One of the purposes of the FMB is to enable the economic and social development of Indigenous peoples by improving their relationships with financial institutions, business partners and other governments. Canada acknowledged in its Consultation request that Canada's federally regulated financial institutions (FRFls) should take into account the changing social and economic context in which they operate, which signals to the FMB that FRFls are open to change. Canada recently adopted into law the United Nations Declaration on the Rights of Indigenous Peoples Act, S.C. 2021, c. 14 (UNDRIP) which obligates Canada to consult with Indigenous peoples to obtain their free, prior, and informed consent before adopting and implementing any legislative measures that may affect Indigenous peoples. The FMB is pleased to assist the Department of Finance and First Nations in developing policy options for this legally-required process.
FMB’s response to the Department of Finance’s Corporate Governance Consultation: Improving Diversity in Federally Regulated Financial Institutions
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