WASHINGTON, March 23, 2016 /PRNewswire/ Press Release -- The Governance Committee for the Arctic Economic Council (AEC) is pleased to announce it has approved the Arctic Economic Council's foundational documents for ratification at its annual meeting in Tromsø, Norway in April.

These documents include its rules of procedure, strategic plan, membership dues, as well as membership terms and conditions. This milestone was reached through participation and/or input from the following countries and organizations:

• Finland
• Russia
• Canada
• Iceland
• Denmark
• United States
• Norway
• Inuit Circumpolar Council
• Gwichi'in Council International
• Aleut International Association

Tara Sweeney, AEC Chair commented, "I am proud to stand with the members of the Governance Committee to present the recommended documents at the annual meeting. Our recommendations demonstrate a strong commitment to responsible economic growth in the Arctic. The Governance Committee members showed diverse and impressive expertise in reaching agreement on this important foundational step."

AEC Vice-Chair from Finland, Tero Vauraste, remarked, "This landmark accomplishment was only possible through remarkable pan-Arctic collaboration, and through cooperation we have strengthened the AEC."

"This inaugural meeting has set a high standard for doing business in the Arctic. We have a pathway to a corporate governance structure that will establish the AEC as an effective partner for, and facilitator of, business development in the Arctic," said Evgeny Ambrosov, AEC Vice-Chair from Russia.

About the AEC

The AEC is a business forum established to facilitate Arctic business-to-business activities, promote responsible economic development and provide a circumpolar business perspective to the work of the Arctic Council. The inaugural meeting was held in September 2014 in Iqaluit, Nunavut Canada. It has a 42-member board from eight Arctic states and six permanent participant organizations. Finland will assume the chairmanship from the U.S. in 2017. For more information, visit www.arcticeconomiccouncil.com.

CONTACT: ANU FREDRIKSON
Director, AEC Secretariat

Source: PRnewswire