Thank you, Mr. Chair.
I'm seeking the support of all my colleagues on this particular amendment.
Chief Darcy Bear of the Whitecap Dakota raised concerns that the current wording of the bill, specifically in this clause, could be interpreted to mean that a first nation’s audited consolidated financial statements as well as the individual audited financial statements of each entity that the first nation controls would all need to be made public.
This, of course, is not the intention of the bill; instead, it's to maintain the current practice of presenting the financial information of entities consolidated in the first nations' financial statements according to generally accepted accounting principles and at an aggregated level.
Colleagues, this is in keeping with the rules and definitions of the Public Sector Accounting Board and the Canadian Institute of Chartered Accountants in how first nations presently prepare and submit their audited consolidated financial statements to the department. This bill would not undermine the competitiveness of band-owned businesses and would put in place the same rules that apply to businesses owned by other governments in Canada.
With the changes in the definition of “consolidated financial statements”, the definition of “Control — entity” is no longer needed, as the entities that must be included would be more clearly reflected in the new definition of consolidated financial statements.
Chief Darcy Bear has also brought some concerns to our attention with the definition of “remuneration”, which includes the concepts of both salary and expenses. This could give the impression that both should be reported as one figure instead of being reported separately. Combining the two categories into one figure would not give first nation members and the public a proper understanding of the actual remuneration that first nation elected leaders are receiving or the expenses for which they are being reimbursed. Many leaders have high expenses associated with the cost of travel, for example, as a result of the remote locations of their communities. Including these amounts into a general figure for remuneration could be misleading and would not create an accurate financial picture.
Finally, Mr. Chair, this government amendment to subclause 2(1) will serve to clarify the requirements of the bill and ensure that first nations members have the information necessary to properly assess the remuneration and expenses of their elected officials.
Thank you.