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1 ABORIGINAL LEADERSHIP AND MANAGEMENT WISE PRACTICES IN INDIGENOUS COMMUNITY DEVELOPMENT SYMPOSIUM PANEL 3: GOVERNANCE AND ADMINISTRATION SEPTEMBER 15,

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Presentation on theme: "1 ABORIGINAL LEADERSHIP AND MANAGEMENT WISE PRACTICES IN INDIGENOUS COMMUNITY DEVELOPMENT SYMPOSIUM PANEL 3: GOVERNANCE AND ADMINISTRATION SEPTEMBER 15,"— Presentation transcript:

1 1 ABORIGINAL LEADERSHIP AND MANAGEMENT WISE PRACTICES IN INDIGENOUS COMMUNITY DEVELOPMENT SYMPOSIUM PANEL 3: GOVERNANCE AND ADMINISTRATION SEPTEMBER 15, 2012 HAROLD CALLA EXECUTIVE CHAIR FIRST NATIONS FINANCIAL MANAGEMENT BOARD

2 OVERVIEW - THE IMPORTANCE OF STRONG FINANCIAL MANAGEMENT Good Governance, Management and Administration Need For a Community Vision/Plan Opportunities in Our Traditional Territories Role of Capital Markets and Private Sector FMB Role FMB Standards and Access to Capital Certification for First Nations FMB Course – Approach to Learning 2

3 Good Governance Matters Presence of Good Governance Practices clarifies authority, ensures the appropriate models for decision-making are in place and ensures accountability for actions and decisions – Improves Administration Good Governments need Solvent Governments Improves financial stability – Strong Financial Management 3 GOOD GOVERNANCE, MANAGEMENT AND ADMINISTRATION

4 Membership, Council, Administration need to be on the same path. Accountability and transparency through a process based decision making model. Recognize the role of that capital markets play in securing the debt and equity needed to develop an economy. Planning is a requirement – Economic, fiscal, financial. Identify where internal capacity building is required. Risk Management integral to successful implementation. 4 NEED FOR A COMMUNITY VISION / PLAN

5 First Nations led initiative created Federal Legislation, the First Nations Fiscal and Statistical Management Act (FSMA). The FMB is a non-profit institution that certifies financial management systems and financial performance of First Nations based on FMB standards, which are consistent with recognized international control frameworks. FIRST NATIONS FINANCIAL MANAGEMENT BOARD (FMB) ROLE 5

6 Standards for financial administration law, financial management systems, financial performance. Capacity development - support First Nations to meet standards. Certification that a First Nation has and is continuing to meet standards – Access to capital FMB ROLE IN THE FSMA BORROWING 6

7 7 FMB STANDARDS SUPPORT FIRST NATIONS ACCESS TO CAPITAL FMB standards consider needs of First Nations and investors. Provide important information to potential investors and thus access to capital. Standards have been reviewed by investment banks and rating agencies. Can be used with other tools to support economic development. 7 Private Investors Are People With Money First Nation Governments Need Infrastructure Financing Opens the Door to the Private Sector Building Confidence & Credibility with Investors Capital Markets

8 8 FMB CERTIFICATION FOR FIRST NATIONS 1)Financial Administration Law; and One of the two Certificates: 1)Financial Management System Certificate, or 2)Financial Performance Certificate

9 FMB has developed a course, The First Nations Fiscal and Statistical Management Act that is designed to be delivered online and in classroom. The course will provide an opportunity for participants to learn how the enabling tools may be used to strengthen the financial administration and economic development capacities of First Nation communities in Canada. Currently, the course is offered online through the Aboriginal Financial Officers Association of Canadas (AFOA) delivery platform (Fall 2012). In November 2012, the course will be offered as a pilot through NVIT in Merritt, BC. FMB COURSE – APPROACH TO LEARNING 9

10 THE IMPORTANCE OF FINANCIAL MANAGEMENT PRACTICES 10 - Strong financial management is necessary for success. - Financial Administration Law Financial Management - Improved management and administration practices - Accountability, Transparency Good Governance - Relationship btw financial management, good governance and economic development – increased capacity. - Creates opportunities for the community and success. Capacity and Opportunities

11 11 Harold Calla, Executive Chair First Nations Financial Management Board Suite 905 – 100 Park Royal West Vancouver, BC V7T 1A2 Phone: Website - Facebook - Twitter - YouTube – FOR MORE INFORMATION


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