The Board of Compensation was established under section 25 of the James Bay Northern Quebec Agreement (JBNQA) to receive, administer, use and invest the compensation contemplated under the JBNQA. The Board of Compensation is comprised of 21 members: 2 elected members from each of the 9 Cree communities for a total of 18 3 appointed Cree Regional Authority representatives The objectives of the Board of Compensation are to receive, administer, use, invest, transfer and distribute compensation monies from the JBNQA (1975). CREECO has 9 Board members elected from members of the Board of Compensation. The elected Chairman of Board of Compensation also acts as President of Creeco. Incorporated in 1982, CREECO is a wholly owned subsidiary of the Cree Regional Authority acting through the Board of Compensation.