FMB Calls for ISSB to Ensure ESG Standards to Be Made with Indigenous Consultation
It is the belief of signatories to this letter that the International Sustainability Standards Board (ISSB) should ensure that Environmental, Social and Governance (ESG) standards are made with the consultation of Indigenous Peoples. Standards that capture the United Nations Declaration of the Rights of Indigenous Peoples (UNDRIP), will create a much more equitable, favourable and profitable environment for investors and market participants across the globe.
Indigenous Reconciliation in Securities Regulation
Making ESG into ESGI: Letter to the Secretary General, Canadian Securities Administrators
The signatories to this letter are all involved in enabling the economic and social development of Indigenous peoples including by improving relationships with financial institutions, business partners and other governments. Each organization that has signed this letter advocates for their members on financial matters that matter to them.
All signatories agree that Indigenous peoples will be profoundly affected by the decisions the Canadian Securities Administrators (CSA) will make on Environmental/Social/Governance (ESG), and on diversity and inclusion regulations.
Securities regulation is the backbone of the global economy. Without it there would be no stability, investment decisions would be more difficult, and the investment arena would contain significantly more risk. The growing global recognition that ESG will guide how our economies operate presents a leadership opportunity for securities regulators. Entities are now evaluated by how others view their commitment to ESG. The recognition by the United Nations through UNDRIP sends a clear message that Indigenous interests & rights exist and need to be reflected in how we conduct our affairs. Recognizing the need to include Indigenous people in this backbone will bring Indigenous people into the mainstream, build their capacity and that of their governments, and help move them out of poverty, which will be a benefit to all.
FMB's Response to BC DRIPA Action Plan
The Need To Marry Economic Reconciliation With Social Reconciliation
The Province of British Columbia made history by passing the Declaration on the Rights of Indigenous Peoples Act unanimously in the B.C. legislature in 2019.
This legislation establishes the United Nations Declaration on the Rights of Indigenous Peoples as the framework for reconciliation in B.C. It ensures the human rights of Indigenous peoples are respected and helps create clarity and predictability for all people in British Columbia on the path ahead.
Under the Declaration Act, the provincial government must develop an action plan in consultation and cooperation with Indigenous peoples to meet the objectives of the UN Declaration.
The First Nations Financial Management Board (FMB) recognizes these efforts by the BC government, and for moving forward as a national example for other governments in holding this consultation process and to ensure the inclusion of and consultation with Indigenous peoples in British Columbia. The FMB is pleased to provide its feedback on the Government of British Columbia’s Draft Action Plan for the Declaration on the Rights of Indigenous Peoples Act.
In these submissions we focus on how B.C. can improve its draft Action Plan to better marry the social and economic aspects of the Declaration to truly enable First Nations to exercise their rights to self-determination.
First Nations Financial Management Board