Photo above: Mukluks created as part of Scotiabank's Truth & Reconciliation Action Plan. Mukluks by Métis artisan Heidi Houle and photos by Métis photographer Faithe McGuire.
By Dana Martin and Myan Marcen-Gaudaur
When it comes to rebuilding a relationship of mutual respect between Indigenous and non-Indigenous peoples in Canada, it is a foundational principle that truth must come before reconciliation. This requires accepting the truths of Canada’s legacy of exclusion, assimilation, and mistreatment of Indigenous Peoples, and, for the Bank, recognizing where the financial services sector has played a part in these systems.
Trust is at the heart of economic reconciliation, and for moving from the transactional to the relational. Indigenous Peoples are often wary of financial institutions offering their services without having taken the time to understand their needs and earn that trust. At Scotiabank, we strive to build community connections and trusted relationships with First Nations, Métis Nations, and Inuit from coast to coast to coast. We are aware that trust must come before transactions.
Our recently launched Truth & Reconciliation Action Plan, consisting of 37 actionable commitments, demonstrates our continuing mission to establish relationships of trust between Scotiabank and Indigenous employees, clients, and communities.
In 2024, Scotiabank helped launch Cedar Leaf Capital, the first Indigenous-owned and -led investment dealer in Canada. It aims to foster greater Indigenous participation in capital markets; to create commercial opportunities and expand connections for Indigenous communities; and to partner with established market participants to assist them in meeting their reconciliation commitments.
Indigenous Peoples continue to face systemic barriers to economic development that are unique in Canada - especially the Indian Act, which limits land usage and property ownership and by extension severely curtails access to capital. Some First Nations have negotiated modern treaties that allow them to opt out of certain provisions of the Indian Act. But for many, the systemic barriers continue to restrain their ability to fully develop their economies and reach their full economic potential.
Scotiabank’s Indigenous Financial Services team is Indigenous-led and provides advice and counsel across all lines of business within the Bank. With deep knowledge of the Indian Act, First Nations Land Management Act, Addition of Lands to Reserves and Reserve Creation Act, historical and modern treaties, we are dedicated to overcoming barriers and supporting Indigenous economic reconciliation.
Supporting Métis Nations and Inuit Governance, Scotiabank offers tailored financial solutions, investment opportunities, and advisory services that promote economic growth and self-determination. Through partnerships with Métis and Inuit organizations and businesses, we help facilitate access to capital for infrastructure, housing, and resource development projects.
Scotiabank is committed to supporting Indigenous communities by driving impactful projects that foster economic development and energy sustainability across Canada. We play a key role in financing and advising projects that empower First Nations and ensure their participation in major energy initiatives.
Dana Martin, Vice President, Indigenous Financial Services
Myan Marcen-Gaudaur, Director, Social Impact & Reconciliation
For example, Scotiabank has provided financial solutions for BC Hydro’s “Call for Power” program, which develops clean and renewable energy sources in partnership with First Nations communities. In Québec, we have supported Hydro-Québec projects, fostering collaborative partnerships that prioritize Indigenous interests while advancing renewable energy goals. Additionally, in northern British Columbia, we have worked with Nations on Liquefied Natural Gas (LNG) projects, which aim to bring economic opportunities to First Nations communities while balancing environmental considerations.
By building partnerships and delivering tailored financial solutions, Scotiabank enables First Nations to access capital, participate meaningfully in energy infrastructure, and create long-term prosperity for their communities.
Scotiabank is also committed to engaging with Indigenous communities directly through our ScotiaRISE program to advance economic resilience as well as through sponsorships. For over twenty-five years, we have contributed funding to Indspire, Canada's largest Indigenous-led and Indigenous-focused charity in support of First Nations, Inuit and Métis youth in Canada. This includes a commitment of $600,000 in 2020. In 2022 and 2023, we hosted a celebration of Indigenous cultures, histories, traditions, and languages for National Indigenous Peoples Day, in partnership with the Downie Wenjack Fund and MLSE for 1,200 students at Scotiabank Arena. Additionally, we have supported Medicine Wheel Publishing and Phyllis Jack Webstad in the release of her books Every Child Matters and Today is Orange Shirt Day. Over the past two years, Scotiabank has committed to the purchase and distribution of more than 5,000 books with the focus on all Indigenous schools, Indigenous educators and early educators across Turtle Island.
We have made great strides in ensuring Indigenous employees are supported within the Bank, both through an Employee Resource Group and through the SOAR program that offers Indigenous graduates the opportunity to learn new skills and build their careers.
We are also committed to ensuring that all members of the Bank learn more about Indigenous Peoples. We have created the Indigenous Cultural Competency Program for all employees, which is designed to educate Scotiabankers about the cultures, histories, and traditions of Indigenous Peoples through a combination of learning tools and teachings from traditional knowledge keepers.
And as part of the third commitment made in our Truth & Reconciliation Action Plan, we have instituted annual Indigenous education for Scotiabank’s board of directors and senior leadership to deepen knowledge and understanding of Indigenous Relations and Reconciliation opportunities.
As it is wisely said, ‘reconciliation moves at the speed of trust and trust takes time’. Building trust is an ongoing, open-ended journey of listening, learning, and patience. The expectations, behaviours, and practices we are building today are meant to support and advance the efforts of future Scotiabankers. This journey must involve the entire organization and sustain the momentum for reconciliation in all its forms.
In our roles at Scotiabank, and as Indigenous women, we have witnessed firsthand the commitment to reconciliation from the highest levels of the Bank to the front-line, client-facing employees. While there is much left to do, we are proud of the progress we have made.
The journey continues.
Dana Martin is Vice President, Indigenous Financial Services at Scotiabank; Myan Marcen-Gaudaur is Director, Social Impact & Reconciliation at Scotiabank.
This article first appeared in the Journal of Aboriginal Management
