By Bryan Hansen
Billie Fortier, Associate at MLT Aikins (MLT) and Forward Summit Speaker, is a proud member of the Fort McKay First Nation. With over nine years of experience at MLT, Fortier specializes in corporate commercial law and supports Indigenous communities with economic development initiatives. Her role involves assisting First Nations with business ventures, negotiating mergers and acquisitions, and drafting legislation related to governance.
Fortier’s expertise extends beyond legal advice. She plays a crucial role in guiding communities through significant economic projects, ensuring they achieve successful and beneficial outcomes. In our conversation, Fortier shared insights on effective partnerships and the importance of ethical engagement in Indigenous business dealings.
“Ethical engagement is key from the very start,” she begins. For Fortier, this begins with a commitment to understanding and respecting the unique cultural and legal landscapes of each community. “Ethical engagement is more than just a business transaction; it’s about establishing a genuine and respectful relationship from the outset,” Fortier explains. This involves engaging with community leadership early in the process and taking the time to understand their traditions, values, and governance structures.
Respectfully engaging with Indigenous leadership is another critical aspect highlighted by Fortier. “Respect for leadership is foundational in any partnership with Indigenous communities,” she asserts. “It’s important to recognize and honour the traditional and elected leaders who represent the community’s interests and values.” Fortier says. “It’s about building a respectful and meaningful relationship with the Indigenous community, understanding their culture, legal norms, and values. This approach is essential for establishing trust and ensuring that the partnership is mutually beneficial.”
Fortier says engaging respectfully means understanding and working within the community’s decision-making structures. “Each Indigenous community has its own unique governance systems and protocols,” she explains. “Respectful engagement involves recognizing these systems and ensuring that our interactions are aligned with their established practices and norms.”
She also stresses the importance of building relationships based on trust and mutual respect. “It’s not just about following protocol,” Fortier notes. “It’s about genuinely valuing the leadership and the role they play in guiding their communities. This respect fosters a positive environment for collaboration and helps build a strong foundation for successful partnerships.”
Fortier advises that those entering into agreements with Indigenous communities should approach leadership with an open mind and a willingness to listen. “Effective engagement requires us to listen carefully to the leaders’ perspectives and to integrate their input into our planning and decision-making,” she says. “By doing so, we demonstrate our commitment to honouring their authority and working together in a meaningful way, leading to more successful outcomes for all parties involved.”
Fortier also addresses the critical issue of power dynamics in partnerships between Indigenous communities and external investors. “Power dynamics can significantly impact the success of any business venture,” she notes. “It’s crucial for all parties to recognize and address these dynamics from the outset to ensure a fair and equitable partnership.”
Fortier stresses that imbalances in power can lead to unfavourable terms for Indigenous communities and potentially undermine the partnership’s long-term success. “In many cases, external investors hold significant leverage due to their financial resources and market expertise,” she explains. “This disparity can result in Indigenous communities being pressured into agreements that do not fully reflect their interests or values.”
To mitigate these imbalances, Fortier advocates for transparent communication and proactive measures. “It’s essential for Indigenous communities to clearly articulate their expectations and boundaries,” she advises. “Establishing a strong foundation of mutual respect and open dialogue helps to balance power dynamics and fosters a more equitable negotiation process.”
Fortier also notes the importance of engaging advisors who can advocate on behalf of the community. “Having knowledgeable legal and financial advisors who understand the community’s perspective can help level the playing field,” she says. “These advisors play a crucial role in ensuring that the community’s interests are protected and that the terms of the partnership are fair.” She also points out that power dynamics are not a fixed variable. “Power dynamics are not static,” she continues. “They can shift over time, so it’s important to regularly assess the partnership’s dynamics and make adjustments as needed to maintain a balanced and respectful relationship.”
Access to expert advice is another key component of due diligence. Fortier advises engaging with experienced financial, legal, and tax professionals who can provide specialized guidance and help navigate the complexities of large-scale investments and transactions. These advisors play a vital role in assessing risks, structuring deals, and ensuring compliance with legal and regulatory requirements. By focusing on these aspects, Indigenous communities can better protect their interests, make informed decisions, and achieve more favorable outcomes in their business ventures.
Fortier emphasises the importance of rigorous due diligence in any business engagement, particularly when it involves significant investments or partnerships with Indigenous communities. She advises Indigenous communities to conduct thorough assessments of several critical factors before committing to a project. This includes evaluating the project’s environmental impact, which involves scrutinizing potential effects on local ecosystems and traditional lands. Understanding the investment’s financial viability is also crucial, which means analyzing projected returns, cost structures, and long-term financial sustainability. Fortier’s approach to the importance of due diligence reflects a commitment to not only safeguarding the community’s resources but also enhancing their capacity to participate successfully in the economic landscape.
“Long-term reclamation costs can be substantial,” she says. Proper planning ensures that Indigenous communities are not burdened with unexpected financial liabilities in the future. She also stresses the importance of securing favourable loan terms that align with the community’s financial capabilities and goals.
In addition to evaluating environmental impacts and financial viability, Fortier mentions the importance of understanding the investment rate of return (IRR). “The IRR is a crucial metric for assessing the potential profitability of an investment,” Fortier explains. “It shows the annualized rate at which the investment’s net cash flows are expected to grow, considering both the initial investment and the projected returns.”
A higher IRR indicates a more attractive investment opportunity, as it suggests greater potential returns relative to the cost of investment. “When analyzing new projects, it’s essential to scrutinize the IRR to ensure it aligns with your financial objectives and risk tolerance,” Fortier advises. She highlights that a clear understanding of the IRR allows [Indigenous communities] to make well-informed decisions, comparing various investment options to identify those that offer the best return. “Focusing on IRR helps in making strategic investment choices and ensures that resources are allocated to projects with the most favourable financial outcomes,” Fortier says.
Looking ahead, Fortier is optimistic about the potential for positive change. She believes that increased legislative support and better financial tools will enhance Indigenous communities’ ability to invest in and benefit from major projects.
“Ultimately, the goal is to empower Indigenous communities to own and benefit from assets in their traditional territories,” Fortier concludes. “This shift will allow Indigenous communities to leverage their resources effectively and drive economic success.”
Fortier’s insights emphasize the importance of ethical and informed engagement, due diligence, and adequate representation in building successful partnerships. Her dedication to bridging gaps between industry and Indigenous communities offers valuable guidance for anyone involved in these critical projects.