The mandate of the TFCBF was to facilitate the creation of a Circumpolar Business Forum (CBF) which would provide a mechanism to allow business and industry to engage with the Arctic States and Permanent Participants. TFCBF had its first meeting in September 2013 and provided a report to SAOs at the meeting of Senior Arctic Officials in Yellowknife, Canada in March of 2014. Canada chaired the TFCBF in cooperation with Finland, Iceland and Russia.