Mr. Chair, the act actually addresses the issue of financial transparency for first nation leaders by expanding the scope of the information to be publicly disclosed. In accordance with provisions in their funding agreements, first nation band councils are already required to provide Aboriginal Affairs and Northern Development Canada with audited consolidated financial statements, which include a schedule of salary, honoraria and travel expenses for their elected band officials. Therefore, the act ensures that these statements are made available to first nation membership in their communities and the public by being posted on a website. This will help first nations by supporting reductions in the reporting and bureaucracy requirements surrounding funding agreements themselves.
Of course, transparent and accountable first nation governments also create, as importantly, a better environment for private sector investment with more confidence, which could lead to greater economic development opportunities. In fact, we heard that at the standing committee, again, with that superordinate goal of improving the quality of life for first nation communities and their members.