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2003 November Report of the Auditor General of Canada
November 2003 Report—Chapter 9
Exhibit 9.3—National Aboriginal organizations assist First Nations economic development
Our study focusses mainly on institutional arrangements at the local and regional level. However, there are a number of national Aboriginal organizations that assist First Nations economic development, for example, the National Aboriginal Capital Corporation Association. Many of these organizations have been established or supported by federal government funding.
The head of one national organization explained the benefits of such organizations to First Nations and to the federal government.
- They allow First Nations to develop consensus on national standards for administrative practices and regulation, which reduces the possibility of creating additional barriers to economic development.
- They improve certainty and equity of treatment among First Nations.
- They improve communications and the flow of information among First Nations and between First Nations, the federal government, and investors.
- They foster the development of specific types of expertise that can be used by all First Nations.
At the time of our study, the Minister of Indian and Northern Affairs tabled an act to create four new national Aboriginal organizations (First Nations Tax Commission, First Nations Financial Management Board, First Nations Finance Authority, and First Nations Statistical Institute). Developed in co-operation with First Nations, the act aims to "provide needed tools for economic development and improving the quality of life on reserves."