WEBVTT 00:00:00.200 --> 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 --> 00:00:08.720 the key to securing successful outcomes in natural 00:00:08.720 --> 00:00:11.060 resource and infrastructure investment in Canada. 00:00:12.820 --> 00:00:15.019 Happy New Year to all our Drumbeats listeners. 00:00:15.859 --> 00:00:19.339 Rob and I want to start 2026 by doing something 00:00:19.339 --> 00:00:22.239 a little bit different. But before we look at 00:00:22.239 --> 00:00:24.280 what's ahead this year, we thought we'd take 00:00:24.280 --> 00:00:27.600 a moment to talk about a Canadian tradition that's 00:00:27.600 --> 00:00:33.140 quite relevant to this day. the levee right and 00:00:33.140 --> 00:00:36.859 mark and happy new year to everybody on all our 00:00:36.859 --> 00:00:39.420 listeners the uh the levee as you mentioned is 00:00:39.420 --> 00:00:41.219 one of those traditions that not everyone knows 00:00:41.219 --> 00:00:44.039 about but it's been part of canadian culture 00:00:44.039 --> 00:00:47.420 for a long time it's a tradition that connects 00:00:47.420 --> 00:00:50.740 to government military and indigenous communities 00:00:50.740 --> 00:00:53.280 so it felt like the right way to begin this episode 00:00:55.049 --> 00:00:57.049 And then after that, we're going to take you 00:00:57.049 --> 00:00:59.149 through some of the standout guest conversations 00:00:59.149 --> 00:01:02.149 we had in 2025 and what a year it was. So we're 00:01:02.149 --> 00:01:05.209 calling this episode the best of drumbeats 2025. 00:01:06.069 --> 00:01:09.510 I look back at the people and organizations who 00:01:09.510 --> 00:01:11.769 shaped the conversation around the Canadian Indigenous 00:01:11.769 --> 00:01:15.230 Investment Summit in the past year. And then 00:01:15.230 --> 00:01:17.530 we'll wrap up with a few thoughts on what's ahead 00:01:17.530 --> 00:01:21.549 for 2026. So let's start with the levy. The levee 00:01:21.549 --> 00:01:23.790 tradition in Canada goes back farther than most 00:01:23.790 --> 00:01:27.049 people realize. The very first levee in what 00:01:27.049 --> 00:01:31.189 would become Canada was held in 1606 by Samuel 00:01:31.189 --> 00:01:34.569 de Champlain at Port Royal. And now Annapolis 00:01:34.569 --> 00:01:37.769 Royal in Nova Scotia. The first levee took place 00:01:37.769 --> 00:01:42.590 on New Year's Day, 1 January 1606. And a Mi 'kmaq 00:01:42.590 --> 00:01:46.090 chief from Member 2 attended that first levee, 00:01:46.090 --> 00:01:49.090 making Indigenous participation part of the tradition 00:01:49.090 --> 00:01:52.390 from the very beginning. The word levee comes 00:01:52.390 --> 00:01:57.510 from the French verb lever, or levee, meaning 00:01:57.510 --> 00:02:00.370 to rise, referring to the practice of receiving 00:02:00.370 --> 00:02:04.069 visitors upon waking. It was a gathering where 00:02:04.069 --> 00:02:06.209 the community came together to mark the new year. 00:02:06.810 --> 00:02:09.270 And what's significant is this wasn't just a 00:02:09.270 --> 00:02:12.349 European tradition transplanted Canada. From 00:02:12.349 --> 00:02:15.849 that first gathering in 1606, as you mentioned, 00:02:16.129 --> 00:02:19.030 Indigenous leaders were present. It's about building 00:02:19.030 --> 00:02:22.680 relationships. showing respect and marking important 00:02:22.680 --> 00:02:25.280 moments together. And I think it's so fitting 00:02:25.280 --> 00:02:27.020 with what we learned over the past year, Rob, 00:02:27.139 --> 00:02:30.300 that Chief Member 2's presence at the first levee 00:02:30.300 --> 00:02:33.539 established a precedent for Indigenous participation 00:02:33.539 --> 00:02:36.860 across all walks of life, as we learned. Over 00:02:36.860 --> 00:02:38.819 the century, the tradition has evolved through 00:02:38.819 --> 00:02:41.419 military and government institutions. Governor 00:02:41.419 --> 00:02:44.099 General, Lieutenant Governors and Military Commanders 00:02:44.099 --> 00:02:47.500 held levees at open door receptions. And in recent 00:02:47.500 --> 00:02:49.719 years, some indigenous nations have reclaimed 00:02:49.719 --> 00:02:51.860 and reinterpreted the tradition, hosting their 00:02:51.860 --> 00:02:53.979 own levee, sovereignty and cultural presence. 00:02:54.159 --> 00:02:56.219 And I just have to mention, I really grew up 00:02:56.219 --> 00:02:59.819 with this because my father, Rob, as you know, 00:02:59.900 --> 00:03:02.500 is a retired lieutenant colonel. So, you know, 00:03:02.560 --> 00:03:05.199 New Year's Day was definitely a levee at the 00:03:05.199 --> 00:03:08.099 officer's mess and gathering that was part of 00:03:08.099 --> 00:03:10.780 life. And when it came to the UK, it was like, 00:03:10.819 --> 00:03:13.280 well, they don't have a levee on New Year's Day. 00:03:15.180 --> 00:03:18.400 So on this New Year's Day, as we reflect on the 00:03:18.400 --> 00:03:21.439 year that was and look ahead, it feels fitting 00:03:21.439 --> 00:03:24.340 to acknowledge that tradition and what it represents. 00:03:25.419 --> 00:03:28.520 Gathering, relationship building, and moving 00:03:28.520 --> 00:03:31.360 forward together. And that's been at the heart 00:03:31.360 --> 00:03:33.639 of the conversations we've had on Drumbeat since 00:03:33.639 --> 00:03:36.659 we started Robin 2024, continued in this past 00:03:36.659 --> 00:03:41.340 year. Absolutely right, Mark. With that in mind, 00:03:41.379 --> 00:03:43.680 let's move into the heart of this episode. the 00:03:43.680 --> 00:03:49.319 best conversations we had in 2025. 2025 was a 00:03:49.319 --> 00:03:51.419 remarkable year for the Canadian Indigenous Investment 00:03:51.419 --> 00:03:54.000 Summit. With the privilege of speaking with some 00:03:54.000 --> 00:03:55.860 of the most influential leaders in the space, 00:03:56.020 --> 00:03:58.400 people are building the infrastructure, creating 00:03:58.400 --> 00:04:00.599 the partnerships, and changing the way capital 00:04:00.599 --> 00:04:03.419 flows into Indigenous communities. And these 00:04:03.419 --> 00:04:06.199 weren't just conversations. They were insight 00:04:06.199 --> 00:04:09.620 into how the landscape is actually changing and 00:04:09.620 --> 00:04:12.569 how doing business in Canada is changing. Each 00:04:12.569 --> 00:04:16.189 guest brought lived experience, specific knowledge, 00:04:16.350 --> 00:04:18.629 and a clear sense of where things were heading. 00:04:18.769 --> 00:04:21.850 It was really exciting. So we've selected the 00:04:21.850 --> 00:04:25.089 top 10 guest episodes based on audience engagement 00:04:25.089 --> 00:04:28.129 and what resonated most with our listeners because 00:04:28.129 --> 00:04:30.490 every one of our conversations was exciting. 00:04:31.009 --> 00:04:33.370 Yes, and what you're about to hear are highlights 00:04:33.370 --> 00:04:36.089 from those conversations. We've kept them brief, 00:04:36.209 --> 00:04:38.490 but each one captures a key moment or insight 00:04:38.490 --> 00:04:41.529 that we think is worth revisiting. as we head 00:04:41.529 --> 00:04:47.050 into 2026. Here's Clint Davis, CEO of Cedar Leaf 00:04:47.050 --> 00:04:49.829 Capital, who explains how it became the first 00:04:49.829 --> 00:04:52.129 Indigenous majority -owned investment dealer 00:04:52.129 --> 00:04:54.730 in Canada, supported throughout the process by 00:04:54.730 --> 00:04:59.149 Scotiabank. It actually started about two, two 00:04:59.149 --> 00:05:02.649 and a half years ago. And it was a pull from 00:05:02.649 --> 00:05:06.949 the market. So it wasn't coming from the Indigenous 00:05:06.949 --> 00:05:10.920 business leadership at the time. from one of 00:05:10.920 --> 00:05:12.480 the major financial institutions or anything 00:05:12.480 --> 00:05:16.139 of that nature. But it was a major resource company 00:05:16.139 --> 00:05:20.399 in Canada, and they were issuing securities bonds 00:05:20.399 --> 00:05:23.839 in the United States. And in the U .S., you actually 00:05:23.839 --> 00:05:29.279 have a really quite a decent, growing, robust 00:05:29.279 --> 00:05:33.550 ecosystem. of investment dealers that have unique 00:05:33.550 --> 00:05:37.589 ownership. And so that ownership represents minorities 00:05:37.589 --> 00:05:41.829 from African American, Latino American, and tribal, 00:05:41.970 --> 00:05:45.670 as well as women, veterans, people with disabilities. 00:05:45.990 --> 00:05:50.170 And so these are investment dealers that bring 00:05:50.170 --> 00:05:52.889 a unique perspective to syndicates, as well as 00:05:52.889 --> 00:05:57.250 opening up new avenues for investors. And so 00:05:57.250 --> 00:06:00.089 many of the companies that are Canadian companies 00:06:00.089 --> 00:06:02.589 that actually issue in the United States have 00:06:02.589 --> 00:06:07.009 used these minority dealers. And so this resource 00:06:07.009 --> 00:06:08.670 company asked the question as to whether or not 00:06:08.670 --> 00:06:11.589 anything like that existed in Canada. And if 00:06:11.589 --> 00:06:13.269 so, if it was indigenous, that they would give 00:06:13.269 --> 00:06:16.329 serious consideration to working with that company. 00:06:16.569 --> 00:06:21.029 And so that was expressed to Scotiabank. And 00:06:21.029 --> 00:06:23.589 so Scotiabank did some research, realized very 00:06:23.589 --> 00:06:27.439 quickly that, in fact, There wasn't any type 00:06:27.439 --> 00:06:30.220 of dealer that had that unique ownership. And 00:06:30.220 --> 00:06:32.339 they thought to themselves that what we should 00:06:32.339 --> 00:06:35.759 be looking at is in alignment with reconciliation, 00:06:35.860 --> 00:06:40.199 that we should stand one up so that we can provide 00:06:40.199 --> 00:06:44.620 it with the necessary footing, foundation, and 00:06:44.620 --> 00:06:47.100 so that ultimately you'd have a 100 % Indigenous 00:06:47.100 --> 00:06:51.779 -owned and controlled investment dealer. Next 00:06:51.779 --> 00:06:55.120 up is Matt Smith. who was at the time CEO of 00:06:55.120 --> 00:06:57.939 the Saskatchewan Indigenous Investment Finance 00:06:57.939 --> 00:07:01.459 Corporation. He discusses how their loan guarantee 00:07:01.459 --> 00:07:04.319 addresses longstanding barriers to Indigenous 00:07:04.319 --> 00:07:10.759 access to capital. So SIFSI, we kind of alternate 00:07:10.759 --> 00:07:13.839 between calling it SIFSI and SIFSI, but it kind 00:07:13.839 --> 00:07:15.300 of came about, I would say, the government of 00:07:15.300 --> 00:07:18.350 Saskatchewan recognized that... you know, existing 00:07:18.350 --> 00:07:21.149 barriers to access to capital for Indigenous 00:07:21.149 --> 00:07:23.870 people in the province were really preventing 00:07:23.870 --> 00:07:27.050 them from, you know, yielding the full benefits 00:07:27.050 --> 00:07:29.649 of some of the projects that were occurring here 00:07:29.649 --> 00:07:34.990 in the province. And so in about 2021, 2022, 00:07:35.389 --> 00:07:37.589 we began work on exploring what the opportunities 00:07:37.589 --> 00:07:40.569 were to support increased access to capital for 00:07:40.569 --> 00:07:43.370 Indigenous communities in the province through 00:07:43.370 --> 00:07:46.980 kind of some research. and conversations and 00:07:46.980 --> 00:07:51.000 leadership from six Indigenous business leaders 00:07:51.000 --> 00:07:53.339 from Saskatchewan who helped guide us through 00:07:53.339 --> 00:07:56.040 that process. You know, we kind of identified 00:07:56.040 --> 00:07:58.439 the loan guarantees, our loan guarantee program 00:07:58.439 --> 00:08:01.199 being probably the best fit to help support that 00:08:01.199 --> 00:08:04.250 increased participation. We received a lot of 00:08:04.250 --> 00:08:06.589 advice and support from our friends to the west 00:08:06.589 --> 00:08:08.850 in Alberta, from the Alberta Indigenous Opportunities 00:08:08.850 --> 00:08:11.490 Corporation, who were really kind of the frontrunner 00:08:11.490 --> 00:08:14.149 in this space. And Shannon and her team continue 00:08:14.149 --> 00:08:17.410 to be just really great mentors and resources 00:08:17.410 --> 00:08:20.670 and supporters of us. So we're very fortunate 00:08:20.670 --> 00:08:23.670 in that space. So just as a bit of background, 00:08:24.009 --> 00:08:27.970 Indigenous people for a broad range of reasons. 00:08:29.290 --> 00:08:31.389 particularly through the Indian Act and some 00:08:31.389 --> 00:08:34.690 other legislation, aren't able to utilize any 00:08:34.690 --> 00:08:37.129 of their kind of assets as collateral for investments. 00:08:37.269 --> 00:08:39.850 And as a result, they've had challenges accessing 00:08:39.850 --> 00:08:41.850 capital or in instances where they can't access 00:08:41.850 --> 00:08:44.830 capital. The rates are really non -competitive 00:08:44.830 --> 00:08:47.389 and really impact the overall viability of the 00:08:47.389 --> 00:08:50.149 investment or certainly drastically reduce the 00:08:50.149 --> 00:08:52.429 potential returns from those investments. A loan 00:08:52.429 --> 00:08:54.909 guarantee from the government of Saskatchewan 00:08:54.909 --> 00:08:58.029 with the province's AA credit rating. really 00:08:58.029 --> 00:09:00.889 not only allows Indigenous communities to access 00:09:00.889 --> 00:09:03.830 capital, but really a much more competitively 00:09:03.830 --> 00:09:07.210 priced and, you know, competitive capital that 00:09:07.210 --> 00:09:09.690 helps more money go back to the community for 00:09:09.690 --> 00:09:11.870 them to utilize, you know, in their priorities. 00:09:13.389 --> 00:09:16.429 We have the Honourable Greg Rickford talk about 00:09:16.429 --> 00:09:19.409 Ontario's Ring of Fire and how it is emerging 00:09:19.409 --> 00:09:24.620 as Canada's new critical minerals frontier. Ontario 00:09:24.620 --> 00:09:29.779 has a massive profile in base metals and critical 00:09:29.779 --> 00:09:33.100 minerals. The Ring of Fire in particular is an 00:09:33.100 --> 00:09:37.980 exquisite quantitatively and qualitatively deposit, 00:09:38.159 --> 00:09:42.980 plural, of the lion's share of what we categorically 00:09:42.980 --> 00:09:46.879 refer to as critical minerals. But you also have 00:09:46.879 --> 00:09:52.690 to have some baseline capacity. When you talk 00:09:52.690 --> 00:09:55.529 about the ring of fire and Ontario has that in 00:09:55.529 --> 00:09:58.090 spades, we have obviously the Sudbury Basin, 00:09:58.090 --> 00:10:02.649 which is a world class and caliber nickel deposits, 00:10:02.750 --> 00:10:05.389 amongst other things. We have other critical 00:10:05.389 --> 00:10:09.070 mineral deposits in other parts of northern Ontario, 00:10:09.169 --> 00:10:11.509 particularly in northwestern Ontario, with lithium 00:10:11.509 --> 00:10:16.700 coming on board. But the Ring of Fire is located 00:10:16.700 --> 00:10:22.360 some 400 to 500 kilometers north of the last 00:10:22.360 --> 00:10:24.899 highway, if you will. Think of it as a corridor 00:10:24.899 --> 00:10:30.460 from Toronto to Montreal, but through one of 00:10:30.460 --> 00:10:36.639 the James Bay lowlands, a world -renowned carbon 00:10:36.639 --> 00:10:41.750 sink. Frankly, as somebody who has lived there 00:10:41.750 --> 00:10:44.529 for extended periods of time, obviously not my 00:10:44.529 --> 00:10:48.730 life, but working up north in many of the communities 00:10:48.730 --> 00:10:52.389 proximal to the Ring of Fire as a nurse, I have 00:10:52.389 --> 00:10:56.190 a deep appreciation for the land and the relationship 00:10:56.190 --> 00:10:59.690 that Indigenous peoples have with it. And so 00:10:59.690 --> 00:11:01.850 we want to be very careful in its development. 00:11:04.320 --> 00:11:06.980 We've taken a decidedly different approach than 00:11:06.980 --> 00:11:10.519 previous governments and really invested in First 00:11:10.519 --> 00:11:12.820 Nations leadership, especially when it comes 00:11:12.820 --> 00:11:15.799 to the environmental assessments. They're nearly 00:11:15.799 --> 00:11:19.419 completed. And the corridor to prosperity, as 00:11:19.419 --> 00:11:22.960 I had named it a number of years ago, I think 00:11:22.960 --> 00:11:26.559 we're hopeful that we can start that fairly soon. 00:11:26.659 --> 00:11:30.299 In some respects, we already have because we're 00:11:30.299 --> 00:11:33.340 developing. what we call the Greenstone area. 00:11:33.419 --> 00:11:37.779 It's a large municipality that sits at the base 00:11:37.779 --> 00:11:41.899 just off the Trans -Canada, ultimately form a 00:11:41.899 --> 00:11:47.399 major corridor that has to be a couple of kilometers 00:11:47.399 --> 00:11:51.360 wide. We're going to talk about major machinery 00:11:51.360 --> 00:11:54.679 to build something like that. It's interesting 00:11:54.679 --> 00:11:57.519 because the mine sites themselves are relatively 00:11:57.519 --> 00:12:00.960 small in scale. to the infrastructure itself. 00:12:01.720 --> 00:12:05.080 But I would just close on that preliminary question 00:12:05.080 --> 00:12:10.600 mark by saying that, you know, this particular 00:12:10.600 --> 00:12:15.220 region where the Ring of Fire is located is very 00:12:15.220 --> 00:12:17.980 remote. And the five or six communities that 00:12:17.980 --> 00:12:21.360 are closest to it are the last five or six communities 00:12:21.360 --> 00:12:23.940 in the province that are still on diesel generation 00:12:23.940 --> 00:12:29.549 for electricity. Hard to believe. Yes. But we 00:12:29.549 --> 00:12:33.230 want to ensure that the communities are key partners, 00:12:33.269 --> 00:12:37.049 obviously, but also benefit from development 00:12:37.049 --> 00:12:41.490 in the region. Yes. And road access, I think, 00:12:41.490 --> 00:12:45.330 is, for a number of reasons, is not just about 00:12:45.330 --> 00:12:49.909 reaching prospective, no pun intended, mining 00:12:49.909 --> 00:12:54.019 sites, but also to connect communities. to those 00:12:54.019 --> 00:12:56.879 resource development projects and for the benefit 00:12:56.879 --> 00:13:01.860 of better health, social, economic capacity and 00:13:01.860 --> 00:13:05.700 infrastructure moving forward. Chief Ted Williams 00:13:05.700 --> 00:13:09.220 of the Chippewas of Rama First Nation recounts 00:13:09.220 --> 00:13:12.159 the pivotal moment winning the Casino Rama bid 00:13:12.159 --> 00:13:15.620 and describing the leadership strategy and community 00:13:15.620 --> 00:13:20.459 effort that transformed their economy. Rama, 00:13:20.459 --> 00:13:23.740 over the years, when I first was on council, 00:13:23.879 --> 00:13:27.100 we had a population of 400 people and our unemployment 00:13:27.100 --> 00:13:32.220 was 85, 90%. Those individuals who are working 00:13:32.220 --> 00:13:35.220 worked in the foundry industry in Orillia. Orillia 00:13:35.220 --> 00:13:41.080 was a foundry town. During the summer and the 00:13:41.080 --> 00:13:43.600 winter, there was a lot of hunting and fishing. 00:13:44.809 --> 00:13:48.389 So during the course of my leadership, I was 00:13:48.389 --> 00:13:52.730 very much involved in thinking about economic 00:13:52.730 --> 00:13:56.250 development, looking at enterprises to generate 00:13:56.250 --> 00:14:01.889 money and provide for the needs of the community. 00:14:02.070 --> 00:14:06.590 We started this industrial plaza where we employed 00:14:06.590 --> 00:14:10.600 a number of members from the community. three 00:14:10.600 --> 00:14:13.039 or four different industries in the community 00:14:13.039 --> 00:14:22.460 back in 1982, 83, up until 94, 95 when we started 00:14:22.460 --> 00:14:27.899 to develop the casino. We actually relocated 00:14:27.899 --> 00:14:31.559 those industries into Orillia. So we were contributing 00:14:31.559 --> 00:14:37.279 to Orillia's economic prosperity at that time. 00:14:38.029 --> 00:14:41.070 And so over the course of time, we took the bid 00:14:41.070 --> 00:14:44.950 and proposed to the First Nations and the provincial 00:14:44.950 --> 00:14:48.889 government to have a casino in Rama. I co -wrote 00:14:48.889 --> 00:14:55.090 the proposal. I managed all of the media, community 00:14:55.090 --> 00:14:57.669 meetings in Orillia and Aria and in my community. 00:14:57.789 --> 00:15:01.929 And I visited over 100 casinos down in the States, 00:15:02.129 --> 00:15:09.559 right across. the US of A and came back and provided 00:15:09.559 --> 00:15:13.019 the information to my community first and then 00:15:13.019 --> 00:15:16.820 the surrounding area next and gathered support 00:15:16.820 --> 00:15:20.779 from the local municipal businesses and politicians 00:15:20.779 --> 00:15:27.110 and that formed part of our proposal. Long story 00:15:27.110 --> 00:15:29.350 short, we were shortlisted twice, and then we 00:15:29.350 --> 00:15:32.769 actually won the bid on the 5th of December 1994, 00:15:33.029 --> 00:15:37.529 and our world changed forever after that day. 00:15:38.529 --> 00:15:42.629 Subsequently, after winning the bid, we needed 00:15:42.629 --> 00:15:46.190 to implement the development of Casino Rama. 00:15:46.970 --> 00:15:49.950 And because I played a large role in securing 00:15:49.950 --> 00:15:55.980 the winning bid, my counsel at the time, I said, 00:15:56.100 --> 00:16:00.259 well, we need somebody to make it happen. And 00:16:00.259 --> 00:16:03.179 so they tapped me on the shoulder and said, you've 00:16:03.179 --> 00:16:06.139 been a big part of this, so make it happen. I 00:16:06.139 --> 00:16:09.720 hired 10 people who worked with me very closely 00:16:09.720 --> 00:16:13.179 to develop the plan, working with the provincial 00:16:13.179 --> 00:16:16.940 government to make Casino Rama happen. There 00:16:16.940 --> 00:16:21.559 was a bit of a hiccup there back in February 00:16:21.559 --> 00:16:28.080 of 96, in around this time. And but we worked 00:16:28.080 --> 00:16:30.539 and negotiated with the provincial government 00:16:30.539 --> 00:16:33.879 during that time to re -kick and restart the 00:16:33.879 --> 00:16:36.519 project. And we subsequently opened Casinorama 00:16:36.519 --> 00:16:42.700 on January 31st, 1996. I started as a vice president. 00:16:42.759 --> 00:16:45.480 I moved from after I developed the casino, my 00:16:45.480 --> 00:16:48.519 job was over and I moved into a role with the 00:16:48.519 --> 00:16:53.029 casino. And I took on the role of... I'm Vice 00:16:53.029 --> 00:16:56.750 President of Corporate Affairs. And I don't mind 00:16:56.750 --> 00:17:01.389 telling you that the first five years we did, 00:17:01.549 --> 00:17:06.470 the first year we did $590 million. We generated 00:17:06.470 --> 00:17:10.829 3 ,400 jobs. The initial projections for Casino 00:17:10.829 --> 00:17:13.930 Ramo was that we would do 200 million and generate 00:17:13.930 --> 00:17:18.009 1 ,000 jobs. Today we're doing 200 million and 00:17:18.009 --> 00:17:21.710 we've got 1 ,000 jobs. So basically I've said 00:17:21.710 --> 00:17:25.299 to people that, For about 26 years, we rode the 00:17:25.299 --> 00:17:29.380 gravy train. And now we're at a level where we 00:17:29.380 --> 00:17:34.599 anticipated we would be 29, 30 years ago. Up 00:17:34.599 --> 00:17:38.579 next is Mark Silvestre on Indigenous investment 00:17:38.579 --> 00:17:40.960 and how Indigenous communities integrate cultural 00:17:40.960 --> 00:17:46.700 values into investment policies. Yeah, I mean, 00:17:46.700 --> 00:17:50.759 it happens and those discussions are really becoming 00:17:50.759 --> 00:17:53.200 pretty prevalent today with newer settlements 00:17:53.200 --> 00:17:56.240 in Canada. The pressure on the elected leadership 00:17:56.240 --> 00:17:59.299 to do a per capita distribution. Sometimes a 00:17:59.299 --> 00:18:01.039 lot of these settlements are all distributed 00:18:01.039 --> 00:18:05.619 amongst the current band members. I really think 00:18:05.619 --> 00:18:08.140 there's a lot more discussion that needs to happen 00:18:08.140 --> 00:18:11.119 in terms of what you really want to do with these 00:18:11.119 --> 00:18:14.759 funds because everybody kind of has that. need 00:18:14.759 --> 00:18:17.160 within them to say, well, you know, I want my 00:18:17.160 --> 00:18:20.559 portion of it. You know, Miss Saugus, the credit 00:18:20.559 --> 00:18:23.660 did settle a second land claim in 2011 for the 00:18:23.660 --> 00:18:26.920 greater Toronto area. And they distributed quite 00:18:26.920 --> 00:18:30.839 a bit out of it at that point. And then they 00:18:30.839 --> 00:18:33.160 went completely the other way. Instead of a community 00:18:33.160 --> 00:18:36.160 board of trustees, they hired a corporate trustee 00:18:36.160 --> 00:18:38.529 who really just. invests the money themselves 00:18:38.529 --> 00:18:41.630 and then distributes all the revenue at the end 00:18:41.630 --> 00:18:44.210 of the year to the council who then have some 00:18:44.210 --> 00:18:46.609 parameters around how they would invest that 00:18:46.609 --> 00:18:48.849 but that really put a lot of pressure on the 00:18:48.849 --> 00:18:52.150 community and they actually wanted to have a 00:18:52.150 --> 00:18:53.769 discussion about what they were going to do with 00:18:53.769 --> 00:18:55.809 our little trust and you know we were really 00:18:55.809 --> 00:18:59.500 proud of it we we've grown that 13 million trust 00:18:59.500 --> 00:19:03.480 to almost $29 million today. We funded $9 million 00:19:03.480 --> 00:19:07.079 worth of community projects. And the one really 00:19:07.079 --> 00:19:10.640 important thing that we did, so through the work 00:19:10.640 --> 00:19:14.380 of the National Library of Trust Officers Association, 00:19:14.759 --> 00:19:17.549 we connected with a group called SHARE. which 00:19:17.549 --> 00:19:19.890 is the Shareholder Association for Research and 00:19:19.890 --> 00:19:23.049 Education. And they are an advocacy group for 00:19:23.049 --> 00:19:26.569 pension funds and foundations and high net worth 00:19:26.569 --> 00:19:28.329 individuals. And they were really interested 00:19:28.329 --> 00:19:30.809 in connecting with us to bring in the Indigenous 00:19:30.809 --> 00:19:33.049 component because what we were really realizing 00:19:33.049 --> 00:19:36.289 was that, you know, we're investing and bringing 00:19:36.289 --> 00:19:39.930 with, you know, hiring quality investment managers. 00:19:40.230 --> 00:19:43.829 But unless we tell them who we are, we're investing 00:19:43.829 --> 00:19:46.809 with their values. And their values are essentially 00:19:46.809 --> 00:19:49.269 make as much money as possible with the wide 00:19:49.269 --> 00:19:51.890 universe of investments that are out there. So 00:19:51.890 --> 00:19:53.809 we could potentially be investing in companies 00:19:53.809 --> 00:19:56.009 that are doing great harm to our communities, 00:19:56.109 --> 00:20:00.150 both environmentally and culturally and rights 00:20:00.150 --> 00:20:04.890 -wise. So in the connection with Cher, I'll never 00:20:04.890 --> 00:20:07.210 forget Peter Chapman, who was the executive director 00:20:07.210 --> 00:20:09.750 at the time, says, you can have that values conversation 00:20:09.750 --> 00:20:12.089 with your managers because they're already doing 00:20:12.089 --> 00:20:15.220 it for their other clients. And I said. How do 00:20:15.220 --> 00:20:17.680 you mean? He says, you don't don't tell me that 00:20:17.680 --> 00:20:19.799 they're telling their religious clients and faith 00:20:19.799 --> 00:20:23.279 based pension funds to invest in defense industry 00:20:23.279 --> 00:20:26.119 or alcohol or anything like that. That's completely 00:20:26.119 --> 00:20:29.140 contrary to their values. So you can have that 00:20:29.140 --> 00:20:30.980 conversation with them. And I thought that was 00:20:30.980 --> 00:20:34.019 great. That's really what I needed to know. And 00:20:34.019 --> 00:20:37.200 around 2016, when the Truth and Reconciliation 00:20:37.200 --> 00:20:40.680 Commission report came out in Canada on the residential 00:20:40.680 --> 00:20:43.240 schools and the impact on Indigenous communities. 00:20:44.119 --> 00:20:45.819 You know, a lot of Canadians were, you know, 00:20:45.819 --> 00:20:48.359 OK, well, what does that really mean? And we 00:20:48.359 --> 00:20:51.599 were, you know, had the foresight to say, well, 00:20:51.799 --> 00:20:54.940 let's create this organization. And we've called 00:20:54.940 --> 00:20:57.180 it the Reconciliation and Responsible Investment 00:20:57.180 --> 00:21:00.279 Initiative, a partnership between SHARE and NATOA. 00:21:00.700 --> 00:21:03.980 And for Indigenous investors, it was helping 00:21:03.980 --> 00:21:07.529 them. understand the link between their culture 00:21:07.529 --> 00:21:10.369 traditional values the values that have managed 00:21:10.369 --> 00:21:13.589 them there in their communities and managing 00:21:13.589 --> 00:21:17.049 their wealth managing their traditions and their 00:21:17.049 --> 00:21:19.690 investment policy because we really saw that 00:21:19.690 --> 00:21:23.089 that there was a link and we had to go and you 00:21:23.089 --> 00:21:25.289 know and it was really a discussion about you 00:21:25.289 --> 00:21:28.609 know talk amongst yourselves your elders your 00:21:28.609 --> 00:21:31.720 community what are the values that that run your 00:21:31.720 --> 00:21:34.160 community and manage your community. Now let's 00:21:34.160 --> 00:21:35.940 incorporate them into your investment policy 00:21:35.940 --> 00:21:37.960 that, so that we can share with the investment 00:21:37.960 --> 00:21:43.000 manager to show that, you know, what goes into 00:21:43.000 --> 00:21:45.519 the portfolio is really important. How, what's 00:21:45.519 --> 00:21:49.799 the impact of, of the companies we had. Chief 00:21:49.799 --> 00:21:52.339 Derek App explains how the First Nations Finance 00:21:52.339 --> 00:21:55.039 Authority is expanding access to global capital. 00:21:56.750 --> 00:21:59.089 Yeah, the FNFA, I've been fortunate enough to 00:21:59.089 --> 00:22:03.569 be a part of the FNFA for, oh, five, six years 00:22:03.569 --> 00:22:05.829 now. And was the deputy chair for the last couple 00:22:05.829 --> 00:22:07.849 of years. And now in February, I'll be stepping 00:22:07.849 --> 00:22:10.029 into the chair role as well at the First Nations 00:22:10.029 --> 00:22:13.069 Finance Authority. And that work really excites 00:22:13.069 --> 00:22:16.589 me. I think a lot of the... The capacity and 00:22:16.589 --> 00:22:19.789 the ability to support First Nations growth, 00:22:19.930 --> 00:22:24.369 as well as First Nations economic growth, is 00:22:24.369 --> 00:22:26.130 coming through the First Nations Finance Authority. 00:22:26.349 --> 00:22:28.990 You know, we've surpassed over $2 billion in 00:22:28.990 --> 00:22:32.150 loans out to First Nations. And now we just did 00:22:32.150 --> 00:22:35.549 a $650 million debenture about a month ago. And 00:22:35.549 --> 00:22:38.970 we know that with the investment climate in the 00:22:38.970 --> 00:22:41.710 direction it's going, we will be looking at doing 00:22:41.710 --> 00:22:45.390 debentures of that stature more regularly. We 00:22:45.390 --> 00:22:47.849 have been accessing the global markets, but we 00:22:47.849 --> 00:22:51.750 will be needing to continue to expand that Rolodex 00:22:51.750 --> 00:22:54.490 of our investors globally to meet our demand. 00:22:54.710 --> 00:22:59.230 We know the excess amount of resource projects 00:22:59.230 --> 00:23:02.490 and renewable energy projects that will have 00:23:02.490 --> 00:23:06.630 to be done in Canada in the short future. And 00:23:06.630 --> 00:23:09.230 with the political will that we will have federally 00:23:09.230 --> 00:23:11.789 and provincially, I think the opportunity is 00:23:11.789 --> 00:23:16.210 absolutely there. And part of the FNFA, the First 00:23:16.210 --> 00:23:18.329 Nations Financial Management Board and these 00:23:18.329 --> 00:23:22.410 institutions where I do work nationally is all 00:23:22.410 --> 00:23:25.230 about building that capacity for the First Nations, 00:23:25.430 --> 00:23:28.180 building the internal controls. accessing the 00:23:28.180 --> 00:23:30.740 capital at a competitive rate and being able 00:23:30.740 --> 00:23:34.799 to really capitalize and be involved in these 00:23:34.799 --> 00:23:36.799 opportunities that are going to be coming. Because 00:23:36.799 --> 00:23:40.319 it's not just drinking from a fire hose anymore, 00:23:40.440 --> 00:23:44.039 it's drinking from the actual fire hydrant. And 00:23:44.039 --> 00:23:46.339 that's what we're seeing right now. And really, 00:23:46.519 --> 00:23:49.519 we need the capital to be able to keep up with 00:23:49.519 --> 00:23:53.319 the pace and the demand and being able to meet 00:23:53.319 --> 00:23:55.700 the economic growth needs of not only First Nations, 00:23:55.799 --> 00:24:00.059 but Canada. Next up, we have Sean Willey, CEO 00:24:00.059 --> 00:24:02.559 of Desnetti Group, who explains how Indigenous 00:24:02.559 --> 00:24:05.500 -led businesses can drive sustainable economic 00:24:05.500 --> 00:24:09.519 growth. Well, I wanted to give back. I had felt 00:24:09.519 --> 00:24:12.299 this entrepreneurialism in me and I had a vision 00:24:12.299 --> 00:24:15.960 and an idea about how to, you know, JP Gladue 00:24:15.960 --> 00:24:19.720 was head of CCAB at the time. I was one of his 00:24:19.720 --> 00:24:22.200 co -chairs. So I saw this trajectory that Indigenous 00:24:22.200 --> 00:24:25.960 business was on. I saw the court cases, but... 00:24:26.859 --> 00:24:29.400 I'm also a pragmatic individual. And I said, 00:24:29.440 --> 00:24:32.500 okay, we have all these court cases. I have a 00:24:32.500 --> 00:24:34.500 very progressive first nation who's humble that 00:24:34.500 --> 00:24:37.119 wants to diversify and grow. How can we create 00:24:37.119 --> 00:24:40.680 a tier one business that happens to be indigenous? 00:24:41.400 --> 00:24:45.259 And I just saw, I saw this opportunity there. 00:24:45.319 --> 00:24:48.829 And if we didn't adjust things a bit and. I'm 00:24:48.829 --> 00:24:50.690 thankful for all our leaders. Like every once 00:24:50.690 --> 00:24:52.390 in a while, I'll have a, I'll watch a couple 00:24:52.390 --> 00:24:54.569 of those videos of, you know, constitutional 00:24:54.569 --> 00:24:57.809 talks. When you get, when you get some of those, 00:24:57.809 --> 00:25:00.609 those like Jim Sinclair and Mary Simon, like 00:25:00.609 --> 00:25:03.009 at the end, they're pounding the table and I'm 00:25:03.009 --> 00:25:06.670 appreciative of those individuals that set the 00:25:06.670 --> 00:25:09.369 table for our generation. Now we just have to 00:25:09.369 --> 00:25:11.869 sort of take it up a notch. Right. And so we 00:25:11.869 --> 00:25:15.809 wanted to create a business and. So English River, 00:25:16.009 --> 00:25:18.549 you know, use your rights and title to get that 00:25:18.549 --> 00:25:21.950 core business. So, you know, I've been CEO at 00:25:21.950 --> 00:25:25.170 Desnetsi now for eight years. Majority of that 00:25:25.170 --> 00:25:27.869 time has been in a market downturn. And so what 00:25:27.869 --> 00:25:31.109 we did was we went out and I've done a lot of 00:25:31.109 --> 00:25:34.009 work for Corporate Canada. I know a lot of Canadian 00:25:34.009 --> 00:25:37.029 CEOs. They want to do business with Indigenous 00:25:37.029 --> 00:25:40.750 companies, but they're very honest saying you 00:25:40.750 --> 00:25:42.869 have to match what our value proposition is at 00:25:42.869 --> 00:25:45.859 our company, right? And so we've done a good 00:25:45.859 --> 00:25:48.000 job at Desnet, a great job at Desnet, at going 00:25:48.000 --> 00:25:51.119 out and finding companies to do mergers and acquisitions 00:25:51.119 --> 00:25:54.339 with, really indigenizing those companies, taking 00:25:54.339 --> 00:25:58.319 a 51 to 75 % stake in those companies, taking 00:25:58.319 --> 00:26:00.380 advantage of the procurement opportunities in 00:26:00.380 --> 00:26:04.000 front of us. A very good compliment that we get 00:26:04.000 --> 00:26:06.220 from Corporate Canada is that we're very strategically 00:26:06.220 --> 00:26:09.809 focused. We think about strategy over politics. 00:26:10.029 --> 00:26:13.210 We're not asking for a handout. We're asking 00:26:13.210 --> 00:26:17.029 for a hand up. But we're also trying to add value 00:26:17.029 --> 00:26:21.670 to everybody we're talking to. Tiffany Eckert 00:26:21.670 --> 00:26:25.329 -Marais and Les Wilson on how Indigenous partnerships 00:26:25.329 --> 00:26:28.289 became instrumental to Yukon's economic development. 00:26:30.319 --> 00:26:32.700 It's still pretty harrowing how there is a lot 00:26:32.700 --> 00:26:36.059 of racism still. We, Yukon government, recently 00:26:36.059 --> 00:26:37.839 brought in the Yukon First Nation procurement 00:26:37.839 --> 00:26:40.720 policy. And so what that means is that they've 00:26:40.720 --> 00:26:43.099 amended their law that it has to, it encourages 00:26:43.099 --> 00:26:45.920 Yukon First Nation businesses to participate 00:26:45.920 --> 00:26:48.380 in the economy. And our premier has always been 00:26:48.380 --> 00:26:52.460 really forward thinking in Yukon First Nations. 00:26:52.799 --> 00:26:54.980 And so I really am thankful for Premier Pillai. 00:26:56.539 --> 00:26:59.039 So they amended the act to include, to encourage 00:26:59.039 --> 00:27:01.299 UConn First Nation businesses with this procurement 00:27:01.299 --> 00:27:03.880 policy. And when we were going through that about 00:27:03.880 --> 00:27:06.359 five years ago, the creation of the policy, the 00:27:06.359 --> 00:27:09.240 amount of businesses that were just terrible 00:27:09.240 --> 00:27:11.519 things they were saying, it's still, even though 00:27:11.519 --> 00:27:13.140 we're so far beyond that, we're living in an 00:27:13.140 --> 00:27:15.539 age of reconciliation, there's still a lot of 00:27:15.539 --> 00:27:18.859 fear in there. And so as we've lived the procurement 00:27:18.859 --> 00:27:21.900 policy now for a few years, it's changed the 00:27:21.900 --> 00:27:25.019 conversation from... There's a company called 00:27:25.019 --> 00:27:27.980 Castle Rock and White Horse, and it's owned by 00:27:27.980 --> 00:27:30.559 First Nation and Champaign -Ajac, Dakota Capital 00:27:30.559 --> 00:27:33.259 Investments. And the companies were actually 00:27:33.259 --> 00:27:35.819 saying the Dakota effect is what they were calling 00:27:35.819 --> 00:27:37.259 the procurement policy, and they were afraid 00:27:37.259 --> 00:27:40.319 that Dakota was going to control every bid that 00:27:40.319 --> 00:27:43.740 government put out. But it hasn't done that. 00:27:43.900 --> 00:27:46.180 So a lot of fear -mongering was happening by 00:27:46.180 --> 00:27:49.059 businesses, like non -Indigenous businesses in 00:27:49.059 --> 00:27:51.779 the Yukon. But now living in the policy, it's 00:27:51.779 --> 00:27:54.420 changed that. And there isn't the Dakota effect 00:27:54.420 --> 00:27:58.019 as much out there anymore. It's now working together. 00:27:58.240 --> 00:28:01.640 And I think Qualen Dunn and Les has worked with 00:28:01.640 --> 00:28:04.160 his development corporation that he worked for. 00:28:04.420 --> 00:28:06.180 They've done a lot of really wonderful things 00:28:06.180 --> 00:28:08.640 with partnerships and showed how they've been 00:28:08.640 --> 00:28:11.720 able to progress so far. Our First Nations, I 00:28:11.720 --> 00:28:13.480 think your First Nations signed their final agreement 00:28:13.480 --> 00:28:18.970 in 19, in 2000. 2005. 2005. We signed ours in 00:28:18.970 --> 00:28:22.329 2002. But what Les' First Nation has been able 00:28:22.329 --> 00:28:25.049 to do with people like Les working there, they've 00:28:25.049 --> 00:28:27.049 been able to advance their First Nation tremendously. 00:28:27.049 --> 00:28:29.210 And I'm super envious of all the work that Les 00:28:29.210 --> 00:28:32.490 has done with his development corporation because 00:28:32.490 --> 00:28:34.049 they've really embraced the spirit and intent 00:28:34.049 --> 00:28:36.130 of the procurement policy and been able to do 00:28:36.130 --> 00:28:38.490 remarkable things. Great. Les, do you want to 00:28:38.490 --> 00:28:40.420 speak a little bit about that? Well, I'd like 00:28:40.420 --> 00:28:42.700 to think that some of the stuff that Kuala Lumpur 00:28:42.700 --> 00:28:44.180 has been doing and some of the progressive projects 00:28:44.180 --> 00:28:46.980 that the First Nation has, and of course its 00:28:46.980 --> 00:28:49.339 corporation, all stems from that very powerful 00:28:49.339 --> 00:28:51.559 document that's sitting right in front of Tiffany 00:28:51.559 --> 00:28:55.079 there. It's an amazing document to gather today 00:28:55.079 --> 00:28:56.799 for our children tomorrow. That really speaks 00:28:56.799 --> 00:29:00.240 to me, essentially. That was Valentine's Day, 00:29:00.359 --> 00:29:03.900 1973. I was three years old, right? And the children 00:29:03.900 --> 00:29:05.599 that they're talking about is me, specifically, 00:29:05.880 --> 00:29:09.859 right? I am now... I would say, I suspect a leader 00:29:09.859 --> 00:29:12.259 in the First Nation. But some of the projects 00:29:12.259 --> 00:29:15.079 that we've managed to be able to accomplish was 00:29:15.079 --> 00:29:17.799 really trying to unlock the economic potential 00:29:17.799 --> 00:29:20.960 of Kwanli Dun lands and essentially settlement 00:29:20.960 --> 00:29:23.799 land throughout the Yukon Territory. Typically 00:29:23.799 --> 00:29:26.339 in Western Canada, and I think all over Canada, 00:29:26.460 --> 00:29:30.339 because it's Indian land or Indian dirt, it's 00:29:30.339 --> 00:29:33.519 typically a discount. It's essentially, it's 00:29:33.519 --> 00:29:37.240 not at market price. That was some of the big... 00:29:38.479 --> 00:29:40.319 uphill hurdles that we've been really trying 00:29:40.319 --> 00:29:42.619 to embrace and trying to encourage the general 00:29:42.619 --> 00:29:44.839 public that there's no difference. This dirt 00:29:44.839 --> 00:29:47.539 is just the same as the other dirt. First Nation 00:29:47.539 --> 00:29:50.619 land in itself with respect to Feast Simple land. 00:29:51.259 --> 00:29:54.220 It's just the same. Now, I suppose a good proxy 00:29:54.220 --> 00:29:57.339 is our gravel pit. We had a couple of gravel 00:29:57.339 --> 00:29:59.019 pits. While some of the other First Nations were 00:29:59.019 --> 00:30:01.740 arguing and negotiating for precious gems and 00:30:01.740 --> 00:30:04.099 gold, our First Nation was actually looking for 00:30:04.099 --> 00:30:06.680 gravel pits from the north and south of town. 00:30:06.779 --> 00:30:09.650 We knew even back then. long before we ratified 00:30:09.650 --> 00:30:12.309 the agreement during the negotiations, that if 00:30:12.309 --> 00:30:13.750 development was going to happen in the capital, 00:30:13.890 --> 00:30:15.890 that we were going to need dirt in order to do 00:30:15.890 --> 00:30:17.670 that. So that's what we're up to right now. That 00:30:17.670 --> 00:30:20.769 particular lease, two and five, in the center 00:30:20.769 --> 00:30:23.269 of Whitehorse has actually turned into a gold 00:30:23.269 --> 00:30:25.269 mine. And it's the lifeblood of our First Nation 00:30:25.269 --> 00:30:28.309 corporation to allow them to go ahead and do 00:30:28.309 --> 00:30:29.769 some of the projects that we've actually been 00:30:29.769 --> 00:30:32.849 very successful. And again, it's really unlocking 00:30:32.849 --> 00:30:34.990 the economic potential of Kwanlin and Lance. 00:30:36.299 --> 00:30:39.220 Harold Callas shares how First Nations have transformed 00:30:39.220 --> 00:30:41.319 their economic participation through the First 00:30:41.319 --> 00:30:45.740 Nations Fiscal Management Act. I did everything 00:30:45.740 --> 00:30:47.920 at the Squamish Nation except social services, 00:30:47.940 --> 00:30:50.599 I think. I started out as CFO and moved into 00:30:50.599 --> 00:30:55.480 treaty negotiations and to, I think, looking 00:30:55.480 --> 00:30:58.440 at opportunities. It became very apparent that 00:30:58.440 --> 00:31:01.599 we could not achieve success until we were able 00:31:01.599 --> 00:31:03.799 to move out of some sections of the Indian Act. 00:31:04.440 --> 00:31:08.200 And that began a process of 20 years and four 00:31:08.200 --> 00:31:11.599 different pieces of legislation that allows First 00:31:11.599 --> 00:31:15.619 Nations on an optional basis to opt into alternatives 00:31:15.619 --> 00:31:19.680 to the Indian Act, mainly in the areas of lands 00:31:19.680 --> 00:31:23.599 and resources and economic development. And that's 00:31:23.599 --> 00:31:26.480 what I was sent away by my Squamish council at 00:31:26.480 --> 00:31:30.109 the time that I was there to help create. The 00:31:30.109 --> 00:31:31.809 main one, of course, that we're talking about 00:31:31.809 --> 00:31:33.829 today is the First Nations Fiscal Management 00:31:33.829 --> 00:31:38.869 Act that helped create the First Nations Financial 00:31:38.869 --> 00:31:41.289 Management Board, the First Nations Finance Authority 00:31:41.289 --> 00:31:45.130 and the First Nation Tax Commission. And these 00:31:45.130 --> 00:31:49.049 were areas that Squamish, as well as a number 00:31:49.049 --> 00:31:51.910 of other First Nations in the country, felt we 00:31:51.910 --> 00:31:54.190 needed to have some changes in the relationship 00:31:54.190 --> 00:31:57.440 with Canada around so that we could better. engage 00:31:57.440 --> 00:32:01.400 in economic development on our own terms. The 00:32:01.400 --> 00:32:04.559 Financial Management Board built administrative 00:32:04.559 --> 00:32:07.099 and financial capacity in First Nation communities 00:32:07.099 --> 00:32:10.119 that they might not otherwise have. The First 00:32:10.119 --> 00:32:13.579 Nation Tax Commission supports First Nation and 00:32:13.579 --> 00:32:16.220 the exercise of fiscal powers that were gained 00:32:16.220 --> 00:32:19.680 through the legislation. And the First Nation 00:32:19.680 --> 00:32:23.480 Finance Authority emulates the BC Municipal Finance 00:32:23.480 --> 00:32:26.769 Authority in a pool borrowing environment. that 00:32:26.769 --> 00:32:29.970 allows for First Nations anywhere in Canada to 00:32:29.970 --> 00:32:34.190 access dementia financing to the financial authority 00:32:34.190 --> 00:32:37.789 on rates and terms similar to the province of 00:32:37.789 --> 00:32:42.609 Ontario. It's a real achievement. We now have, 00:32:42.650 --> 00:32:46.309 of the 579 Indian Act bans, we have over 380 00:32:46.309 --> 00:32:50.349 who have opted into this legislation. They are 00:32:50.349 --> 00:32:53.690 collecting over $100 million a year now in revenues. 00:32:54.410 --> 00:32:57.529 And the finance authority on request from First 00:32:57.529 --> 00:33:01.289 Nations have accessed $3 billion in excess of 00:33:01.289 --> 00:33:04.609 $3 billion in debt financing for them to meet 00:33:04.609 --> 00:33:10.089 their needs. So it's been a journey as we move 00:33:10.089 --> 00:33:13.750 towards gaining recognition of our inherent right 00:33:13.750 --> 00:33:16.609 to self -government in many different ways. But 00:33:16.609 --> 00:33:20.009 we very quickly realized that we needed to be 00:33:20.009 --> 00:33:21.990 able to demonstrate accountability and transparency. 00:33:22.289 --> 00:33:25.089 We need to build. capacity in First Nation communities, 00:33:25.470 --> 00:33:29.289 many of whom would only be familiar with the 00:33:29.289 --> 00:33:34.509 responsibilities related to monitoring the contribution 00:33:34.509 --> 00:33:37.089 agreements that they would receive from the federal 00:33:37.089 --> 00:33:39.150 government to deliver programs and services. 00:33:39.690 --> 00:33:41.890 Obviously, things have moved much beyond that 00:33:41.890 --> 00:33:44.730 now, moved into the mainstream of the economy, 00:33:44.930 --> 00:33:47.690 and we now need to be in a position where we 00:33:47.690 --> 00:33:51.170 can bridge almost 200 years of exclusion by bringing 00:33:51.919 --> 00:33:55.440 awareness and capacity to First Nations so they 00:33:55.440 --> 00:33:58.339 can sit across the table as legitimate and equal 00:33:58.339 --> 00:34:02.339 partners with those they want to deal with. And 00:34:02.339 --> 00:34:05.460 finally, we have Jamie Lickers of CIBC talking 00:34:05.460 --> 00:34:08.519 about building lasting economic strength through 00:34:08.519 --> 00:34:12.500 Indigenous investment partnerships. I would say 00:34:12.500 --> 00:34:16.739 that the title of the team that I lead at the 00:34:16.739 --> 00:34:20.250 bank is quite intentional. It's not Indigenous 00:34:20.250 --> 00:34:23.070 relations and it's not Indigenous banking. And 00:34:23.070 --> 00:34:25.889 of course, many of our counterparts in the financial 00:34:25.889 --> 00:34:29.250 industry will have teams and leaders of things 00:34:29.250 --> 00:34:31.949 called Indigenous banking or Indigenous relations. 00:34:32.369 --> 00:34:36.269 My position as the leader of our Indigenous markets 00:34:36.269 --> 00:34:40.809 team at CIBC really reflects the primary lines 00:34:40.809 --> 00:34:44.510 of business that we operate in, which currently 00:34:44.510 --> 00:34:48.030 include commercial banking and trust management. 00:34:48.960 --> 00:34:51.780 So I lead a team of professionals across the 00:34:51.780 --> 00:34:55.019 country who are dedicated to serving the needs 00:34:55.019 --> 00:34:57.320 of our Indigenous clients in those two spaces. 00:34:57.539 --> 00:35:01.500 So our commercial banking team services, for 00:35:01.500 --> 00:35:04.519 the most part, Indigenous governments as public 00:35:04.519 --> 00:35:07.659 entities. So Indian Act bans, self -governing 00:35:07.659 --> 00:35:11.880 nations, Métis settlement councils, Inuit governments. 00:35:12.889 --> 00:35:15.889 as the public sector entities. And then, of course, 00:35:15.969 --> 00:35:18.989 we support their related entities. So as you 00:35:18.989 --> 00:35:21.369 know, many of them will have economic development 00:35:21.369 --> 00:35:24.190 corporations. They may run their own health and 00:35:24.190 --> 00:35:26.949 education authorities. And so we would service 00:35:26.949 --> 00:35:30.929 those public sector entities as opposed to serving 00:35:30.929 --> 00:35:34.369 private clients or privately owned Indigenous 00:35:34.369 --> 00:35:37.750 business. That's outside of the work that my 00:35:37.750 --> 00:35:40.980 team does at CIBC. And then on the other side 00:35:40.980 --> 00:35:45.019 of the business, I oversee a team of trust experts 00:35:45.019 --> 00:35:49.380 that sit under our CIBC Trust Company, but service 00:35:49.380 --> 00:35:52.920 only the needs and the assets of our Indigenous 00:35:52.920 --> 00:35:57.179 trust clients. And I'm very proud to say that, 00:35:57.260 --> 00:36:00.059 to our knowledge, we now have the largest book 00:36:00.059 --> 00:36:02.519 of Indigenous trust assets under administration 00:36:02.519 --> 00:36:08.170 at CIBC, totaling... somewhere between 27 and 00:36:08.170 --> 00:36:11.030 28 billion. It changes every day. New files come 00:36:11.030 --> 00:36:13.489 in every day. Can you explain a bit for our audience 00:36:13.489 --> 00:36:16.289 about the Indigenous Trust business and what's 00:36:16.289 --> 00:36:20.760 involved in that? Definitely. Trusts are my passion. 00:36:20.820 --> 00:36:23.460 It's where I focused my legal practice towards 00:36:23.460 --> 00:36:26.559 the end of my legal career and a big part of 00:36:26.559 --> 00:36:29.300 the reason that I came over to CIBC. So I can 00:36:29.300 --> 00:36:31.480 talk about Indigenous trust in my sleep. I can 00:36:31.480 --> 00:36:33.960 talk about the taxation of Indigenous trust in 00:36:33.960 --> 00:36:36.380 my sleep, whether that's good or bad. Again, 00:36:36.599 --> 00:36:39.480 I'm still recovering from being a lawyer. But 00:36:39.480 --> 00:36:42.079 an absolutely growing and booming business, I 00:36:42.079 --> 00:36:45.239 bet. The number of settlements and the need for 00:36:45.239 --> 00:36:49.440 expertise to manage settlement funds. As you 00:36:49.440 --> 00:36:52.599 said, new files every day, I bet. It is. It's 00:36:52.599 --> 00:36:56.980 growing so quickly that we admittedly have a 00:36:56.980 --> 00:37:00.539 difficult time keeping up with the growth of 00:37:00.539 --> 00:37:04.159 our team and our human capital to service the 00:37:04.159 --> 00:37:07.619 demand for the services in the market. The number 00:37:07.619 --> 00:37:11.539 of claims that are being settled is just absolutely 00:37:11.539 --> 00:37:17.199 exploding. And those claims include individual 00:37:17.199 --> 00:37:20.719 claims, Rob, as you would know, at the specific 00:37:20.719 --> 00:37:24.400 claims tribunal where one particular nation might 00:37:24.400 --> 00:37:27.159 be advancing a claim related to a breach of a 00:37:27.159 --> 00:37:30.559 treaty promise or the failure to deliver on some 00:37:30.559 --> 00:37:34.400 commitment from the Crown, and they would settle. 00:37:34.880 --> 00:37:37.940 that claim on behalf of their nation alone. And 00:37:37.940 --> 00:37:40.000 those claims can easily be in the hundreds of 00:37:40.000 --> 00:37:43.139 millions of dollars. But now we're also seeing 00:37:43.139 --> 00:37:47.360 two additional avenues of large -scale settlements. 00:37:47.639 --> 00:37:52.599 One is the collective advancement of treaty -based 00:37:52.599 --> 00:37:56.760 claims on behalf of the group of nations that 00:37:56.760 --> 00:38:00.280 are all signatories to a particular treaty. So 00:38:00.280 --> 00:38:04.559 that's the best of Drumbeat's 2025. 10 conversations 00:38:04.559 --> 00:38:07.119 that showed where Canadian Indigenous investment 00:38:07.119 --> 00:38:11.179 is going. The institutions are built, the capital 00:38:11.179 --> 00:38:13.679 is flowing, and the partnerships are happening 00:38:13.679 --> 00:38:17.820 at scale. Looking ahead to 2026, the major projects 00:38:17.820 --> 00:38:23.039 pipeline is massive. Over $116 billion worth 00:38:23.039 --> 00:38:26.079 of projects already referred to the major projects 00:38:26.079 --> 00:38:29.800 office. And now each one of those requires meaningful 00:38:29.800 --> 00:38:34.219 Indigenous partnership. From LNG expansion, nuclear 00:38:34.219 --> 00:38:38.219 projects, critical minerals, Canada is positioning 00:38:38.219 --> 00:38:40.780 itself as a stable supply chain alternative. 00:38:41.800 --> 00:38:44.460 And the Canadian Indigenous Investment Summit 00:38:44.460 --> 00:38:48.139 returns to London in April. For institutional 00:38:48.139 --> 00:38:51.480 investors, project developers and advisors listening, 00:38:51.760 --> 00:38:54.659 this is the year to get serious about how Indigenous 00:38:54.659 --> 00:38:57.980 partnership actually works in Canada. The infrastructure 00:38:57.980 --> 00:39:01.199 is operational. The opportunities are real. What 00:39:01.199 --> 00:39:03.019 I'm looking forward to, Mark, is seeing these 00:39:03.019 --> 00:39:05.199 partnerships move from announcements to actual 00:39:05.199 --> 00:39:07.840 construction and operations. The frameworks are 00:39:07.840 --> 00:39:11.260 in place, and now it's about execution. Thank 00:39:11.260 --> 00:39:13.699 you to our listeners and viewers for being part 00:39:13.699 --> 00:39:15.639 of this journey, and I'm so excited to be back 00:39:15.639 --> 00:39:18.300 with you, Rob, with new episodes throughout the 00:39:18.300 --> 00:39:21.800 year. Likewise, Mark. I can't wait. It's going 00:39:21.800 --> 00:39:24.179 to be an exciting year. Happy New Year, everyone. 00:39:24.480 --> 00:39:28.039 Here's to 2026. Here's to 2026.