Taranaki Iwi Trust was established by Te Runanga O Taranaki Iwi Incorporated as the Mandated Iwi Organisation (MIO) for Taranaki Iwi under the Maori Fisheries Act 2004.

A Hui and postal vote was held on the 3rd of September 2006 to enable the members of Taranaki Iwi to agree to and give their mandate to the Taranaki Iwi Trust as the MIO for Taranaki Iwi and to approve the provisions of the Taranaki Iwi Trust Deed. Our people voted in favour of the Trust being established as the MIO for Taranaki. The outcome of the vote was very positive with Taranaki Iwi being the first Iwi throughout the country to get a 100% approval from those members who participated in the vote.

At the Runanga AGM in December 2007, it was agreed to disestablish Te Runanga and have just one governing body for the iwi, the Taranaki Iwi Trust.  The Deed of Trust was adopted on 3 September 2006 and there were 15 establishment Trustees.  Since 2006, Taranaki Iwi Trust has held annual elections under the terms of the Trust Deed and there are now seven Trustees, elected for a term of 3 years by registered adult members.

As the mandated body to speak on matters affecting the collective interest of people who whakapapa to Taranaki Iwi, the Trust has certain political, social, cultural and economic responsibilities in addition to the asset management and distribution responsibilities brought about by the Fisheries settlements.