OSC and CSA Urged to Prioritize

Press Release

April 14, 2025 – Robinson-Superior Treaty, Fort William First Nation Territory, Thunder Bay, Ontario: The Anishnawbe Business Professional Association (ABPA) is calling on the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA) to make Indigenous relations and reconciliation reporting a priority, according to its recent letter to the OSC.

In its response to the OSC’s Statement of Priorities for the 2025-2026 fiscal year, the ABPA emphasized the importance of improving the connection between the capital markets ecosystem and First Nations’ compliance requirements that are more aligned with the Truth and Reconciliation Commission of Canada’s (TRC) Calls to Action.  The ABPA’s recommendations are designed to align with the TRC Calls to Action, the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), and the Free Prior Informed Consent (FPIC) principles.

The ABPA’s submission included a primer, ‘Pathways to Prosperity, Indigenous Engagement and Impacts: Transitioning the Economy Beyond Green for a Sustainable Future,’ which provides an Indigenous perspective on the evolving landscape of Indigenous relations and reconciliation in Canada.  This resource aims to guide professional accountants in sustainability reporting and is also relevant for various stakeholders, including entrepreneurs, investors, and regulators.  The letter highlights several key points:

• Aboriginal and Treaty Rights: First Nations peoples are rights holders, not merely stakeholders, possessing inherent rights to a significant portion of Canada’s biodiversity.
• Leadership Role: Indigenous peoples must be in a leadership position to drive sustainable development and climate action.
• Regulatory Imperative: Canadian securities regulators need to provide better coverage of issues related to Indigenous rights and reconciliation.
• Collaborative Effort: Effective reconciliation requires collaboration and stronger linkages with First Nations’ principles and laws.
• Corporate Responsibility: Companies must establish board oversight for Indigenous relations, climate-related governance, and clearly define data owners’ roles.

The ABPA has put forward several key recommendations for the OSC:

1. Establish an independent body within the OSC to represent the views of First Nations, and Indigenous peoples.
2. Collaborate with Indigenous-led organizations like the ABPA, Chiefs of Ontario and other tribal councils to ensure cultural dexterity and diverse worldviews are included.
3. Ensure companies work with First Nations to develop tools and indicators for enhanced corporate disclosures on social impact and double materiality.
4. Require companies to operationalize FPIC in their policies and implement an independent Indigenous audit/certification/verification process to mitigate the risk of “red washing”.

“The regulators need to move more decisively on this. Investors, shareholders, and the capital markets are increasingly demanding clarity and certainty when it comes to Indigenous relations and reconciliation. This isn’t just a matter of social responsibility; it’s a critical factor in assessing risk and long-term value. With the recent adoption of new corporate reporting requirements by the Canadian Sustainability Standards Board, it’s imperative that the OSC and CSA provide clear guidance and direction to ensure companies can meet these evolving expectations effectively and transparently. We cannot afford further delays on this – the time for action is now.”

Waawoono Consultancy is actively advancing ESG and Sustainability Reporting standards with companies operating in Northern Ontario. Their mandate to develop a reporting framework for Northern Ontario includes benefits reporting, and their work is particularly focused on the natural resources sector, including mining, energy, and forestry firms.  This initiative underscores the importance of integrating Indigenous perspectives into sustainability reporting frameworks.

About the ABPA: The Anishnawbe Business Professional Association is a non-profit, member-based organization that serves the First Nation business community in Northern Ontario. The ABPA advocates for the inclusion of Indigenous business and develops positions on business and public issues relevant to its members.

MEDIA CONTACT:

Jason Rasevych, President, Anishnawbe Business Professional Association,

jason@waawoono.ca, 807-357-5320

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