TE ARAWA Lakes Trust chief executive Roku Mihinui remembers clearly what was important to the iwi when it first entered into negotiations with the Crown.
"I was a [Te Arawa Maori] trust board member and was part of the decision-making around not lodging a treaty claim and to agree that we enter into direct negotiation with the Government rather then the tribunal process," he said.
"One thing that really sticks in my mind from those days was first and foremost it was about recognising the rangatiratanga (sovereignty) that Te Arawa had over and with the lakes, it was really important 'with' the lakes because then it was inclusive of the environmental aspect - it wasn't just a proprietary ownership but a kaitiakitanga aspect, guardianship role."
On December 18, 2004, the Crown and Te Arawa Maori Trust Board signed a deed of settlement which included acknowledging the Crown's historical breaches of the Treaty of Waitangi, a cultural redress package reflecting Te Arawa's relationships with the lakes, including transfer of 13 lakebeds and financial redress of more than $10 million. The Te Arawa Lakes Trust Board was formed as the new governance entity to receive and manage the redress. It became legislation in 2006.
Mr Mihinui said a decision was made to grow the financial asset base through various commercial investments and distribute the profits back to the people. Its latest annual report has the trust's total assets valued at $28.2 million.