Yesterday, the Minister of Finance tabled the federal budget, which included including social responsibility measures of interest to credit unions:
- Private Property Potential on First Nations Lands
Building on the momentum from the Crown-First Nations Gathering in January, the budget notes the Government’s intent to explore the option for legislation that allows private property ownership within current reserve boundaries. The Government notes it will explore this option with those First Nations interested in allowing private property ownership on their territories. This could potentially impact credit union lending practices with First Nations communities.
As anticipated, the Government has announced that it will continue to explore social finance instruments that allow private capital to be mobilized to generate a financial, social and/or environmental return. Budget 2012 highlights social impact bonds (SIBs) as an example of the type of social finance instrument that will be pursued by the Government.
It is expected that the Minister of Human Resources and Skills Development will announce details pertaining to social finance instruments over the coming months.
- Women on Corporate Boards
The Government announced that an advisory council of leaders both from the private and public sectors will be created to promote womens' participation on corporate boards. The council will work with the Minister of State for the Status of Women to connect corporations with a network of professional women.
For a fuller analysis of Budget 2012 and the impact for credit unions, please see the latest edition of Canadian Central's Policy and Advocacy Report, by clicking here