is an important reason why this change can be made, continued Eetoolook. The Board and Executive are more focused on policy and planning and less involved in the day-to-day operation of the organization.

The term of the current Vice President of Finance will end in December, when the NTI elections will be held. The successful candidate will take on the part-time position. In the past, the Vice President of Finance had to reside in Rankin Inlet, where the NTI Finance Department is located. This will no longer be a requirement for the position. The term of the 2nd Vice President runs to December 2003 and will be full time until then.
Elections for Vice President of Finance will take place in December 2001 and the successful candidate will operate on a part-time basis. The term of the 2nd Vice President runs until December 2003.
A review of the impact of the change will take place after one year.

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For further information:

Alan R. Vigoda
Director of Communications
Nunavut Tunngavik Inc.
Iqaluit, NU
Tel: (867) 975-4900
Fax: (867) 975-4943 Paul Irngaut
Executive Liaison & Public Relations Advisor
Nunavut Tunngavik Inc.
Iqaluit, NU
Tel: (867) 975-4900
Fax: (867) 975-4949