SUPPORTING STATEMENT
To be responsive to the regulatory and reputational pressure related to Indigenous reconciliation, many companies have developed internal policies, plans, and programs on Indigenous relations, the recruitment and advancement of Indigenous employees, Indigenous cultural awareness training for employees, and procurement from Indigenous-owned businesses.
For investors, however, the breadth, depth, and content of these policies, plans, and programs is impossible to determine. Facing inconsistent disclosure, the extent to which a company has effectively incorporated and implemented steps to address Indigenous reconciliation and inclusion is impossible to measure.
There are, however, externally-verified options for corporations to demonstrate that their programs meet standards developed by qualified Indigenous organizations, such as the Progressive Aboriginal Relations (PAR) program of the Canadian Council for Aboriginal Business, which provides independent certification to corporations in Canada. Within Canada’s financial sector, this is already an established best practice: BMO, Scotiabank, CIBC, Deloitte, EY, ATB Financial, and Accenture have all achieved certification under the PAR program, and others have committed to achieving certification.