Tag: press release

FOR IMMEDIATE RELEASE: Wednesday 5 October 2022
CONTACT: ICAEW media office: media.office@icaew.com, Judith Dow:
Judith.dow@icaew.com Mobile: 07889 894431

Organisations that have promoted sustainability through finance and leadership initiatives were
recognised at the tenth Finance for the Future Awards held last night (Tuesday 4 October 2022).

The awards, which are run in partnership between ICAEW, Accounting for Sustainability (A4S) and
Deloitte, were presented at a ceremony in London with an online option for international delegates.

The Finance for the Future Awards recognise businesses, organisations and people that have
demonstrated leadership to encourage sustainable practices. Established in 2012, the awards’ goal is
to inspire, inform, and influence people in the finance sector to embed sustainability in business
decision-making.

The winners in each category were:

• Embedding an integrated approach (non-listed companies): Forico.
• Embedding an integrated approach (listed companies): MPIC.
• Communicating integrated thinking: NatWest.
• Moving financial markets (large organisations): Aviva Investors.
• Moving financial markets (small and medium sized funds, projects and initiatives): First Nations
  Financing Authority.
• Driving change in the finance community: Make My Money Matter.

Underscoring the importance of finance in combating climate change, and the scale of the challenge
faced in responding, the judges presented additional Climate Leadership Awards to:

• Forico.
• NatWest.
• Make My Money Matter.
• SSE.
• Ceres.
• Global Alliance for Banking on Values.
• DP DHL.
• DZCIB.
• Moodys.

ICAEW Chief Executive Michael Izza said:

“Chartered Accountants and finance professionals have a vital role to play in enabling and driving
forward the transition to a net-zero, fair and nature positive world economy, and this was our
proposition more than 10 years ago when the Finance for the Future Awards were first established. It
has been an inspiration to see the awards evolve and to witness the quality and ambition of our
finalists today, and I congratulate all the winners.”

Veronica Poole, Vice Chair, Deloitte UK said:

“The past year has seen a devastating string of extreme weather events, showing clearly that we are
already living in a climate crisis. So, if we are to turn back the tide of climate devastation and unlock a
resilient, sustainable, clean energy economy to preserve our planet, we need to act now. Today we
celebrate organisations that are showing climate leadership, innovation, commitment and progress.
They provide an inspiration and a learning opportunity for us all.”

ENDS

Notes to editors:
For more information, visit www.financeforthefuture.org
Photos of the winners are available upon request.

About ICAEW

Chartered accountants are talented, ethical and committed professionals. ICAEW represents more
than 195,300 members and students around the world.

Founded in 1880, ICAEW has a long history of serving the public interest and we continue to work
with governments, regulators and business leaders globally. And, as a world-leading improvement
regulator, we supervise and monitor around 12,000 firms, holding them, and all ICAEW members and
students, to the highest standards of professional competency and conduct.

We promote inclusivity, diversity and fairness and we give talented professionals the skills and values
they need to build resilient businesses, economies and societies, while ensuring our planet’s
resources are managed sustainably.

ICAEW is the first major professional body to be carbon neutral, demonstrating our commitment to
tackle climate change and supporting UN Sustainable Development Goal 13.

ICAEW is a founding member of Chartered Accountants Worldwide (CAW), a global family that
connects over 1.8m chartered accountants and students in more than 190 countries. Together, we
support, develop and promote the role of chartered accountants as trusted business leaders,
difference makers and advisers.

We believe that chartered accountancy can be a force for positive change. By sharing our insight,
expertise and understanding we can help to create sustainable economies and a better future for all.

About Accounting for Sustainability
Our aim is to make sustainable business, business as usual.
HM King Charles III established A4S in 2004, when he was The Prince of Wales,
with the aim of working with the finance and accounting community to:

• Inspire finance leaders to adopt sustainable and resilient business models
• Transform financial decision making to reflect the opportunities and risks posed by the climate
  crisis and other environmental, social and governance (ESG) issues
• Scale up action to transition to a sustainable economy
  

A4S has three global networks:

• Chief Financial Officers (CFO) Leadership Network – CFOs from leading organisations seeking to transform finance and accounting

• Accounting Bodies Network (ABN) – members comprise approximately two thirds of the world’s accountants
• Asset Owners Network – Pension Fund Chairs who integrate sustainability into investment decision making

www.accountingforsustainability.org

About Deloitte
In this press release references to “Deloitte” are references to one or more of Deloitte Touche
Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member
firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a
detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the
UK’s leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk

For Immediate Release

First Nations Finance Authority Commercial Paper Rated by DBRS Morningstar

Westbank, British Columbia (September 15, 2021) – The First Nations Finance Authority has
received a rating of R-1 (middle), Stable Trend from the bond-rating service DBRS Morningstar,
for its upcoming commercial paper program. A $400 million initiative, the commercial paper
program will see FNFA provide bridge financing to eligible members at a lower cost than the
secured credit facility currently being used. Loan rates to FNFA members will commence at
1.75%.

In assigning the rating, DBRS Morningstar noted a number of strengths that the FNFA
demonstrates, including:

• the high-quality revenues provided as security by borrowing First Nations;
• the ability to replenish debt reserves;

• the credit characteristics of its borrowing First Nations; and the right to require third-party intervention into a borrowing member’s finances.

“We are very pleased to obtain this rating, and to launch our commercial paper
program,” said FNFA President & CEO Ernie Daniels. “Alongside the strong ratings we
have for our primary offering – long-term, securitized loans to First Nations – this is
another vote of confidence in the First Nations economy in Canada.”

DBRS Morningstar also noted that the number of FNFA members and the associated loan
portfolio are expected to grow steadily over time.

“We have already seen rapid growth in our membership, with approximately half of First
Nations now scheduled and eligible to participate, and in our loan portfolio, which is now
close to $2 billion,” said Daniels. “The last federal budget expanded the types of revenue
that could be securitized by the FNFA, and during the election campaign we have also
seen proposals from political parties to make the FNFA a key component in financing
much-needed infrastructure development in eligible communities. We are very
confident that we’ll see significant expansion over the next couple of years.”

202 – 3500 Carrington Road
Westbank, B.C. Canada V4T 3C1
Head Office: 250.768.5253
Toll Free: 1.866.575.3632
Fax: 250.768.5258
www.fnfa.ca

About the First Nations Finance Authority (FNFA)
The FNFA is a not-for-profit First Nation institution that plays a crucial role in the social and
economic development of First Nations across Canada by providing qualifying First Nations
with access to the capital markets at competitive rates. All First Nations are eligible to become
FNFA members. Established by the federal First Nations Fiscal Management Act in 2005, FNFA
is by First Nations, for First Nations. The FNFA will continue to expand and diversify, looking to
strengthen its credit rating and increase the financial benefits to its growing membership.

– 30 –
For more information:
Steve Berna
Chief Operating Officer
First Nations Finance Authority
Telephone: (250) 768-5253
sberna@fnfa.ca

For Immediate Release

LARGEST DEBENTURE EVER BY FIRST NATIONS FINANCE AUTHORITY WILL HELP
FINANCE LANDMARK CLEARWATER DEAL AND OTHER CRITICAL PROJECTS

$350 million-dollar FNFA debenture covers 22 First Nations

Westbank, British Columbia (January 14, 2021) The largest debenture ever issued by the
First Nations Finance Authority (FNFA) will help seal the landmark Clearwater Seafoods deal
and finance a host of other projects that will change lives in Indigenous communities.

The $350 million debenture is the eighth by the FNFA issued on international financial markets.
Since its inception, the debentures have allowed the FNFA to provide over one billion dollars
in loans to finance initiatives that build the Indigenous economy even amid a crippling
pandemic.

“More and more First Nations throughout Canada are turning to the FNFA to finance loans that
will help improve the quality of life in their communities,” said Ernie Daniels, President and
CEO of the FNFA. “There is a huge infrastructure gap between First Nations and the rest of
Canada. We have an opportunity to work with the financial markets and Governments to close
that gap now.”

Among other initiatives, a portion of this debenture will fund a $250 million loan to the Mi’kmaq
First Nations for the purchase of the offshore fishing licenses as part of the $1 billion purchase
of Clearwater Seafoods. These licenses are leased to Clearwater under contract. The Mi’kmaq
community’s equity share was financed by Premium Brands (the other equity owner).

“Acquiring the largest seafood company in North America with support from the FNFA
represents the dawn of a new day for the seven communities in Nova Scotia and Newfoundland
who are part of this agreement,” said Chief Terry Paul of Membertou First Nation. “This
investment builds on our Mi’kmaq traditions and is truly a transformational moment for our
people.”

The debenture is backed by own-source revenues from the 22 borrowing First Nations and will
assist to finance a community wellness centre, housing, and other economic and social
development projects. The loan through FNFA has also helped the Sheshegwaning First
Nation in Northern Ontario acquire a Growcer Hydroponic Garden System.

“Food security has been a real challenge for our people especially during the COVID-19 crisis,”
said Sheshegwaning Chief Dean Roy. “With this project supported by a loan from FNFA we can
have access to fresh and nourishing produce all year around, which will improve overall health
in our community, while helping to control food costs locally.”

“We are seeing real progress working with our First Nations’ partners to create jobs and build
the Indigenous economy, “said FNFA Chair Chief Warren Tabobondung of Wasauksing First
Nation. “We are calling upon the Canadian government to work with us to explore new ways
to close the infrastructure gap and ensure that First Nations people have the same quality of
life that the rest of Canada enjoys.”

About the First Nations Finance Authority (FNFA)
The FNFA is a not-for-profit First Nation institution that plays a crucial role in the social and
economic development of First Nations across Canada by providing qualifying First Nations
with access to the capital markets at competitive rates. All First Nations are eligible to become
FNFA members. Established by the federal First Nations Fiscal Management Act in 2005, FNFA
is by First Nations, for First Nations. The FNFA will continue to expand and diversify, looking to
strengthen its credit rating and increase the financial benefits to its growing membership.

For more information Contact:
Leanne Hunter, FNFA Senior Advisor
Telephone: 613.853.2612
Email: lhunter@fnfa.ca

202 – 3500 Carrington Road
Westbank, B.C. Canada V4T 3C1
Head Office: 250.768.5253
Toll Free: 1.866.575.3632
Fax: 250.768.5258
www.fnfa.ca

First Nations Finance Authority Reaches Major Milestone Surpassing $1 Billion in Loans to Indigenous Communities

For Immediate Release

FIRST NATIONS FINANCE AUTHORITY REACHES MAJOR MILESTONE SURPASSING
$1 BILLION IN LOANS TO INDIGENOUS COMMUNITIES

Westbank, British Columbia (December 2, 2020) – Despite the economic turmoil caused by
the Covid 19 pandemic, the First Nations Finance Authority has hit an historic milestone by
breaking through the one-billion-dollar mark in financing for First Nations.

“Working with Indigenous communities, we are beginning to see real results in
addressing the huge infrastructure gap between First Nations and the rest of Canada,”
said Ernie Daniels, President and CEO of the First Nations Finance Authority (FNFA). “The
projects we are financing are helping to bring fresh water, better health care, green
energy projects and modern infrastructure to First Nations that have created jobs and are
building the Indigenous economy.”

Henvey Inlet First Nation is among those that have benefited from FNFA loans. The Ontario
First Nation partnered with a private sector firm to build a 300-megawatt wind farm on reserve
at a cost of $1.2 billion. A $117 million loan from FNFA assisted the First Nation in meeting its
capital contribution obligations.

“The special features of FNFA financing helped us get past the last milestones in the
project” said Chief Wayne McQuabbie. “The FNFA loan funds were instrumental in the
completion of the biggest on-shore wind energy project and the largest project on First
Nation land in Canada. During construction, the project created more than 100 direct
and indirect jobs in our region; today the windfarm is powering more than 100 thousand
Ontario homes with green energy and generating millions in annual revenue for our
members.”

115 First Nations have become borrowing members of the FNFA. This has created over ten
thousand jobs in the past five years while making strides in building an Indigenous economy
aimed at lifting communities out of poverty. The $1 billion dollars in loans provided by the
FNFA to date to First Nations does not include the $250 million loan commitment to the
Mi’kmaq First Nations Coalition to purchase offshore fishing licenses as part of the announced
purchase of Clearwater Seafoods.

“We’ve reached a major milestone but there’s much more to be done to achieve true
reconciliation, “said Wasauksing First Nation Chief Warren Tabobondung who Chairs the
FNFA board. “The reality is that as First Nations become self-governing, they need to
have access to the funds necessary to reduce poverty, manage wealth and create a
thriving Indigenous economy. We anticipate that FNFA will be adding new borrowers at
a faster rate and we are already working towards the $2 billion mark. This will generate
jobs and opportunities for all Canadians.”

-30-

About the First Nations Finance Authority (FNFA)
The FNFA is a not-for-profit First Nation institution that plays a crucial role in the social and
economic development of First Nations across Canada by providing qualifying First Nations
with access to the capital markets at competitive rates. Established by the federal First Nations
Fiscal Management Act in 2005, FNFA is by First Nations, for First Nations. The FNFA will
continue to expand and diversify, looking to strengthen its credit rating and increase the
financial benefits to its growing membership.

For more information Contact:
Leanne Hunter, FNFA Senior Advisor
Telephone: 613.853.2612
Email: lhunter@fnfa.ca

For Immediate Release

FIRST NATIONS FINANCE AUTHORITY (FNFA) CONGRATULATES MI’KMAQ FIRST NATIONS COALITION FOR LANDMARK CLEARWATER PURCHASE

$250 million dollar loan from FNFA helps make Clearwater deal a reality

Westbank, British Columbia (November 10, 2020) The intended purchase of the Canadian
Fishing Licenses which involves a 50 per cent equity share of Clearwater Seafoods by the
Mi’kmaq First Nations Coalition is an historic step forward for the Indigenous economy,
according to the First Nations Finance Authority (FNFA).

“This landmark deal which was made possible by a $250 million loan from FNFA shows the
collective purchasing power of First Nations when they stand together,” said Ernie Daniels,
President and CEO of the FNFA. “It demonstrates we are stronger when we work together in
building the Indigenous economy.”

FNFA has approved a $250 million loan to the Mi’kmaq First Nations Coalition to purchase
Clearwater’s Canadian offshore fishing licenses. Under the announced agreement, the First
Nations will receive contractual revenues on a quarterly basis from Clearwater which will have
a significant impact by creating revenue and boosting their economies.

The Coalition is comprised of communities from across Nova Scotia and Newfoundland:
Membertou, Waycobah, Potlotek, Paqtnkek, Pictou Landing, Sipekne’katik, and Miawpukek.

“This is a major step forward for our community providing us with own source revenue and job
opportunities,” said Chief Misel Joe of Miawpukek First Nation. “We look forward to working
with our First Nation and non-Indigenous partners to ensure a sustainable and viable seafood
industry.”

Since its creation in 2005 by an Act of Parliament, the FNFA has financed almost $1 billion in
loans to 112 First Nations that have been certified through the First Nations Financial
Management Board. This has created over ten thousand jobs in the past five years alone and
supported economic development projects and construction of critical infrastructure such as
schools, community centres, water treatment and health facilities.

202 – 3500 Carrington Road
Westbank, B.C. Canada V4T 3C1
Head Office: 250.768.5253
Toll Free: 1.866.575.3632
Fax: 250.768.5258
www.fnfa.ca

“We are proud to play our part in putting together this historic agreement and we applaud the
leadership of the First Nations that have become partners in the deal, “said Wasauksing First
Nation Chief Warren Tabobondung who Chairs the FNFA board. “It is an example of what we
can achieve when we work together. There will be many more such projects as we begin to
address the infrastructure gap and generate revenues that will create jobs and economic
opportunities for Indigenous peoples.”

-30-
About the First Nations Finance Authority (FNFA)

The FNFA is a not-for-profit First Nation institution that plays a crucial role in the social and
economic development of First Nations across Canada by providing qualifying First Nations
with access to the capital markets at competitive rates. Established by the federal First Nations
Fiscal Management Act in 2005, FNFA is by First Nations, for First Nations. The FNFA will
continue to expand and diversify, looking to strengthen its credit rating and increase the
financial benefits to its growing membership.

For more information Contact:
Leanne Hunter, FNFA Senior Advisor
Telephone: 613.853.2612
Email: lhunter@fnfa.ca

For Immediate Release

FNFA Issues its 7th debenture – Its largest issuance to date, raising $240 Million

Westbank, British Columbia (June 9, 2020) – Ernie Daniels, President & CEO, is pleased to
announce that the First Nations Finance Authority (FNFA) has issued its 7th debenture into the
capital markets, raising $240 Million for 20 First Nations. The debenture is purchased by
institutional investors both domestically and internationally.

“Our membership has grown and investors in the capital markets remain confident in the
FNFA”, explains Daniels. This announcement follows FNFA’s recent credit rating report, a two notch upgrade to Aa3-Stable from Moody’s. Obligations rated at the Aa level are judged to be of
high quality and are subject to very low credit risk.

“This is the largest transaction to-date for FNFA”, states FNFA Chair Chief Warren
Tabobondung of Wasauksing First Nation. “This milestone shows we are stronger together,
taking control of our own futures, developing our own communities on our own terms.”

The proceeds from the 7th debenture fund projects such as multi-purpose administrative buildings,
fisheries, community stores, business acquisitions, land purchases, hydroelectrical and power
projects. FNFA’s debentures are backed by the ‘own source revenues’ of its member First Nations.
The FNFA Board of Directors, membership, and staff look forward to continuing its work with First
Nations Governments from coast to coast to coast.

FNFA is a non-profit First Nation institution established pursuant to the federal First Nations Fiscal
Management Act, that provides any qualifying First Nation from across Canada with access, via the
FNFA, to the capital markets. The First Nations govern the FNFA, as members elect from amongst
themselves a Board of Directors.

FNFA facilitates loans to its Borrowing Members from the proceeds of bond issuances. These loans
can have repayment terms up to 30 years and offer fixed-rate options to assist the member First
Nation’s budgeting needs. To fund member’s borrowing requirements prior to an expected bond
issuance date, the FNFA also offers short-term loans at below Bank Prime. Short-term loans are
rolled over into each new bond. As more First Nations qualify to become Borrowing Members, the
FNFA will continue to grow and diversify, looking to strengthen its credit rating and consequently
the financial benefits to its members.

– 30 –

Media Contact: Leanne Hunter
Senior Advisor, First Nations Finance Authority
Telephone: 613.853.2612

lhunter@fnfa.ca

Government of Canada announces interest relief for First Nations through the First Nations Finance Authority

From: Crown-Indigenous Relations and Northern Affairs Canada

June 2, 2020 — Ottawa, Ontario — Crown-Indigenous Relations and Northern Affairs Canada

The Honourable Carolyn Bennett, Minister of Crown-Indigenous Relations, announced today that First
Nations with existing loans under the First Nations Finance Authority (FNFA) will receive interest
payment relief as a result of a $17.1 million support from the Government of Canada.

The COVID-19 pandemic is having a significant impact on First Nation families, communities and
businesses. The measures in place to protect the health of all people in Canada are also affecting the
revenue sources which are used to pay interest and principal on loans which have been taken out to
support community development, such as initiatives to build infrastructure projects on reserve.

In response to the impact of on these First Nations, the Government of Canada is working
collaboratively with the First Nations Finance Authority to provide financial relief so that the First
Nations can focus on the health and safety needs of their communities during the COVID-19 pandemic.

This funding will directly help First Nations to maintain financial stability and lessen the economic
impacts of COVID-19, as well as allocate financial resources to other critical needs during this crisis.
Furthermore these investments will support the stability of the First Nations Fiscal Management
Act regime and the First Nations Finance Authority’s credit rating which was recently increased.

The First Nations Finance Authority is a non-profit, Indigenous-run institution that provides First Nation
governments with access to long-term loans with preferable interest rates for essential infrastructure
and economic development. It is anticipated that this investment will provide financial relief to 58 First
Nations borrowers.

The First Nations Finance Authority plays a significant role in supporting First Nations in exercising fiscal
jurisdiction by accessing capital for the benefit of their communities. For more information about the
interest relief, First Nations can contact the First Nations Finance Authority directly.

Quotes

“We know that First Nations communities are facing unique challenges in addressing COVID-19 . We
recognize that we can support First Nations by providing greater financial flexibility during these difficult
times. Many First Nations are in need of financial relief so they can continue to provide critical supports
to their people. By working with the First Nations Finance Authority, we have been able to develop
specific initiatives such as community interest relief, as well as adapt broad based federal financial
supports to better support Indigenous peoples in Canada and Indigenous businesses in meeting their
needs.”

The Honourable Carolyn Bennett, M.D., P.C., M.P.
Minister of Crown-Indigenous Relations

“By working in partnership with Indigenous lead institutions, including the First Nations Finance
Authority (FNFA), we are making sure that federal initiatives deliver the support Indigenous
communities need. This investment will allow the FNFA to provide interest relief for First Nations
communities so they can focus on keeping their members safe during COVID-19.”

Gary Anandasangaree, M.P.
Parliamentary Secretary to the Minister of Crown-Indigenous Relations

“Canada’s support is a positive step forward for those First Nation Governments under the First Nations
Fiscal Management Act with revenue streams specifically impacted by COVID-19 and social distancing
measures. We remain optimistic that Canada will continue to work with the First Nations Finance
Authority [and the other First Nations fiscal institutions] on developing economic recovery options as
Canada transitions out of the pandemic crisis. To date, the FNFA members have used their loan
proceeds to undertake projects that created over 9,000 jobs for the Canadian economy, and these
monies will allow them to continue to ensure their communities are safe and healthy and be ready to
participate in the economic rebound.”

Ernie Daniels, CPA, CGA, CAFM
President/CEO of the First Nations Finance Authority

Quick facts

• The First Nations Fiscal Management Act is enabling legislation under which First Nations can
  advance their self-determination and generate new sources of revenues by taking on fiscal
  jurisdiction at their own pace.
• The First Nations Finance Authority has enabled First Nations to access over $833 million in long
  term affordable financing for essential infrastructure and economic development. It recently
  received an upgrade to its credit rating (Aa3) which will translate into greater savings for First
  Nations borrowers in the future.
• Today’s announcement is in addition to the $380 million Indigenous Community Support Fund
  to help Indigenous communities prevent, prepare and respond to COVID-19.
  

Associated links

• First Nations Finance Authority
• First Nations Fiscal Management
• Canada’s COVID-19 Economic Response Plan
• Indigenous Community Support Fund

Contacts
For more information, media may contact:

Emily Williams
Press Secretary
Office of the Honourable Carolyn Bennett,
Minister of Crown-Indigenous Relations
819-997-0002

Media Relations
Crown-Indigenous Relations and Northern Affairs Canada
819-934-2302
RCAANC.media.CIRNAC@canada.ca