WEBVTT 00:00:00.240 --> 00:00:03.080 Welcome to Drumbeats, the must -listen -to podcast 00:00:03.080 --> 00:00:05.759 which explains why Indigenous partnerships are 00:00:05.759 --> 00:00:08.740 the key to securing successful outcomes in natural 00:00:08.740 --> 00:00:11.119 resource and infrastructure investment in Canada. 00:00:12.619 --> 00:00:15.080 I'm Mark McNack and my co -host Robert Brantt 00:00:15.080 --> 00:00:18.219 are joined today by Scott Munro, CEO of the First 00:00:18.219 --> 00:00:20.500 Nations Financial Management Board, commonly 00:00:20.500 --> 00:00:24.379 known as FMB. We are going to explore how Indigenous 00:00:24.379 --> 00:00:26.440 -led financial government and capacity development 00:00:26.879 --> 00:00:29.460 are unlocking transformational investment opportunities 00:00:29.460 --> 00:00:33.439 across Canada. FMB establishes financial management 00:00:33.439 --> 00:00:35.759 standards that lead to the principles of sound 00:00:35.759 --> 00:00:38.619 and transparent practices. Whether it's building 00:00:38.619 --> 00:00:41.299 financial systems, setting performance benchmarks 00:00:41.299 --> 00:00:44.880 for borrowing members, or supporting sister organizations 00:00:44.880 --> 00:00:48.560 like the First Nations Financial Authority, FMB 00:00:48.560 --> 00:00:50.759 is setting the foundation for long -term economic 00:00:50.759 --> 00:00:54.859 growth and prosperity. Welcome, Scott Munro, 00:00:55.000 --> 00:00:57.259 CEO of the First Nations Financial Management 00:00:57.259 --> 00:00:59.659 Board. We're very pleased to have you here today. 00:01:01.100 --> 00:01:04.480 Pleasure to be here. Hey, Scott. It's great to 00:01:04.480 --> 00:01:08.040 see you. I think the last time we saw you was 00:01:08.040 --> 00:01:11.939 in London at the end of our summit. That's right. 00:01:12.180 --> 00:01:15.219 Our Indigenous Investment Summit, and you were 00:01:15.219 --> 00:01:18.140 rushing back to Canada. You couldn't stay to 00:01:18.140 --> 00:01:21.599 watch football with. With Mark and I and some 00:01:21.599 --> 00:01:24.659 others from the summit. Yeah, unfortunately, 00:01:24.939 --> 00:01:29.579 I didn't get the chance to partake in that part 00:01:29.579 --> 00:01:33.260 of cultural life in London. But it was a real 00:01:33.260 --> 00:01:36.159 pleasure to be back in that city. As we've talked 00:01:36.159 --> 00:01:38.560 about before, I had the great fortune of working 00:01:38.560 --> 00:01:41.000 in London earlier in my career, which was amazing. 00:01:41.140 --> 00:01:44.260 So it has a special place in my heart. And the 00:01:44.260 --> 00:01:46.920 conference was incredible. Being at the London 00:01:46.920 --> 00:01:50.159 Stock Exchange was pretty amazing. And just the 00:01:50.159 --> 00:01:53.859 quality of people in the room and the quality 00:01:53.859 --> 00:01:56.959 of the sessions and the whole event was fantastic. 00:01:57.260 --> 00:01:59.939 So, yeah, it was a real honor to be part of it. 00:02:00.299 --> 00:02:05.219 Great to have you and Harold there. Yes, absolutely. 00:02:05.519 --> 00:02:07.459 And we'll talk a bit more about the summit maybe 00:02:07.459 --> 00:02:09.900 later. But why don't you tell us a little bit 00:02:09.900 --> 00:02:14.479 about yourself and where you grew up and how 00:02:14.479 --> 00:02:17.120 you ended up in the position you're in today? 00:02:18.319 --> 00:02:22.139 Yeah, absolutely, Rob. And yeah, a little bit 00:02:22.139 --> 00:02:25.400 about myself. So my name is Scott Monroe, and 00:02:25.400 --> 00:02:29.120 I'm a member of the Kaskin Nation. And the Kaskin 00:02:29.120 --> 00:02:32.780 Nation is made up of several First Nations in 00:02:32.780 --> 00:02:34.599 northern British Columbia and southern Yukon 00:02:34.599 --> 00:02:38.539 territory. The Kaskin Nation's territory is approximately 00:02:38.539 --> 00:02:40.680 the same size as the United Kingdom, to give 00:02:40.680 --> 00:02:43.819 some context to listeners. So it's a fairly big 00:02:43.819 --> 00:02:48.889 amount of space and territory. Now, so I was 00:02:48.889 --> 00:02:52.169 born in Whitehorse in the Yukon Territory. I've 00:02:52.169 --> 00:02:54.490 grown up most of my life, however, down in the 00:02:54.490 --> 00:02:57.210 Vancouver area, which is where I am today. I'm 00:02:57.210 --> 00:03:01.409 actually on the traditional unceded lands of 00:03:01.409 --> 00:03:04.650 the Squamish Nation on one of their reserves 00:03:04.650 --> 00:03:09.729 here in West Vancouver. So, yeah, I have grown 00:03:09.729 --> 00:03:12.129 up most of my life in Vancouver, as I mentioned 00:03:12.129 --> 00:03:18.289 a few moments ago, worked in London. After going 00:03:18.289 --> 00:03:21.189 away to school, of course, getting an undergraduate 00:03:21.189 --> 00:03:24.069 degree at Queen's University, I came back to 00:03:24.069 --> 00:03:26.590 Vancouver and started my what was then called 00:03:26.590 --> 00:03:28.990 the Chartered Accountancy designation, now called 00:03:28.990 --> 00:03:31.009 the Chartered Professional Accountant designation. 00:03:32.189 --> 00:03:36.210 So I received that designation after passing 00:03:36.210 --> 00:03:40.729 all the exams and trials that it involves and 00:03:40.729 --> 00:03:43.909 went on to continue articling and gaining experience 00:03:43.909 --> 00:03:50.180 with a major. accounting firm and I had the great 00:03:50.180 --> 00:03:53.840 opportunity to work for a couple years while 00:03:53.840 --> 00:03:57.620 I was in public practice with Deloitte in London 00:03:57.620 --> 00:04:01.419 and it was fantastic. My wife and I had our first 00:04:01.419 --> 00:04:04.199 child actually in London so our daughter was 00:04:04.199 --> 00:04:08.659 born there, a Canadian citizen all the less but 00:04:08.659 --> 00:04:13.520 has some ties maybe to that city in that regard. 00:04:14.360 --> 00:04:17.819 I have been back in Vancouver since returning 00:04:17.819 --> 00:04:24.120 from that two -year journey in London about 15 00:04:24.120 --> 00:04:28.079 years ago or so. I kind of left public practice 00:04:28.079 --> 00:04:30.699 a few years after coming back to Canada, just 00:04:30.699 --> 00:04:34.019 thinking I'm looking for the next stage in my 00:04:34.019 --> 00:04:36.199 development and looking for something new and 00:04:36.199 --> 00:04:40.060 exciting. I did some... contracting on my own. 00:04:40.199 --> 00:04:42.540 And while I was doing that for a few years, I 00:04:42.540 --> 00:04:44.360 started working with the First Nation government. 00:04:44.560 --> 00:04:46.680 I hadn't actually worked with many First Nations 00:04:46.680 --> 00:04:51.420 previous to that. And it was a nice opportunity 00:04:51.420 --> 00:04:56.540 to not only tap into my ancestry, but really 00:04:56.540 --> 00:04:59.379 opened my eyes to the opportunities and the need 00:04:59.379 --> 00:05:04.220 for professional accountants to assist in a wide 00:05:04.220 --> 00:05:08.430 variety of ways with First Nations. That led 00:05:08.430 --> 00:05:11.170 to an opportunity to actually join the organization 00:05:11.170 --> 00:05:12.949 I work for right now, the First Nations Financial 00:05:12.949 --> 00:05:16.290 Management Board. So I've been here at the FMB, 00:05:16.329 --> 00:05:20.069 as we call it, for a better part of 13 years 00:05:20.069 --> 00:05:23.290 or so now. I've had a few roles during that time. 00:05:23.389 --> 00:05:26.410 I joined initially as the Director of Standards 00:05:26.410 --> 00:05:29.290 and Certification, our team that develops financial 00:05:29.290 --> 00:05:31.350 management standards, financial performance standards 00:05:31.350 --> 00:05:35.170 for First Nations, and then certifies. First 00:05:35.170 --> 00:05:38.449 Nations when they ask or make that request against 00:05:38.449 --> 00:05:42.290 those standards. I've also acted as the Director 00:05:42.290 --> 00:05:45.970 of Corporate Services and later the Deputy Chief 00:05:45.970 --> 00:05:49.209 Executive Officer. And the board asked me to 00:05:49.209 --> 00:05:51.670 begin serving as the Chief Executive Officer 00:05:51.670 --> 00:05:54.430 back last August, I guess. So just coming up 00:05:54.430 --> 00:05:57.829 to a year in my current role. And it's been very, 00:05:57.870 --> 00:06:01.930 very exciting. Very exciting. I'm sure. Absolutely. 00:06:02.750 --> 00:06:05.970 Great to be with you on the podcast again, Scott. 00:06:06.089 --> 00:06:08.430 And I'll have to do this because they'll be expecting 00:06:08.430 --> 00:06:10.990 of us. So another Queen's alumni. We've had a 00:06:10.990 --> 00:06:14.149 number of them on the program at the moment, 00:06:14.209 --> 00:06:17.449 but probably more relevant to most of our audience, 00:06:17.509 --> 00:06:20.029 somebody else coming from the Yukon. It seems 00:06:20.029 --> 00:06:24.930 to be the moment for connections to the Yukon 00:06:24.930 --> 00:06:27.430 with Prime Minister Mark Carney. We're hearing 00:06:27.430 --> 00:06:29.790 a lot about what's going on up in the north. 00:06:30.910 --> 00:06:33.810 The Financial Management Board obviously has 00:06:33.810 --> 00:06:36.089 a critical role. So maybe you could give some 00:06:36.089 --> 00:06:40.189 background about what is the organization you 00:06:40.189 --> 00:06:42.970 work for so our listeners over here in the city 00:06:42.970 --> 00:06:46.610 understand a bit more. Yeah, and just quickly, 00:06:46.730 --> 00:06:49.550 I wish we could lay claim to Mark Carney. He's, 00:06:49.550 --> 00:06:51.410 I believe, from the Northwest Territory, so a 00:06:51.410 --> 00:06:53.810 little further east, but up in the north nonetheless. 00:06:53.990 --> 00:06:57.410 So it's great to have representation, that is 00:06:57.410 --> 00:07:02.519 for sure. Yeah, Mark, the FMB is a very interesting 00:07:02.519 --> 00:07:05.319 organization. It takes a few minutes maybe to 00:07:05.319 --> 00:07:08.199 explain what we do because it's not necessarily 00:07:08.199 --> 00:07:11.139 the easiest organization to initially understand. 00:07:11.379 --> 00:07:17.660 But in essence, we're not a crown agency, we're 00:07:17.660 --> 00:07:20.500 not a crown corporation, but we exist through 00:07:20.500 --> 00:07:24.079 a statute that was passed through all party support 00:07:24.079 --> 00:07:28.860 in our parliament. So it's a federal... piece 00:07:28.860 --> 00:07:31.399 of legislation called the First Nations Fiscal 00:07:31.399 --> 00:07:35.759 Management Act. And that was enacted back in 00:07:35.759 --> 00:07:40.220 around 2006 or 2007. And that created our institution 00:07:40.220 --> 00:07:42.939 called the FMB, as I mentioned, but it also created 00:07:42.939 --> 00:07:47.259 several other entities at the same time, one 00:07:47.259 --> 00:07:48.920 of which is the First Nations Finance Authority, 00:07:49.040 --> 00:07:51.459 that I think your listeners might be very familiar 00:07:51.459 --> 00:07:56.579 with, and the First Nations Tax Commission. More 00:07:56.579 --> 00:07:58.920 recently, there's been a First Nations Infrastructure 00:07:58.920 --> 00:08:02.279 Institute created under this act. So while we're 00:08:02.279 --> 00:08:05.920 all separate entities, we work very closely. 00:08:06.000 --> 00:08:08.420 And actually, some of our services are very complementary 00:08:08.420 --> 00:08:12.519 and are meant to kind of interoperate between 00:08:12.519 --> 00:08:14.259 each other. So I'll explain a little more about 00:08:14.259 --> 00:08:20.860 what that means. The FNB's vision is around empowering 00:08:20.860 --> 00:08:23.879 economic self -determination for First Nations. 00:08:24.680 --> 00:08:28.779 So everything we do is anchored in assisting 00:08:28.779 --> 00:08:31.439 First Nations achieve their vision of economic 00:08:31.439 --> 00:08:34.139 self -determination. And that can mean many different 00:08:34.139 --> 00:08:36.159 things, as you know, especially in a country 00:08:36.159 --> 00:08:41.299 like Canada. So that starts with building capacity 00:08:41.299 --> 00:08:45.200 with First Nations. And so that's simply, you 00:08:45.200 --> 00:08:47.000 know, meeting First Nations where they're at. 00:08:47.139 --> 00:08:49.279 Many First Nations are tremendously successful 00:08:49.279 --> 00:08:54.080 in many activities they do. Many are really challenged, 00:08:54.159 --> 00:08:58.259 however. Many are living in quite remote fly 00:08:58.259 --> 00:09:00.399 -in communities, for instance, in the north or 00:09:00.399 --> 00:09:03.700 in other areas of the country. They have real 00:09:03.700 --> 00:09:06.360 difficulty attracting and retaining staff and 00:09:06.360 --> 00:09:09.779 qualified staff. So to have a CPA on staff might 00:09:09.779 --> 00:09:12.759 be really hard for these communities. So we've 00:09:12.759 --> 00:09:17.980 come up with services that assist those smaller, 00:09:18.019 --> 00:09:21.940 more capacity challenged. First Nations. So capacity 00:09:21.940 --> 00:09:24.299 development is a real cornerstone of the work 00:09:24.299 --> 00:09:28.519 that we do. What that leads to is the ability, 00:09:28.659 --> 00:09:31.679 once a nation has put in place the foundation 00:09:31.679 --> 00:09:35.620 of financial management capabilities, they will 00:09:35.620 --> 00:09:39.700 often, and we certainly encourage them to enact 00:09:39.700 --> 00:09:41.759 what's called a financial administration law 00:09:41.759 --> 00:09:45.419 or FAL. And what the financial administration 00:09:45.419 --> 00:09:49.500 law is, is simply a codified set of practices 00:09:49.500 --> 00:09:56.759 that the nation agrees to do under either its 00:09:56.759 --> 00:10:00.220 own inherent lawmaking rights or under the powers 00:10:00.220 --> 00:10:02.759 under the Fiscal Management Act that we operate 00:10:02.759 --> 00:10:06.620 under. The F &B's role is to simply review that 00:10:06.620 --> 00:10:09.519 law when it's been prepared, when we offer a 00:10:09.519 --> 00:10:11.570 lot of... some technical assistance in terms 00:10:11.570 --> 00:10:14.750 of templates and the like. But what we do is 00:10:14.750 --> 00:10:17.870 ensure that the nation has met the standards 00:10:17.870 --> 00:10:19.830 that we set around that financial administration 00:10:19.830 --> 00:10:23.570 law. And that sets the real foundation for financial 00:10:23.570 --> 00:10:27.929 management success, we believe. And then it starts 00:10:27.929 --> 00:10:32.330 to build on every step. It then allows the nation 00:10:32.330 --> 00:10:35.129 a structure to operate within in terms of building 00:10:35.129 --> 00:10:37.490 out its financial management capacity. And at 00:10:37.490 --> 00:10:40.110 some point when the nation is ready, They will 00:10:40.110 --> 00:10:42.610 ask us to come and review, do an independent 00:10:42.610 --> 00:10:46.370 review or some testing, if you will, to see if 00:10:46.370 --> 00:10:49.450 they are living up to their law, if they're doing 00:10:49.450 --> 00:10:50.769 the things that their financial administration 00:10:50.769 --> 00:10:54.889 law requires them to do, such as prepare monthly 00:10:54.889 --> 00:10:57.649 and quarterly and annual financial statements, 00:10:57.870 --> 00:11:00.389 to have a finance and audit committee review 00:11:00.389 --> 00:11:02.370 those financial statements and other financial 00:11:02.370 --> 00:11:05.590 information, to prepare an annual report to citizens 00:11:05.590 --> 00:11:10.500 of the First Nation. and many other foundational 00:11:10.500 --> 00:11:14.519 concepts. So that's one big part. Another part 00:11:14.519 --> 00:11:17.220 of our work is supporting our sister organization 00:11:17.220 --> 00:11:21.360 called the First Nations Finance Authority. The 00:11:21.360 --> 00:11:24.139 Finance Authority is a wonderful success story. 00:11:24.440 --> 00:11:28.179 They have now issued approximately $3 billion 00:11:28.179 --> 00:11:30.899 Canadian dollars in debt on the capital markets 00:11:30.899 --> 00:11:33.679 without any government loan guarantee in doing 00:11:33.679 --> 00:11:37.980 so. And all that money has been raised for First 00:11:37.980 --> 00:11:40.139 Nation governments to build infrastructure, to 00:11:40.139 --> 00:11:43.759 build businesses. Our role in supporting the 00:11:43.759 --> 00:11:45.539 First Nations Finance Authority is to ensure 00:11:45.539 --> 00:11:48.779 that borrowing members meet certain financial 00:11:48.779 --> 00:11:51.480 performance tests or financial performance standards 00:11:51.480 --> 00:11:55.559 that we've set. And most do, not all of them, 00:11:55.600 --> 00:11:57.600 but I'd say the majority of those that apply 00:11:57.600 --> 00:12:01.500 meet those rigorous standards. So we will issue 00:12:01.500 --> 00:12:03.159 what's called a financial performance certificate. 00:12:04.259 --> 00:12:06.659 And it's that certificate, financial performance 00:12:06.659 --> 00:12:09.159 certificate, that makes a First Nation eligible 00:12:09.159 --> 00:12:12.059 to go borrow from the First Nations Finance Authority. 00:12:12.379 --> 00:12:14.580 And so as you can tell from, you know, over $3 00:12:14.580 --> 00:12:17.059 billion now, many First Nations have chosen to 00:12:17.059 --> 00:12:20.059 do that successfully. So we're very proud of 00:12:20.059 --> 00:12:23.919 our role in facilitating access to capital. That 00:12:23.919 --> 00:12:26.200 was really the genesis of this legislation. A 00:12:26.200 --> 00:12:29.039 big part of it anyways was seeing such a gap 00:12:29.039 --> 00:12:32.899 in how First Nations... or the limitations that 00:12:32.899 --> 00:12:35.620 First Nations had in access to capital. So, yeah, 00:12:35.679 --> 00:12:37.740 just to summarize, really, it's capacity building, 00:12:37.879 --> 00:12:40.639 working in the community with First Nations at 00:12:40.639 --> 00:12:43.899 their pace and at their request. I should emphasize 00:12:43.899 --> 00:12:45.879 that all our services are entirely optional. 00:12:46.019 --> 00:12:48.659 There's no requirement to work with the FMB, 00:12:48.720 --> 00:12:52.519 but most choose to. We now have about 65, 67 00:12:52.519 --> 00:12:56.240 % of all First Nations in Canada choosing voluntarily. 00:12:56.840 --> 00:12:59.080 to work with us, which is phenomenal. That's 00:12:59.080 --> 00:13:01.799 impressive. And do you have coverage, Scott, 00:13:01.879 --> 00:13:05.639 all across and up and down the country? We do, 00:13:05.740 --> 00:13:08.460 Rob. We're very proud of that. You know, our 00:13:08.460 --> 00:13:12.539 history is that we were established and our head 00:13:12.539 --> 00:13:16.080 office for quite some time was only in BC. And 00:13:16.080 --> 00:13:17.940 so, you know, we have a lot of clients in BC 00:13:17.940 --> 00:13:20.419 and it took some time to sort of gain the trust 00:13:20.419 --> 00:13:22.279 of First Nations in other parts of the country. 00:13:22.399 --> 00:13:24.639 A lot of traveling, a lot of air miles. You know 00:13:24.639 --> 00:13:27.259 what that's about. But we have now offices in 00:13:27.259 --> 00:13:30.720 Winnipeg and Ottawa and in Montreal. And we have 00:13:30.720 --> 00:13:32.340 a lot of staff that work remotely in different 00:13:32.340 --> 00:13:34.500 parts of the country as well to make it easier 00:13:34.500 --> 00:13:38.419 to be within with communities. So, yeah, we've 00:13:38.419 --> 00:13:41.940 we've grown a lot and we're now thinking of new 00:13:41.940 --> 00:13:45.159 ideas as well as we continue to grow. Sounds 00:13:45.159 --> 00:13:48.340 like your core service is providing the, as you 00:13:48.340 --> 00:13:51.539 said, the capacity building and the financial 00:13:51.539 --> 00:13:57.240 framework. uh for first nations to go out and 00:13:57.240 --> 00:14:02.379 do uh do what they want to do are you only working 00:14:02.379 --> 00:14:07.460 with members who want to be certified is that 00:14:07.460 --> 00:14:11.039 or are you doing different things with different 00:14:11.039 --> 00:14:13.600 nations who may not be ready for certification 00:14:13.600 --> 00:14:17.700 yet well it's not i wouldn't say we're only working 00:14:17.700 --> 00:14:19.600 with those that are interested in certification 00:14:20.919 --> 00:14:23.179 We will work with nations that may not be interested 00:14:23.179 --> 00:14:26.399 in certification. They may, for example, want 00:14:26.399 --> 00:14:29.740 to use our services to qualify for a 10 -year 00:14:29.740 --> 00:14:31.879 grant that's now offered by Indigenous Services 00:14:31.879 --> 00:14:35.519 Canada. So we made the decision when asked by 00:14:35.519 --> 00:14:37.580 the Minister of Indigenous Services that time, 00:14:37.720 --> 00:14:42.559 back in 2018, I think it was, or 2019, to be 00:14:42.559 --> 00:14:46.080 a service provider, an administrative provider 00:14:46.080 --> 00:14:50.190 in terms of testing the eligibility. and determining 00:14:50.190 --> 00:14:53.629 whether First Nations that opt into that grant 00:14:53.629 --> 00:14:56.289 qualify or meet the eligibility criteria. So 00:14:56.289 --> 00:14:58.750 that's one example. And the nation doesn't need 00:14:58.750 --> 00:15:01.830 to be certified to use that service of ours. 00:15:02.350 --> 00:15:05.309 Some nations are just looking for capacity development 00:15:05.309 --> 00:15:08.870 support at this stage. Maybe in time they'll 00:15:08.870 --> 00:15:10.909 look to borrow and want to be certified, but 00:15:10.909 --> 00:15:13.610 that's entirely their decision. It's our role 00:15:13.610 --> 00:15:15.549 is simply to make sure they're informed of what 00:15:15.549 --> 00:15:19.080 the benefits might be of being certified. We 00:15:19.080 --> 00:15:23.360 really will work with nations on anything of 00:15:23.360 --> 00:15:25.419 their choosing as long as it's in our mandate, 00:15:25.580 --> 00:15:28.539 which is pretty broad. Pretty broad, and that's 00:15:28.539 --> 00:15:30.779 the core service. But what about some of the 00:15:30.779 --> 00:15:34.440 other offerings and initiatives? I know FMB is 00:15:34.440 --> 00:15:38.419 at the forefront of a lot of national initiatives. 00:15:39.019 --> 00:15:41.779 One was recently announced, the First Nations 00:15:41.779 --> 00:15:46.559 Procurement Authority. And I know that's brand 00:15:46.559 --> 00:15:50.059 new, but what can you tell us about that new 00:15:50.059 --> 00:15:54.100 authority? Yeah, that's an exciting example. 00:15:54.720 --> 00:15:59.000 What it is really is an example of national Indigenous 00:15:59.000 --> 00:16:01.940 organizations, the FMB being one of several, 00:16:02.200 --> 00:16:07.320 really using their collective ability to see 00:16:07.320 --> 00:16:12.100 what aggregated sort of solutions might be needed 00:16:12.100 --> 00:16:17.179 to serve. First Nations and their citizens in 00:16:17.179 --> 00:16:20.259 more effective ways. So it's early days on the 00:16:20.259 --> 00:16:23.899 procurement concept, but we are a participant 00:16:23.899 --> 00:16:29.460 in that initiative. And as I think your listeners 00:16:29.460 --> 00:16:33.179 will appreciate, we're entering into a very different 00:16:33.179 --> 00:16:39.580 economic situation within Canada. We have a new 00:16:39.580 --> 00:16:43.250 industrial policy that is being developed. at 00:16:43.250 --> 00:16:48.350 warp speed. And First Nations, they will need 00:16:48.350 --> 00:16:51.450 to be at the center of many of these development 00:16:51.450 --> 00:16:55.669 plans and new forms of GDP growth. So procurement 00:16:55.669 --> 00:16:57.970 will be a big part of that, especially as we 00:16:57.970 --> 00:17:01.750 are looking internally to develop more of our 00:17:01.750 --> 00:17:04.690 products and services and to sustain our economy, 00:17:04.769 --> 00:17:08.730 given the tariff threats and tariffs that we're 00:17:08.730 --> 00:17:10.450 subject to right now from the United States. 00:17:11.279 --> 00:17:13.599 Yeah, the procurement idea might be something 00:17:13.599 --> 00:17:17.759 that becomes very, very important. The FMB has 00:17:17.759 --> 00:17:20.319 also worked on some other interesting sort of 00:17:20.319 --> 00:17:25.039 pilot projects or new initiatives, one of which 00:17:25.039 --> 00:17:30.220 is acting as what we're calling an economic regulator. 00:17:30.500 --> 00:17:33.359 We're taking on a bit of a regulatory role. And 00:17:33.359 --> 00:17:37.420 this is for what's called the First Nations. 00:17:38.490 --> 00:17:41.049 Water Authority, Atlantic First Nations Water 00:17:41.049 --> 00:17:44.630 Authority. So a group of Mi 'kmaq First Nations, 00:17:44.789 --> 00:17:46.630 primarily Mi 'kmaq First Nations in Atlantic 00:17:46.630 --> 00:17:50.910 Canada, have decided to aggregate their water 00:17:50.910 --> 00:17:54.589 and wastewater services into a not -for -profit 00:17:54.589 --> 00:17:57.450 service delivery entity called the Atlantic First 00:17:57.450 --> 00:18:00.450 Nations Water Authority. And we've been asked 00:18:00.450 --> 00:18:03.210 and we've accepted the opportunity to provide 00:18:03.210 --> 00:18:06.430 some independent... kind of prudential sort of 00:18:06.430 --> 00:18:09.309 oversight in terms of capital plans, operating 00:18:09.309 --> 00:18:12.009 budgets, and of course supporting the initiative, 00:18:12.170 --> 00:18:15.450 but doing it from a bit of a regulatory. So it's 00:18:15.450 --> 00:18:18.029 a bit of a pilot project seeing how maybe our 00:18:18.029 --> 00:18:21.829 work as a financial institution can assist and 00:18:21.829 --> 00:18:25.769 empower these sorts of new innovative service 00:18:25.769 --> 00:18:29.049 delivery organizations that First Nations are 00:18:29.049 --> 00:18:31.730 creating for themselves. Another example might 00:18:31.730 --> 00:18:33.730 be creating what we're calling the shared services 00:18:33.730 --> 00:18:38.849 or support services team within FMB. And that 00:18:38.849 --> 00:18:44.230 consists of offering services at no cost to First 00:18:44.230 --> 00:18:46.910 Nations, a little bit of extra bench strength, 00:18:46.970 --> 00:18:50.910 I call it. Kind of like adding some part -time 00:18:50.910 --> 00:18:54.529 or external accounting or bookkeeping support 00:18:54.529 --> 00:18:58.680 or maybe HR support. And I'm thinking, you know, 00:18:58.680 --> 00:19:02.059 it can be as basic as helping and assisting with 00:19:02.059 --> 00:19:05.819 month -end account reconciliations or bookkeeping, 00:19:05.960 --> 00:19:08.980 bank reconciliations, just things that take some 00:19:08.980 --> 00:19:13.500 time. Nations might, like I said earlier, might 00:19:13.500 --> 00:19:16.339 not have the right people at a particular time. 00:19:16.859 --> 00:19:19.160 And so we're offering some of those services 00:19:19.160 --> 00:19:21.819 just to add a bit of bench strength to nations 00:19:21.819 --> 00:19:24.039 when they need it. So that seems to be very well 00:19:24.039 --> 00:19:26.140 received. We've had a lot of interest in those 00:19:26.140 --> 00:19:31.349 services. And there's a few others as well. Scott, 00:19:31.450 --> 00:19:33.309 you've worked over in London, so you already 00:19:33.309 --> 00:19:36.289 know what they're looking for because you were 00:19:36.289 --> 00:19:38.970 over here looking at those similar opportunities 00:19:38.970 --> 00:19:41.089 and some of the different roles you had. And 00:19:41.089 --> 00:19:43.430 you've been at the summit for the past couple 00:19:43.430 --> 00:19:45.390 of years, which has been absolutely great. That's 00:19:45.390 --> 00:19:48.710 great. How would either a corporate with a subsidiary 00:19:48.710 --> 00:19:51.289 in Canada or looking at coming into the country 00:19:51.289 --> 00:19:53.730 or perhaps some of those who are involved in 00:19:53.730 --> 00:19:57.819 the capital markets who are dealing? with your 00:19:57.819 --> 00:20:00.720 sister organization or other indigenous led organizations 00:20:00.720 --> 00:20:04.440 in Canada, where would they come across you in 00:20:04.440 --> 00:20:07.299 their discussions or would they just kind of 00:20:07.299 --> 00:20:09.460 sense you in behind the indigenous nations and 00:20:09.460 --> 00:20:12.279 organizations they're dealing with? Yeah, it's 00:20:12.279 --> 00:20:15.660 an interesting question, Mark. I'm not sure if 00:20:15.660 --> 00:20:19.680 they would directly come in connection to us. 00:20:20.660 --> 00:20:22.420 You know, it's something we're thinking about 00:20:22.420 --> 00:20:26.349 knowing. Having been at the summit now a couple 00:20:26.349 --> 00:20:28.109 of times, as you mentioned, we're seeing the 00:20:28.109 --> 00:20:32.109 obvious growing interest by investors in London 00:20:32.109 --> 00:20:34.890 and elsewhere around the world. And so maybe 00:20:34.890 --> 00:20:37.829 there is a bit of a role for the F &B to play 00:20:37.829 --> 00:20:40.769 in some regards, but it's more of a facilitator 00:20:40.769 --> 00:20:43.509 role than anything else. At the end of the day, 00:20:43.529 --> 00:20:47.029 we don't stand between opportunities and First 00:20:47.029 --> 00:20:50.650 Nations. We're not there to gatekeep or do anything 00:20:50.650 --> 00:20:55.039 other than... support the nation from a financial 00:20:55.039 --> 00:20:58.940 management perspective. So it's a fair question, 00:20:59.079 --> 00:21:01.240 but I don't know if there'd be any direct contact 00:21:01.240 --> 00:21:05.720 other than understanding maybe the context of 00:21:05.720 --> 00:21:08.619 how First Nations are operating in Canada, which 00:21:08.619 --> 00:21:11.059 is an important bit of information, I think, 00:21:11.059 --> 00:21:14.119 for someone coming from outside of Canada to 00:21:14.119 --> 00:21:15.759 understand that. I mean, that would be certainly 00:21:15.759 --> 00:21:21.160 one role that we would happily play. Any deals? 00:21:22.029 --> 00:21:26.369 Scott, that you're most proud of or want to highlight, 00:21:26.490 --> 00:21:29.789 where nations that you've supported or assisted 00:21:29.789 --> 00:21:35.630 and then have gone on to raise funds in the market 00:21:35.630 --> 00:21:39.970 to do interesting projects? Yeah, there are several 00:21:39.970 --> 00:21:44.930 in a fast -growing list of really amazing successes. 00:21:45.329 --> 00:21:47.950 And again, we don't take credit for them, but 00:21:47.950 --> 00:21:50.660 we're proud of the role that we've played. A, 00:21:50.700 --> 00:21:53.599 helping maybe build the capacity, but also provide 00:21:53.599 --> 00:21:57.000 access to capital through the First Nations Finance 00:21:57.000 --> 00:22:00.099 Authority. So, yes, the one that's probably best 00:22:00.099 --> 00:22:04.660 known in Canada is out on the East Coast in Mi 00:22:04.660 --> 00:22:07.660 'kmaq territory. Member to First Nation, along 00:22:07.660 --> 00:22:10.339 with several other communities in that region, 00:22:10.519 --> 00:22:14.700 partnered with a company here in Richmond, B 00:22:14.700 --> 00:22:20.490 .C., to acquire the largest integrated... seafood 00:22:20.490 --> 00:22:23.950 company called Clearwater Seafood. And so what 00:22:23.950 --> 00:22:27.470 it ends up looking like is the First Nations 00:22:27.470 --> 00:22:31.670 own 50 % of this really, really large seafood 00:22:31.670 --> 00:22:36.690 company. And it gave them, it basically allowed 00:22:36.690 --> 00:22:39.690 nations to monetize their fishing permits, their 00:22:39.690 --> 00:22:43.289 lobster permits, things that they already had, 00:22:43.349 --> 00:22:45.049 but that way they were able to bring those into 00:22:45.049 --> 00:22:48.410 the commercial deal. And suddenly you have a 00:22:48.410 --> 00:22:51.690 very... interesting combination of forces that 00:22:51.690 --> 00:22:54.250 allowed that transaction to go ahead. So that 00:22:54.250 --> 00:22:57.230 was, I think, a billion dollar deal. So one of 00:22:57.230 --> 00:23:01.549 the larger ones at the time. And those nations 00:23:01.549 --> 00:23:05.250 have really prospered. And it's an example of 00:23:05.250 --> 00:23:11.589 First Nations moving away from managing poverty 00:23:11.589 --> 00:23:15.450 to managing wealth, which is something that we're 00:23:15.450 --> 00:23:19.099 really starting to see now, finally. And it is 00:23:19.099 --> 00:23:21.980 in part due to the tools available. So member 00:23:21.980 --> 00:23:25.059 two and the other nations that borrowed to make 00:23:25.059 --> 00:23:27.039 that acquisition, they had to get certified by 00:23:27.039 --> 00:23:29.539 the FMB. And they came to us one day and said, 00:23:29.660 --> 00:23:33.819 we've got this deal. It's time sensitive. How 00:23:33.819 --> 00:23:37.400 can you help us? And we absolutely said yes. 00:23:37.519 --> 00:23:40.220 And we did everything we needed to do and worked. 00:23:40.460 --> 00:23:43.240 exactly as fast as we needed to, to get those 00:23:43.240 --> 00:23:45.299 certifications done and to work with the First 00:23:45.299 --> 00:23:47.180 Nations Finance Authority to make that. I didn't 00:23:47.180 --> 00:23:49.019 appreciate that. They weren't certified at the 00:23:49.019 --> 00:23:52.400 time. That's right. And they had to as part of 00:23:52.400 --> 00:23:55.900 that transaction. Yes. Interesting. So yeah, 00:23:55.960 --> 00:23:58.259 it was an exciting one. And who put the onus 00:23:58.259 --> 00:24:02.299 on them to be certified? Yeah, I guess it was, 00:24:02.380 --> 00:24:05.000 it's like I mentioned earlier, it's a condition 00:24:05.000 --> 00:24:07.559 of gaining access to the First Nations Finance 00:24:07.559 --> 00:24:11.140 Authority. So each participating borrowing member 00:24:11.140 --> 00:24:13.140 had to get a financial performance certificate. 00:24:13.380 --> 00:24:17.619 But really, certification, for the most part, 00:24:17.740 --> 00:24:19.680 especially our financial management certification, 00:24:20.099 --> 00:24:25.680 Mark, is driven by the need expressed by the 00:24:25.680 --> 00:24:27.599 elected officials of the nation, the governing 00:24:27.599 --> 00:24:31.519 body, around good management. They want to demonstrate 00:24:31.519 --> 00:24:34.960 to their citizens that they're meeting best practices. 00:24:35.630 --> 00:24:38.029 that they are committed to accountability and 00:24:38.029 --> 00:24:40.490 transparency. Those are cornerstone principles 00:24:40.490 --> 00:24:43.329 in our financial administration law and in our 00:24:43.329 --> 00:24:46.910 financial management system standards. Really 00:24:46.910 --> 00:24:50.269 comes from that is the motivating factor I find, 00:24:50.390 --> 00:24:54.430 which is pretty great. Capital is great and that's 00:24:54.430 --> 00:24:56.609 obviously a motivating factor when it comes to 00:24:56.609 --> 00:24:59.869 a transaction, but the long -term health and 00:24:59.869 --> 00:25:01.769 success of a community is going to be based on 00:25:01.769 --> 00:25:05.150 broader standards than that. Yes. Absolutely. 00:25:05.869 --> 00:25:08.789 Such an important role you're playing. Scott 00:25:08.789 --> 00:25:13.329 and the FMB is playing as more and more wealth 00:25:13.329 --> 00:25:17.309 hopefully gets transferred to First Nations as 00:25:17.309 --> 00:25:20.450 part of economic reconciliation. And as First 00:25:20.450 --> 00:25:24.809 Nations participate in the economic development 00:25:24.809 --> 00:25:29.130 activities in and around their territories, managing 00:25:29.130 --> 00:25:35.420 that money and that wealth. It's very, very important, 00:25:35.700 --> 00:25:39.259 obviously. I think just to add to that with what's 00:25:39.259 --> 00:25:42.700 going on with Canada and the tariffs, as you 00:25:42.700 --> 00:25:46.259 alluded to, and we have a new government and 00:25:46.259 --> 00:25:49.599 it's a new direction for the country. That's 00:25:49.599 --> 00:25:52.619 right. And First Nations have to play a central 00:25:52.619 --> 00:25:56.380 role. And they're all in Ottawa making sure their 00:25:56.380 --> 00:25:59.140 voices are heard and being listened to and contributing. 00:25:59.559 --> 00:26:03.059 And I think if you look back even 10 years. If 00:26:03.059 --> 00:26:06.039 this had happened 10 years ago, I'm not sure 00:26:06.039 --> 00:26:08.059 whether the Indigenous people were as in strong 00:26:08.059 --> 00:26:10.599 a position as they are today. Every year gets 00:26:10.599 --> 00:26:14.579 stronger and stronger as there's a whole group 00:26:14.579 --> 00:26:17.960 of both yourselves and younger people now are 00:26:17.960 --> 00:26:21.140 coming through who are in senior positions, not 00:26:21.140 --> 00:26:23.720 in Indigenous -owned businesses, but non -Indigenous 00:26:23.720 --> 00:26:27.680 businesses like McCarthy and others. It just 00:26:27.680 --> 00:26:29.680 is a real game -changer. So I think somebody 00:26:29.680 --> 00:26:32.809 outside who has... who hasn't really been in 00:26:32.809 --> 00:26:36.930 Canada too often, may have some connection because 00:26:36.930 --> 00:26:38.849 we're still shaped to a certain extent by our 00:26:38.849 --> 00:26:41.130 southern neighbor when they think of North America. 00:26:41.369 --> 00:26:45.250 And if you're an Indigenous person in the US, 00:26:45.569 --> 00:26:49.170 right, I think you're having a different experience 00:26:49.170 --> 00:26:51.390 now if you're an Indigenous person in Canada. 00:26:51.529 --> 00:26:54.130 Yes. And I think that's really positive for Canada. 00:26:54.269 --> 00:26:58.690 A lot to do and a long way to go. But it's exciting. 00:26:59.319 --> 00:27:02.519 It is. It really is. Canada has actually, First 00:27:02.519 --> 00:27:05.200 Nations in Canada have a lot to be very proud 00:27:05.200 --> 00:27:08.759 of. You know, there's no denying that the very 00:27:08.759 --> 00:27:11.880 dark past that First Nations and other Indigenous 00:27:11.880 --> 00:27:15.079 people have had to live through in this country. 00:27:15.200 --> 00:27:19.279 And this country has, you know, begun to and 00:27:19.279 --> 00:27:23.420 has acknowledged those wrongs and the harmful 00:27:23.420 --> 00:27:26.559 effects of colonization and residential schools. 00:27:27.819 --> 00:27:31.259 Apologies have been made. Commissions have issued 00:27:31.259 --> 00:27:37.759 reports. But ultimately, we need First Nations 00:27:37.759 --> 00:27:41.480 communities to thrive. We need their economies 00:27:41.480 --> 00:27:47.140 to thrive for the difference in socioeconomic 00:27:47.140 --> 00:27:49.759 conditions to improve. And that's really what 00:27:49.759 --> 00:27:52.599 we're looking for. But that's starting to happen 00:27:52.599 --> 00:27:55.289 now. Does that mean there are new challenges 00:27:55.289 --> 00:27:58.210 ahead? Absolutely. Managing wealth is going to 00:27:58.210 --> 00:28:00.509 be a huge new challenge for a lot of communities. 00:28:00.769 --> 00:28:04.109 It can be disastrous, bringing enormous wealth 00:28:04.109 --> 00:28:07.289 suddenly or quickly to any community, Indigenous 00:28:07.289 --> 00:28:12.470 or otherwise. So we're thinking about other ways 00:28:12.470 --> 00:28:16.190 that we can support nations in this era of economic 00:28:16.190 --> 00:28:19.730 prosperity and how we know First Nations will 00:28:19.730 --> 00:28:22.799 be involved in so many of the... big economic 00:28:22.799 --> 00:28:25.940 activity in this country. Rightfully so. I think 00:28:25.940 --> 00:28:28.640 it's their time to shine. But they need the tools. 00:28:28.759 --> 00:28:31.500 They need the financial management skill sets 00:28:31.500 --> 00:28:33.759 and capabilities. And we're certainly here to 00:28:33.759 --> 00:28:38.240 assist and support. What else is then on your 00:28:38.240 --> 00:28:42.619 radar screen? Scott, you've got, you talked about 00:28:42.619 --> 00:28:46.519 the core services and financial management certification, 00:28:46.900 --> 00:28:52.589 some regulatory initiatives, the... Procurement 00:28:52.589 --> 00:28:56.829 Authority. Yes. If that wasn't enough, what else 00:28:56.829 --> 00:29:00.529 are you working on? Oh, just a little thing called 00:29:00.529 --> 00:29:06.150 an Indigenous Development Bank. Yeah, small thing. 00:29:06.250 --> 00:29:10.549 In London, too. That's right. Level of understatement. 00:29:11.009 --> 00:29:16.269 That's right. We, along with others in the First 00:29:16.269 --> 00:29:18.430 Nation community and other partners, including 00:29:18.430 --> 00:29:22.220 First Nations Finance Authority and NACA, are 00:29:22.220 --> 00:29:25.660 collaborating, collectively working on a business 00:29:25.660 --> 00:29:28.180 plan and business model on what we're calling 00:29:28.180 --> 00:29:32.819 an Indigenous Development Finance Organization. 00:29:33.119 --> 00:29:36.019 It's kind of a working title. I referred to a 00:29:36.019 --> 00:29:37.660 development bank. That's what you see when you 00:29:37.660 --> 00:29:40.920 read our roadmap project that surfaced this idea, 00:29:41.019 --> 00:29:44.480 this concept. The premise being we feel there's 00:29:44.480 --> 00:29:46.880 some substantial gaps in the financial marketplace. 00:29:47.909 --> 00:29:50.789 for access to capital. And I'm specifically thinking 00:29:50.789 --> 00:29:55.009 about risk capital. The finance authority, like 00:29:55.009 --> 00:29:57.809 I said, phenomenally successful, and they will 00:29:57.809 --> 00:30:01.250 continue to be successful. They provide capital 00:30:01.250 --> 00:30:04.289 that is secured by existing revenue streams. 00:30:04.450 --> 00:30:06.029 That's the way they are designed. That's the 00:30:06.029 --> 00:30:07.470 way they're set up. That's their risk model. 00:30:07.970 --> 00:30:10.170 And it works really well. But what happens if 00:30:10.170 --> 00:30:12.849 you don't have existing revenue streams? What 00:30:12.849 --> 00:30:15.690 happens if you need the money to buy equity into 00:30:15.690 --> 00:30:18.500 a project? First Nations governments don't have 00:30:18.500 --> 00:30:21.920 a balance sheet yet. They don't have 150 years, 00:30:22.019 --> 00:30:25.900 200 years of colonial economic expansion to benefit 00:30:25.900 --> 00:30:30.680 from. So we believe, along with our colleagues 00:30:30.680 --> 00:30:34.480 at Finance Authority and NACA, that there is 00:30:34.480 --> 00:30:37.460 a compelling argument to create a new Indigenous 00:30:37.460 --> 00:30:40.160 -led development finance organization of some 00:30:40.160 --> 00:30:44.059 sort. Would it disrupt the marketplace a little 00:30:44.059 --> 00:30:48.230 bit? Yeah, it probably will. But we don't believe 00:30:48.230 --> 00:30:52.250 it needs to compete against or limit anyone's 00:30:52.250 --> 00:30:54.970 opportunities. In fact, we think it could be 00:30:54.970 --> 00:30:56.910 very complementary because it would be a public 00:30:56.910 --> 00:31:01.670 sector -led type initiative and building on long 00:31:01.670 --> 00:31:04.490 -standing existing development bank models that 00:31:04.490 --> 00:31:07.869 Canada participates in and many other nations 00:31:07.869 --> 00:31:09.769 around the world participate in, including the 00:31:09.769 --> 00:31:12.809 UK. Scott, how would this differ from, say, the 00:31:12.809 --> 00:31:16.160 Canada Infrastructure Bank? what they're doing 00:31:16.160 --> 00:31:19.599 now? Yeah, that's a great question. I see it 00:31:19.599 --> 00:31:22.940 being complementary to some of the existing institutions, 00:31:23.240 --> 00:31:29.200 including the CIB. So could it simply be a service 00:31:29.200 --> 00:31:32.539 provider in some cases? That's very possible. 00:31:32.759 --> 00:31:35.160 What I'm thinking of is helping structure deals, 00:31:35.400 --> 00:31:37.660 helping work, again, back to capacity development, 00:31:37.960 --> 00:31:40.259 but in a very focused sort of corporate finance 00:31:40.259 --> 00:31:47.460 role. Maybe the IDFO, as we're calling it, wouldn't 00:31:47.460 --> 00:31:50.480 necessarily be a capital provider. In some cases, 00:31:50.500 --> 00:31:52.759 it might be. In some cases, they might partner 00:31:52.759 --> 00:31:56.140 with the CIB or with, I don't know, another financial 00:31:56.140 --> 00:31:59.420 institution in Canada. But I also believe there's 00:31:59.420 --> 00:32:02.220 opportunity to blend different forms of capital 00:32:02.220 --> 00:32:05.079 in an institution like this. And there's not 00:32:05.079 --> 00:32:07.579 really the mechanism in Canada to create that 00:32:07.579 --> 00:32:10.740 environment. And it's not really naturally happening 00:32:10.740 --> 00:32:14.039 in the private sector today, I would argue. So 00:32:14.039 --> 00:32:15.599 I think there's a bit of a gap in sort of the 00:32:15.599 --> 00:32:20.339 $5 million to probably $100 million deal size. 00:32:20.900 --> 00:32:23.460 I think in that area, I don't think First Nations 00:32:23.460 --> 00:32:26.339 are well served. You know, banks, the big banks 00:32:26.339 --> 00:32:28.019 obviously get very interested once you get into 00:32:28.019 --> 00:32:30.039 the hundreds of millions of dollars and onwards. 00:32:30.240 --> 00:32:32.599 But maybe at the very high end, too, when we're 00:32:32.599 --> 00:32:34.579 talking about billions of dollars, which we will 00:32:34.579 --> 00:32:37.200 be and we are. We're talking about major projects, 00:32:37.359 --> 00:32:40.380 energy corridors. Maybe you need something like 00:32:40.380 --> 00:32:44.799 this to form a bit of a syndicate or participate 00:32:44.799 --> 00:32:49.920 in some way. Maybe it's drawing down on the various 00:32:49.920 --> 00:32:52.099 government guarantees that both the federal government 00:32:52.099 --> 00:32:54.619 has, provincial governments and the like, bringing 00:32:54.619 --> 00:32:58.900 new players. I think there's an ESG element to 00:32:58.900 --> 00:33:02.259 this as well, a sustainability side of things 00:33:02.259 --> 00:33:07.109 to this that could bring in that. area of investor 00:33:07.109 --> 00:33:10.609 to the picture. So I think it could be a focal 00:33:10.609 --> 00:33:13.009 point to bring in and crowd in capital rather 00:33:13.009 --> 00:33:16.930 than to compete against, like I said, any existing 00:33:16.930 --> 00:33:21.089 player. Well, that sounds like a great initiative. 00:33:21.269 --> 00:33:23.289 And as you said, it's a different ballgame because 00:33:23.289 --> 00:33:25.869 there's these new opportunities in front and 00:33:25.869 --> 00:33:29.450 capital doesn't come always with a guarantee. 00:33:30.109 --> 00:33:32.829 So how do you participate in those markets? It 00:33:32.829 --> 00:33:36.029 sounds like a disruption, which is always welcome 00:33:36.029 --> 00:33:38.089 in most markets, unless you're the person or 00:33:38.089 --> 00:33:40.190 organization being disrupted. Apart from that, 00:33:40.230 --> 00:33:42.730 it's a great idea, right? Yeah, that's right. 00:33:42.789 --> 00:33:46.250 We're working really hard, Mark, to really identify 00:33:46.250 --> 00:33:50.150 how this would really complement existing financial, 00:33:50.490 --> 00:33:53.809 especially Indigenous financial players, which 00:33:53.809 --> 00:33:56.150 we have healthy, lots of respect for and want 00:33:56.150 --> 00:34:00.420 to see succeed. But it's about filling gaps and 00:34:00.420 --> 00:34:04.900 filling missing needs or meeting needs that aren't 00:34:04.900 --> 00:34:09.739 yet being met in the market today. Great. So 00:34:09.739 --> 00:34:12.639 one of the things we've been talking to you and 00:34:12.639 --> 00:34:16.219 we haven't had an opportunity to ask about that 00:34:16.219 --> 00:34:23.179 mask. Yeah. And it's Indigenous History Month 00:34:23.179 --> 00:34:25.809 in Canada. It's June. This is Indigenous History 00:34:25.809 --> 00:34:28.010 Month, and I know this isn't just about history. 00:34:28.090 --> 00:34:30.150 This is about the present as well. But can you 00:34:30.150 --> 00:34:32.670 tell us a little bit about that? I'm sure. Yeah, 00:34:32.690 --> 00:34:38.170 well, it's really it's our founding chair, Harold 00:34:38.170 --> 00:34:40.809 Calla, who you both know and was at the summit 00:34:40.809 --> 00:34:43.969 this year. It's part of his personal collection. 00:34:45.050 --> 00:34:48.170 Harold is a member of the Squamish Nation and 00:34:48.170 --> 00:34:52.449 was the founder of this. organization and influential 00:34:52.449 --> 00:34:56.349 driving the legislation as well. He's a pretty 00:34:56.349 --> 00:34:59.130 avid collector of different pieces of artwork. 00:34:59.409 --> 00:35:03.489 So we're seeing a pretty special piece here that's 00:35:03.489 --> 00:35:07.349 on display where I am today. So, yeah, we're 00:35:07.349 --> 00:35:09.670 very lucky in our hallways. We have some amazing 00:35:09.670 --> 00:35:14.110 artwork and paintings from Indigenous artists, 00:35:14.210 --> 00:35:17.369 both here locally and some that we've collected 00:35:17.369 --> 00:35:20.309 on our different trips to communities. That's 00:35:20.309 --> 00:35:23.130 part of what's so amazing working here is having 00:35:23.130 --> 00:35:26.349 the vibrancy and getting to see the culture around 00:35:26.349 --> 00:35:29.650 every corner of our clients. So, yeah, thanks 00:35:29.650 --> 00:35:31.889 for noticing that. You're very lucky to experience 00:35:31.889 --> 00:35:36.269 that every day. And as you can see now, the sun 00:35:36.269 --> 00:35:40.530 is setting in London where I am today. And of 00:35:40.530 --> 00:35:42.610 course, so when the sun sets in London, it decides 00:35:42.610 --> 00:35:45.550 to come out to remind you, you know, in the cloudy 00:35:45.550 --> 00:35:48.320 day. that actually the sun was there. So now 00:35:48.320 --> 00:35:52.980 it appears. Anyway, so it has been absolutely 00:35:52.980 --> 00:35:57.159 great, Scott, to have you on the - With us today 00:35:57.159 --> 00:35:59.199 to talk. We've appreciated your support at the 00:35:59.199 --> 00:36:02.139 past two summits. We look forward to seeing you 00:36:02.139 --> 00:36:11.000 again next April 8th. And Rob, you're traveling 00:36:11.000 --> 00:36:13.780 across Canada. I'm not sure if you're in Europe 00:36:13.780 --> 00:36:17.559 or Toronto or in - BC down the street from Scott. 00:36:18.980 --> 00:36:21.179 Today, I happen to be in the Toronto office. 00:36:21.260 --> 00:36:23.739 You have one of those rare opportunities. And 00:36:23.739 --> 00:36:27.199 thank you again for taking the time to remind 00:36:27.199 --> 00:36:31.340 us of the important work that FMB is doing. And 00:36:31.340 --> 00:36:35.340 so thanks for your leadership and appreciate 00:36:35.340 --> 00:36:37.679 all you do and look forward to welcoming you 00:36:37.679 --> 00:36:40.900 back to London next year. I hope you'll take 00:36:40.900 --> 00:36:43.789 time to take in a... Football game, even if it's 00:36:43.789 --> 00:36:48.130 Chelsea again next year. Well, I would, like 00:36:48.130 --> 00:36:51.550 I said last time, I had the pleasure of joining 00:36:51.550 --> 00:36:56.150 you, Rob. You'll have to forgive me if I don't 00:36:56.150 --> 00:36:59.670 cheer wildly for the home team. My allegiances 00:36:59.670 --> 00:37:03.590 are slightly north of Chelsea with Arsenal. But 00:37:03.590 --> 00:37:06.809 anyways, regardless of getting to enjoy another 00:37:06.809 --> 00:37:09.510 match with you. It'd be a real pleasure to meet 00:37:09.510 --> 00:37:11.690 up again. And I want to really thank you, Mark 00:37:11.690 --> 00:37:16.489 and Rob, for your ongoing support, for driving 00:37:16.489 --> 00:37:19.809 a really important conversation with your Drumbeats 00:37:19.809 --> 00:37:23.369 podcast, with the summit that you co -host and 00:37:23.369 --> 00:37:25.650 do. It's very meaningful work. It's creating 00:37:25.650 --> 00:37:28.489 new opportunities, more visibility for First 00:37:28.489 --> 00:37:32.570 Nations people so that we're seen and that we're 00:37:32.570 --> 00:37:36.369 visible to investors in markets like in London. 00:37:37.079 --> 00:37:39.079 It's fantastic. I really appreciate the opportunity 00:37:39.079 --> 00:37:42.380 to be on your podcast. Well, thank you very much. 00:37:42.739 --> 00:37:48.059 Yeah. Absolutely. Thank you. And as you were 00:37:48.059 --> 00:37:53.659 in London, cheers. Yeah, that's right. Thank 00:37:53.659 --> 00:37:55.780 you to Scott Monroe for sharing his insights 00:37:55.780 --> 00:37:58.059 with us. And thank you for viewing and listening. 00:37:58.519 --> 00:38:01.139 Be sure to share, subscribe and leave a review 00:38:01.139 --> 00:38:04.000 on your favorite podcast channel. Thanks for 00:38:04.000 --> 00:38:06.159 listening to Drumbeats. Until next time.