Economic reconciliation is about meaningfully including Indigenous Peoples, communities and businesses in all aspects of the economy — ensuring that they equally benefit from Canada’s prosperity after years of historical exclusion from the financial system.
But before the corporate sector does business with Indigenous communities, it’s critical that strong relationships be built first, says Chief Ted Williams of the Chippewas of Rama First Nation in Ontario.
“A lot of times, corporations and companies, they come in, they have their flip charts, papers, notepads and they’re ready to make a deal,” he told the audience at an economic reconciliation conference hosted by Scotiabank earlier this month.
“It doesn’t happen like that. I have to know who you are. You have to know who I am.”
The importance of building trust and respectful relationships with Indigenous Peoples was a common theme heard in various panel discussions as part of Scotiabank’s Indigenous Reconciliation summit, held in Toronto on Oct. 1.
Chief Ted Williams of the Chippewas of Rama First Nation speaking on stage at the summit in Toronto
Indigenous business owners, leaders from across Canada
It has been 10 years since the Truth and Reconciliation Commission of Canada (TRC) issued its final report into the impacts of residential schools and presented 94 Calls to Action. Number 92 calls on Canada’s corporate sector to, among other things, commit to meaningful consultation with Indigenous Peoples, ensure Indigenous communities gain long-term sustainable benefits from economic development projects, and provide education for management and staff on the history and legacy of residential schools.
The theme of the summit was “Activating the TRC’s Call to Action #92” and featured Indigenous corporate leaders and business owners from across Canada — and one from Australia — reflecting on progress on economic reconciliation, lessons learned and next steps.
Panel discussions during the conference delved into topics including the role of Indigenous leadership in shaping sustainable economies, and the importance of a holistic approach with both economic development and the protection of the land for future generations at the core. During another session focused on innovation and investment in Indigenous-owned projects, panelists talked about progress made on closing the capital gap for Indigenous communities and projects and the important role of private capital such as bonds and equity markets. Another panel explored how various organizations and a small business owner incorporate reconciliation into their business model and day-to-day practices, and how they believe doing so will help the economy and Canada’s collective financial security in the long run.
Speaking on a panel alongside Chief Williams about best practices for partnership and collaboration with Indigenous nations, Andy Moorhouse, Vice-President of Economic Development for Makivvik Corporation, said it is crucial to have openness and clarity on all aspects and intentions behind any potential project or deal.
Andy Moorhouse, Vice-President of Economic Development for Makivvik Corporation, speaking at the summit by video call
Makivvik is a non-profit land claims organization representing the Inuit of Nunavik, a region in Northern Quebec, whose mandate includes generating jobs and improving housing conditions, and alleviating the high cost of living for its people. Developing a deeper relationship among partners with a broader understanding beyond profit, considering the impact and potential benefits longer-term for local inhabitants, is critical.
“The most important thing is ensuring that communication is key and to ensure that success is shared,” Moorhouse said.
Fred Vicaire, CEO of Mi’gmawei Mawiomi Business Corporation, representing the Mi’gmaq communities of Gesgapegiag, Gespeg and Listuguj, joined the panel virtually but was disconnected due to connectivity issues.
Fred Vicaire, CEO of Mi’gmawei Mawiomi Business Corporation
He later commented: “Reconciliation, for MMBC, is about building trust through meaningful partnerships that carry our Mi’gmaq values forward and strengthen our shared path toward reconciliation.
Scotiabank’s Vice President of Indigenous Financial Services Dana Martin, who moderated the panel discussion, said building a real relationship is key, and may take time.
“It’s really about partnership, relationship, and friendship,” she said. “Another thing said to me was, ‘As a bank, you’re going to have to date us a lot longer than you’re used to.”
As an example of relationship building, Chief Williams described how the Chippewas of Rama First Nation selected the gaming operator for Casino Rama in Orillia, Ont. (Scotiabank helped finance the initial development 29 years ago).
Dana Martin, Scotiabank’s Vice President of Indigenous Financial Services, speaking at the podium at the summit in Toronto
He said he asked potential partners: “What do you value the most?”
Two companies responded with return on investment for investors, but the president of one gaming operator told Williams he valued his family most.
“That’s what got me,” he said during the panel. “Because when you’re coming into my community and you’re going to be working with my community members, I want you to treat them like they’re family. Subsequently, they got the job.”
Truth & Reconciliation Action Plan marks one-year anniversary
One year ago, Scotiabank published its Truth & Reconciliation Action Plan — a list of 37 commitments the Bank has made in order to re-establish trust with Indigenous Peoples. The commitments in the inaugural plan include providing Indigenous employees with specialized leadership training, increasing procurement spend with Indigenous suppliers and supporting the financial literacy needs of specific Indigenous Peoples with tailored, in-depth content.
And last October, Scotiabank joined with Nch'ḵay̓ Development Limited Partnership in British Columbia, Des Nedhe Financial LP in Saskatchewan and Chippewas of Rama First Nation in Ontario to launch Cedar Leaf Capital, the first Indigenous-led, Indigenous-owned investment dealer in Canada. Nch'ḵay̓, Des Nedhe and Rama Nation are majority shareholders, each with a 23.3% stake, and 30% is owned and initially operated by Scotiabank, with the aim of gradually reducing the Bank’s stake once the entity is self-sustaining.
“Reconciliation is not only about redressing the past harms,” said Ian Arellano, Scotiabank’s Executive Vice President and General Counsel, during the conference.
“It's about creating a future that affords economic resilience and pathways for success, removes barriers for wealth for Indigenous communities and reforms legal and economic structures. To enable the full participation of Indigenous people in investments and to be able to protect and honour Indigenous rights and principles.”
