The chair of the Tłįcho Investment Corporation’s board has been removed, though the reasons for her departure from the role remain unclear.
After a year on the board, chair Morven MacPherson says she was told last Wednesday that the Chief’s Executive Council had decided to terminate her involvement.
MacPherson said she was informed by email from Laura Duncan, the Tłįcho Government’s executive officer. Cabin Radio has not seen the email.
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The Tłįcho Investment Corporation is the Tłįcho Government’s economic development arm, owning 22 companies and forming part of several joint ventures.
Board members are appointed by the Chief’s Executive Council for three-year terms, which can be extended by an additional term.
MacPherson believes she was replaced by former Tłįcho grand chief Eddie Erasmus, though this was not confirmed by the Tłįcho Government. No other board members were removed.
MacPherson said she first realized she had been removed when she began receiving calls about it, describing her distress at the lack of a courtesy phone call or advance warning. She said Duncan’s email arrived to a personal address she checks only after work.
However, MacPherson told Cabin Radio her removal was not a complete surprise.
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“I wasn’t as upset as I could have been because I already knew that some of the chiefs really didn’t like me,” she said. “I was already made aware that those chiefs wanted me off the board.”
In a statement, the Tłı̨chǫ Government said the Chief’s Executive Council – the grand chief and four community chiefs – regularly reviews appointments and “from time to time” makes new appointments.
“Broadly speaking, the rationale underpinning all director appointments is to advance the mission of the Tłı̨chǫ Investment Corporation,” the statement read. “More specific details regarding the appointment or removal of a director are confidential and it would be inappropriate for Tłı̨chǫ Government to comment on Morven MacPherson’s departure.”
‘Trying to improve’ corporation’s finances
Fellow board member Ted Blondin expressed concern at MacPherson’s removal, saying he had not heard of the decision in advance and only found out from MacPherson. Blondin said the board had made progress in the past year, putting in place policies and dealing with debt recovery.
“We were able to sell our trucking company so that we can get to deal with some of the larger debts. So we’re making progress and all of a sudden, this happens,” he said.
The investment corporation’s economic issues were most recently apparent when trucking companies it owned filed for creditor protection in December. The companies posted losses of $18 million in 2018-19 alone.
The investment corporation said in December it had sunk $37.6 million into the four companies over the years to keep them afloat. The decision to close the companies was said to affect 40 employees, alongside freelance owner-operators associated with the companies’ operations.
Morven MacPherson in a photo on the Tłįcho Investment Corporation’s website.
MacPherson said she had been trying to drive change at the investment corporation – change she said Tłįcho citizens had requested.
“We were trying to improve the organization, make it better,” she said. “And so for me, being removed from that board when I was part of that important work, I’m really sad for the people of the Tłįcho nation.”
One resident, Doreen Arrowmaker, said she was unhappy to hear the board would lose MacPherson’s “integrity.”
“I wasn’t happy with it,” said Arrowmaker, who made clear she was speaking as a concerned Tłįcho citizen and not on behalf of any organization. “I know every decision that she has made thus far … her focus has always been the vulnerable Tłįcho citizens.
“I’d like to see fairness and equality, a transparent process. To come up with a plan to remove the chairperson, a highly educated woman for that matter, who has a strong background in business … I think it’s an unwise move.”
‘They go and remove the only lady’
Why she was removed remains unclear to MacPherson, who said she couldn’t think of any reason.
“I didn’t do anything that I wasn’t supposed to do, as far as I’m aware, and any decision I made was done with my other board members. I didn’t go ahead and do anything on my own,” she said.
MacPherson said some people didn’t like her motivations for joining the board, which she made clear on her appointment.
“When I got on that board, I made it very clear that I was not sitting on that board for myself, I was not sitting on that board for my family, and I was not sitting on that board for my friend,” she said. (In the past, the Tłįcho Investment Corporation has been accused of running some companies like “personal fiefdoms” for chiefs and their friends and relatives.)
“I made it very clear that I was there to represent all Tłįcho shareholders, which is every single Tłįcho citizen,” said MacPherson.
Blondin said he was not aware of any reason why MacPherson was removed. She has held roles in the Tłįcho Government and is currently Monfwi MLA Jackson Lafferty’s constituency assistant in Yellowknife.
The only female member on the investment corporation’s board, MacPherson said she had been in touch with several women since news of her removal.
“The ladies are upset because I was one lady on a board of six,” she said. “All the chiefs are men. So they go and remove the only lady that was on the board, an educated lady.”
Arrowmaker said many educated women find it difficult working and sharing their skills in a patriarchal system.
“It’s almost as if we have to jump through many hoops to prove ourselves to be worthy,” said Arrowmaker.
“It’s such an unfair system that we have. Inequality is so great.”
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
