Indigenous Rights and Reconciliation Statement

Shift staff live and work on the traditional unceded, unsurrendered territory of the Algonquin Anishinaabe people, today known as Ottawa; on the traditional territories of the Wendat, Anishnaabeg, Haudenosaunee, Chippewa and Mississaugas of the Credit First Nation, today known as Toronto; and on the unceded traditional territories of the Musqueam, Squamish, and Tsleil-Waututh Nations, today known as Vancouver. We are grateful to Indigenous Peoples for their stewardship of these lands. We recognize that Canada and Canadians have not fulfilled their treaty obligations, and that Indigenous rights have been and continue to be violated. We are committed to upholding Indigenous rights through Shift’s work, and we are committed to listening, learning and working to decolonize our efforts.

As a settler-led project focused on finance and climate change, the Shift team is committed to aligning our work, advocacy and practices with the principles of decolonization and Indigenous reconciliation, self-determination and sovereignty in support of the over 1.8 million Indigenous people living in Canada.

Advancing Indigenous rights and reconciliation is a moral and climate imperative

Shift recognizes the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), which enshrines dignity, self-determination, and equality for Indigenous peoples as an essential human right. 

We recognize that Indigenous communities have long-standing, sustainable relationships with their lands and waters, protecting vital ecosystems like wetlands, forests and waterways. As stewards of lands and waters for millennia, Indigenous peoples are critical to addressing urgent environmental problems, protecting ecosystems and biodiversity and surviving the worst impacts of climate change. Our fight for sustainable communities, clean air and water, and a livable climate is deeply entwined with Indigenous reconciliation.

We acknowledge and value Indigenous knowledge, ways of being, and the right to self-determination. We recognize there can be no climate justice without respect for Indigenous rights and sovereignty.

Failing to respect Indigenous rights creates financial risk and jeopardizes retirement security

Shift recognizes that the history of Canada’s financial system is intricately linked to the process of colonization, and a key ongoing driver of harm for Indigenous peoples here and around the world. 

Shift supports actions that further both UNDRIP and the Truth and Reconciliation Commission Calls to Action, which call upon Canadian investors and businesses to commit to meaningful consultation, build respectful relationships and obtain the free, prior and informed consent of Indigenous peoples before proceeding with economic development projects. This is particularly relevant for resource extraction and land-use projects, as projects financed by pension funds can negatively impact Indigenous peoples’ lands and waters.

Not only is respecting Indigenous rights a foundational principle for responsible investors in the 21st century, but failing to respect or protect Indigenous rights creates a potential risk to financial institutions’ and companies’ investments. Failing to consult Indigenous peoples, provide benefits or equity stakes to Indigenous communities in proposed projects and infrastructure, or gain the Free, Prior and Informed Consent of Indigenous nations can lead to regulatory delays, court challenges, public protests, political opposition, reputational damage and project cost overruns. As significant owners of infrastructure, natural resources, real assets and companies on land that was stolen from Indigenous peoples, these risks are particularly relevant to pension funds, and highlight the importance of Indigenous rights as a matter directly related to the mandate of pension funds to maximize returns, minimize risk of loss and invest in the best long-term interests of their members. 

Shift’s work towards protecting Indigenous rights 

Shift has consistently and repeatedly called for pension funds to establish comprehensive Indigenous rights policies, in line with UNDRIP and the Truth and Reconciliation Commission Calls to Action.

Shift’s annual Canadian Pension Climate Report Card in 2022 and 2023 analyzed the extent to which Indigenous rights have been considered by Canada’s 11 largest public pension fund managers in the investment process by tracking their public disclosures on Indigenous rights. Our analysis revealed that only a handful of Canada’s largest pensions have taken steps to develop an Indigenous rights framework in their investment processes. Since the publication of our original analysis, we have seen a small improvement in fund disclosures and policies.

Shift has also provided education and awareness on particular Indigenous rights struggles to enable pension plan members to engage with their pension funds, including:

Shift is committed to continue building reciprocal relationships with Indigenous-led allies, and to establish clear expectations for institutional investors to adopt internal policies to incorporate respect for Indigenous rights, in particular Free, Prior and Informed Consent, into investment decision-making and stewardship.