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NBCC receives positive news from the Auditor General

11 April 2011

IQALUIT, Nunavut (April 11, 2011) – The Nunavut Business Credit Corporation (NBCC) has received an audit opinion from the Auditor General of Canada on its 2009/10 fiscal year results. Previously, the Auditor General had raised significant concerns about the NBCC’s financial management and has been unable to provide an audit opinion for the past four years. Working closely with the Department of Economic Development & Transportation, the NBCC has made significant strides to improve its internal capacity and controls.

“This represents a tremendous achievement for the NBCC,” said Peter Taptuna, Minister Responsible for the NBCC. “This is the result of considerable effort by the NBCC’s management, staff and board.”

The NBCC’s Board of Directors and Chief Executive Officer (CEO), Sherri Rowe, have played a major role in strengthening the corporation’s financial management since she was appointed to the position on an interim basis in April 2010. Minister Taptuna, with the full support of the NBCC’s Board, has appointed Ms. Rowe as CEO on an indeterminate basis, effective April 1, 2011. Ms. Rowe is an Iqaluit-based professional accountant who brings many years of financial management experience to the corporation.

“Much has been accomplished these past few months through the dedicated effort of the NBCC’s staff and the support of the Minister,” said Greg Cayen, FCA, Chair of the NBCC’s Board of Directors.

With these past issues now addressed, the NBCC will be taking a more active role in the territory’s

economic development and working with new and existing clients to create opportunities for



The NBCC is a territorial corporation of the Government of Nunavut and provides financing up to

$1,000,000 to both Inuit and non-Inuit businesses based in Nunavut. The NBCC accepts applications for new and established businesses looking to expand or better establish themselves in their market. The NBCC is Nunavut’s “Lender of Northern Opportunity”.

For more information, contact:

Matthew Illaszewicz

Manager, Communications

Economic Development & Transportation

(867) 975-7818 

Sherri Rowe

Chief Executive Officer

Nunavut Business Credit Corporation

(867) 975-7891