Library of Parliament Legislative Summary of First Nations Financial Transparency Act

The Library of Parliament recently released its legislative summary of Bill C-27, the First Nations Financial Transparency Act:

"The proposed legislation, which applies to over 600 First Nations communities defined as 'Indian bands' under the Indian Act, provides a legislative basis for the preparation and public disclosure of First Nations’ audited consolidated financial statements and of remuneration, including salaries and expenses, paid by a First Nation or any unincorporated entity that it controls to its elected officials. The bill also requires the publication of this information on a website maintained by or for the First Nation, and on the website of Aboriginal Affairs and Northern Development Canada (AANDC). Additional provisions of the legislation allow for the application of court remedies and administrative measures to enforce compliance with its requirements."

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"Many First Nations leaders have expressed an opposing view of Bill C-27. Most have argued that the bill is unnecessary given current legal and policy-based financial reporting and disclosure requirements, and have called for an alternative approach to transparency and accountability that has the potential to strengthen the relationship between First Nations and the federal government (...)"

"The legislation has attracted emphatic support from some non-Aboriginal organizations. Colin Craig of the Canadian Taxpayers Federation welcomed the bill’s expanded disclosure requirements on band-owned entities, and stated that the bill 'will help band members separate the good apples from the bad ones and will help taxpayers understand how their money is being spent on reserves'."

"The Fraser Institute also released an article arguing that Bill C-27 may be compared to other financial reporting and disclosure laws in the private sector, and that '[w]hat such laws do, whether vis-à-vis business or First Nation governments, is require that shareholders and residents be given transparency and actual hard numbers'."

It is possible to follow the progress of the bill in Parliament on the LEGISinfo website.