The Board held its bi-monthly meeting on Thursday 21st August 2003. Issues discussed that are of public interest are highlighted below:

1. ANNUAL REPORT
The Annual Report for the year ended December 31st 2002 has been circulated. The results for 2002 had been highlighted at an earlier press release however some of the achievements in brief are tabulated below:

· Operating surplus of $514,178 achieved in 2002 compared to a deficit of $1,187,893 in 2001.

· Total income of $8,666,109 for 2002 exceeded the 2001 figure of $6,689,610 by 30%.

· Total lease count increased by 1,633 during the year. Total lease count is 29,739.

· Accumulated deficit of $3.1m in 2001 has now reduced to $2.6m in 2002.

2. RESERVES DEPARTMENT
Work has now been completed on the transfer of 3,160 Crown Schedule A & B files from the Lands Department to NLTB. This achievement is significant in that there were doubts expressed about NLTB's ability to handle this work when the Bill was initially discussed in Parliament. The transfer of the individual files to the relevant Yavusa or Mataqali remains. This is a massive task, but is on target for completion by December 2005.

3. REVIEW OF IT AND IT ROADMAP
The Board noted the initiatives being taken by Management to improve the IT System within NLTB. Our Consultants, Software Factory Ltd, are preparing a Proof of Concept for an enhanced system. This should be ready for consideration by end of September.

4. VANUA DEVELOPMENT CORPORATION LTD (VDCL)
The Board noted Government's commitment to provide funding for this company in the 2004 Budget. VDCL will be a wholly owned subsidiary of NLTB which will be involved in viable investment ventures that will enhance the creation of wealth for Landowners.

5. RENT FREE OPTION FOR LEASES
The Board has asked Management to undertake research on this subject and come up with appropriate recommendations and strategies. The rent free option is where a lump sum is paid up front when the lease is approved, and no annual rentals are payable.

6. TOURISM LEASES
A couple of new tourism leases had been approved in Kadavu - Yaukuvelevu and Matanuku Island. This is an area that the Board will continue to encourage development in. We are seeing a lot of interest in small to medium resort developments, apart from the major ones.

7. RE-NEGOTIATION OF LEASES IN NADI TOWN
This is being undertaken by our Nadi Office. The attempt is also a proactive one to enable the landowners to receive a better return on their lands that are leased. This will involve discussion with tenants whose leases are about to expire to renew now on better long term rates rather than waiting until leases had expired.

8. NADI/LAUTOKA CORRIDOR
Work is being done by our Landuse Department to develop a landuse plan for this corridor similar to what was approved for the Lami/Suva/Nausori Corridor at the last meeting.

9. NAUSORI GOVERNMENT BUILDINGS
Following the expiry of the lease on the Nausori Government Buildings in 2000, Government had actually moved out. Recent discussions between the Valuers from the Lands Department and the officers from within NLTB have since arrived at an amicable solution to this problem, with Government to lease the buildings again.

10. WAINIBUKU RESERVOIR SITE
This was a case that was highlighted in previous months. Discussions are continuing, and we do not foresee any problems in finalising a lease.

11. STRATEGIC PLANNING REVIEW
This exercise will be undertaken early in September, where Managers will review the Corporate Plan that was followed in 2002 and look at new initiatives for 2004.

12. NEXT MEETING
This will be held in Lautoka during October. It will then complete the first round of meetings held outside of Suva.

(K BAKANI)
GENERAL MANAGER