This is the first of a three-part case study report highlighting a range of management objectives that would promote the conservation of natural capital within the Alberta- Pacific Forest Industries (Al-Pac) Forest Management Area (FMA) in northeastern Alberta. The discussion of management objectives provides the basis for the subsequent examination of institutional and fiscal barriers to achieving these objectives and policy options for promoting them. The specific questions examined are: What key conservation values should be promoted in the Al-Pac FMA? What indicators of natural capital correspond to these conservation values, and what human activities affect these indicators? And finally, what specific management objectives for land-uses in the Al-Pac FMA could be adopted to promote the conservation of natural capital?