Organization Profile - First Nations Financial Management Board

Minister of Crown-Indigenous Relations

The mandate of the Financial Management Board is to assist first nations in developing the capacity to meet their financial management requirements; to develop and support the application of general credit rating criteria to first nations; to provide review and audit services respecting first nation financial management; to provide assessment and certification services respecting first nation financial management and financial performance; to provide financial monitoring services respecting first nation financial management and financial performance; to provide co-management and third-party management services (respecting local revenues only); and to assist first nations in their dealings with other governments respecting financial management, including matters of accountability and shared fiscal responsibility; to assist first nations in the development, implementation and improvement of financial relationships with financial institutions, business partners and other governments to enable the economic and social development of first nations; and to provide advice, policy research, and review and evaluative services on the development of fiscal arrangements between first nations’ governments and other governments.

Vancouver, British Columbia

First Nations Fiscal Management Act

The First Nations Financial Management Board is managed by a board of directors consisting of a minimum of nine and a maximum of thirteen directors, including a Chairperson and a Vice-Chairperson. The board of directors shall be composed of men and women from across Canada, including members of first nations, who are committed to the strengthening of first nation financial management and who have the experience or capacity to enable the Board to fulfil its mandate.

The GIC, on the recommendation of the Minister, shall appoint a Chairperson and a minimum of five, and a maximum of nine other directors, to hold office during good behaviour for terms not exceeding five years, subject to removal by the GIC at any time for cause. Directors may be re-appointed for a second or subsequent term of office. Directors shall hold office on a part-time basis.  In determining the term of appointment of directors, the GIC shall endeavour to ensure that the terms of no more than three directors expire in any one calendar year.

The Aboriginal Financial Officers Association of Canada, or any other body prescribed by regulation, shall appoint up to three additional directors to hold office during pleasure for a term not exceeding five years.

The board of directors shall elect a Vice-Chairperson from among the directors. In the event of the absence or incapacity of the Chairperson, or if the office of Chairperson is vacant, the Vice-Chairperson shall assume the duties and functions of the Chairperson.

The board of directors shall be composed of men and women from across Canada, including members of first nations, who are committed to the strengthening of first nation financial management and who have the experience or capacity to enable the Board to fulfil its mandate.