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The Wagmatcook Commercial Fishery is communally owned by registered members of Wagmatcook Band. The business is structured to operate as a business utilizing business concepts that generates the highest projected returns to the community of Wagmatcook. This non-political governance structure ensures long term sustainability. Strong leadership and strict financial controls are enforced to promote fairness and accountability.
Accountability is crucial to the commercial fishery and all measures are utilized to promote transparency. The commercial fishery manager and the Bands senior accountant work in conjunction to form financial decision in the best interest of the community of Wagmatcook. Prior to the beginning of each fiscal year Chief and Council are provided a yearly financial projection. Chief and Council meet at a duly conveyed meeting to tabulate the most feasible means to utilize this revenue under the context of subsidizing programs under funded by the government of Canada. Each year audited statements are available to community members interested in reviewing the performance of its fishery. These audited statements are constructed by an external auditing firm.
Financial responsibility lies with the Board of Directors to provide the most beneficial plan to utilize profits generated by the commercial fishery. A portion of these profits are used to further develop the commercial fishery and to ensure operational revenue is readily available.
Our management group comprises of 7 directors, director of operations, fishery manger and accountant. All short and long term objectives are formed from our above noted management body.
Our commercial fishery operations employ several highly skilled captains and crewmembers. All our technical staff is provided with free training programs designed to enhance skill sets, and increase safety awareness.
Decision making is well orchestrated with senior management. Business projections, harvesting plans, risk assessments, training plans, human resource plan, and market performance indicators are utilized to manage and maintain control of business operations.
Chief and Council are well informed of negative and positive factors within our business and how the manager intends to reduce negative factors and take advantage of positive outcomes.
Technical Personnel are provided a well planned course of action and outcomes for each decision (harvesting plan). Hierarchy aboard each of our vessels is strictly followed; with the chain of command being Captains, Mates/Deckboss, and Deckhands (each personnel is expected to perform a predetermined set of roles).
Chief and Council is the legal governance body for the Wagmatcook Band and the board of directors for band business operations. Chief and Councils role as board of directors of the Commercial Fishery are: approve annual budgets, large expenditures or investments, review cash flow statements, and review business outcomes. The Director of Operations is responsible for all managers, and the delivery of programs and business of the Wagmatcook Band.
The Commercial Fishery Manager is responsible for harvesting efforts, employment, procurement, marketing, assets, inventory, and all other daily operations of the bands commercial fishery enterprise. The manager creates and utilizes governance policies and plans in the best interest of the commercial fishery.
The Finance Department is responsible for all financial needs of the Wagmatcook Band including government programs and band business operations. The Finance department comprises of a certified accountant, and four payroll clerks.
The Wagmatcook Band Council outsources all auditing, marketing and tax recovery services. Our currently outsourced companies consist of Sea Merchants Ltd. Nova’s Finest Seafood’s, MGM & Associates Chartered Accountants, and First Nations Tax Recovery. General vessel maintenance is taken care of by respective captains.
The remaining maintenance and transport services are outsourced by various companies such as, CMC Electronics, Atlantic Electronics, Ed’s Hydraulics, and Caterpillar.