The president and CEO of the First Nations Bank of Canada is warning the federal government that early and meaningful consultation with Indigenous communities is crucial if it wants to move forward with faster major project approvals.
“I think there’s an opportunity to, if you go slow, to go fast,” Bill Lomax told CTV Question Period host Vassy Kapelos in an interview that aired Sunday. “If you show up with something that you think is an entirely baked deal, that is not going to necessarily go well with the Nation.”
“You need to engage with the Nation early on and let them know what you’re thinking about, have them participate and have them be part of the plan,” he added. “And by taking a little bit of time to do that, you can actually shorten the length of time that it takes to get through that consultation.”
Lomax said consultation with communities is “not just unique to First Nations,” but rather a necessary part of the process with everyone who might be impacted by a project. He added many small- and medium-sized First Nations-owned businesses see opportunity in the projects.
“If other communities are going to be impacted, they’re going to want to have some say on it as well, right? That’s the nature of people,” he said. “So, when it is coming through a territory, spending that time up front will save you a lot of time in the long run.”
While Prime Minister Mark Carney insisted last week his government will build quickly in “the right way,” — he says, in consultation with Indigenous and provincial partners — there has been some pushback from Indigenous political leadership who have concerns about whether that consultation process will be rushed.
The federal government, meanwhile, announced late last week it plans to change key pieces of environmental law to make building a pipeline to the West Coast, as well as other energy projects, easier and faster.
The First Nations Bank of Canada is an Indigenous-owned national bank with a mission to serve Indigenous People, Nations, and businesses.
When asked whether the consultation process is a point of concern for the bank’s clientele, who may be looking to participate in any business opportunities along the way of major federal infrastructure and energy projects, Lomax said: “Absolutely.”
“Absolutely there’s concern around not having proper consultation in place,” he told Kapelos. “But that, again, is tempered by what could be a big opportunity.”
He added that any community is going to be divided between those who are and are not interested in development, and “trying to unite them, to the extent that you can, around a project, it takes a lot of work, which is why consultation is really important.”
Pointing to the opportunities both for businesses acquisitions and joint ventures, Lomax said the First Nations Bank of Canada has seen an increase in commercial banking from steadily about 10 per cent, to 26 per cent this year.
He cited, for example, catering businesses servicing a mining camp, and entering into a joint venture or buying an existing company to then run it from a First Nations perspective, rather than ramping up from scratch.
Lomax also said while “the proof is in the pudding,” he does believe the political will is there to follow his advice and “go slow to go fast.”
“I imagine there will be some Nations that just say: ‘this is not right for us.’ But I think there’s going to be a lot who are ready to move and will step up to the plate to move quickly,” he said.
You can watch First Nations Bank of Canada President and CEO Bill Lomax’s full interview on CTV Question Period in the video player at the top of this article.
