Speaking Notes
for
the Honourable Diane Finley,
Minister of Human Resources and Skills Development,
to the
Women in Social Business Forum
of the
Women in Leadership Foundation
May 6, 2013
Ottawa
Check against delivery
Thank you for that kind introduction.
I’m very glad to be here and to have the opportunity to meet so many leaders gathered together—and particularly for this inaugural Women in Social Business Forum.
In celebrating the contribution that women have made to business, our communities—and yes, of course politics—I can think of no one more timely to point to…than Margaret Thatcher.
When she died a few weeks ago, tributes poured in Canada and around the world.
As someone I know very well stated in the Senate:
“She relied on individual liberty, competition and private enterprise, supporting the free market, rejecting the vices of socialism, reducing the size of government and returning the proceeds to the taxpayer.”
Who said that? Senator Doug Finley.
All very true.
You know, politics can be a brutish sport at times, there’s no question—and I’ve had just a little bit of first-hand experience with that one.
And that’s one reason why Margaret Thatcher’s success—in what was truly still an “old boys’ club”—was so remarkable.
So to the women in the room, I will share with you some of my favourite words from the Iron Lady herself—especially if you ever venture into the world of public office or are there now:
“In politics, if you want something said, ask a man. If you want something done, ask a woman.”
As you know, one of the characteristics of leaders—whether you are male or female—is that you have a vision.
A vision for your career. A vision for your communities. A vision for your country.
And I know that you are taking action to make these a reality, whether you work in the public, not-for-profit or private sector.
Some communities are facing pretty serious social challenges—and they persist despite everyone’s best efforts.
But it’s clear that some of these problems have been resistant to traditional solutions.
Our 2011 and 2012 Budgets acknowledged this, highlighting the vast potential social finance can play in strengthening government and community partnerships.
As many of you know, in social finance, multiple sources of capital are mobilized to achieve social or environmental goals.
The key to social finance is partnership.
Government cannot—and should not—be expected to solve every problem on its own.
And government cannot fund every service people want without regard to the taxpayers’ ability to pay.
What we can do, however, is facilitate and empower others.
When I spoke about social finance recently, I told a little story that I’ll share with you today.
A local shopkeeper had been running a small business for years. He was the only shop in town.
One day, he was dismayed when a brand new business much like his own opened up next door. It got worse when they put up a sign that read ‘BEST DEALS ON THE BLOCK.’
He was horrified when another competitor opened up soon after—on the other side of his shop—and up went a new sign that said ‘LOWEST PRICES IN TOWN!’
The shopkeeper panicked, until he got an idea.
He put the biggest sign of all over his own shop. It read ‘MAIN ENTRANCE.’
The reason I tell that story often is because it drives home the point that if we want different solutions and results to our challenges, we need to address them in new and creative ways.
It’s time for government to draw on the resources of the community and I don’t mean just the financial resources.
Yes, we want to develop new sources of funding in the private sector.
But it’s not just about money. Our government’s social partnership agenda is broader than that.
We also want to tap into the energy, expertise…and good will that is out there.
And that good will exists in spades.
Corporate social responsibility isn’t just a department or a report. It’s a way of doing business.
We’ve all heard about corporate philanthropy at the level of the Bill and Melinda Gates Foundation.
But the reality is that it isn’t just the mega-corporations that sponsor worthy causes.
I think of some of the tiny communities that make up this country. In my riding in Haldimand–Norfolk, and from coast to coast to coast to coast, there is a local business owner who buys equipment for a children’s sports team…or donates old computers to the high school…or does free household repairs for the elderly.
The list goes on and on. The willingness to serve is there. We just need to channel it better.
In communities across the country, Canadians are tackling local challenges by building partnerships across sectors and developing new methods of social innovation.
This enables businesses, foundations and individuals to do more than support social and community organizations with donations—they will have the opportunity to really make strategic investments for a measurable impact.
For example, some women’s investment clubs are now looking at putting part of their money into social causes.
For the past 18 months, my department has been piloting new ways to maximize the impact of federal spending to support community-level partnerships, leveraging private sector resources.
For example, the Trico Charitable Foundation has launched a project to coordinate up to seven affiliates across Canada to increase the impact of social enterprises in regions across Canada and enable learning.
Also, the Community Kitchen Program of Calgary combines public and private funding to mobilize community volunteers to work with people who are vulnerable and socially isolated.
In the Arctic, through leveraged support, the Arctic Children and Youth Foundation is engaging youth across the Arctic via Internet technology and social networking tools to identify and develop solutions to the most significant issues they and their families face.
These pilots show us that the market is primed to address local challenges…and that social finance can assume a meaningful role.
Call for Concepts
In 2011, I established a Voluntary Advisory Council on Social Partnerships, composed of leaders from the social finance, not-for-profit and business communities.
The council helped us put together a National Call for Concepts on Social Finance, which we launched last fall.
In the Call for Concepts, we challenged Canadians to come up with ideas for solving social problems through social finance.
The response exceeded our expectations. More than one hundred and fifty (150) submissions came in from across the country from charities, foundations, co-ops and the private sector.
I’m pleased to announce that, as of today, we are sharing our results of the Call for Concepts in our report, Harnessing the Power of Social Finance.
It is available on our website and there are copies in the room today.
The report highlights several submissions that demonstrate creative new ways to use social finance to improve existing programs.
And, the results confirm that Canadians are eager to participate, share their ideas and help create solutions to the challenges that are around them.
For example, one seeks to support programs that target women facing multiple barriers and having difficulty finding and keeping employment.
Other proposals include developing youth employment opportunities and helping at-risk youth, increasing high school rates in northern communities, or providing better care for disadvantaged groups in need of greater support.
Another idea is the Social Impact Bond, or SIB.
A SIB is a contract between the Government and an external organization in which investors provide up-front capital to finance an organization—often a not-for-profit—to deliver a social program.
Payment from the Government is tied to the program’s outcomes. If—and only if—the agreed-upon results are achieved, the Government pays the investors the agreed premium, as well as the original investment.
So, whether you are interested in learning more about SIBs, social finance infrastructure, or different social enterprises, I encourage you to go online and read the report.
Moving forward
Our work does not end with this report.
It’s quite the opposite actually. It is just beginning.
Our government believes that the time is ripe to turn some of these ideas into action.
In the coming months, my department will continue to raise awareness about the potential of social finance, bring players together and encourage new partnerships.
As committed to in the report, we will bring together key partners from the impact investing community to help turn concepts into “investment-ready” pilot projects.
Developing quality projects will require continued leadership and participation from the private and not-for-profit sectors. It will also require government to make sure our structures can accommodate involvement in these projects.
Conclusion
I want to reassure you that our interest in social finance does not mean that government is relinquishing its responsibilities.
We will continue to protect the vulnerable and ensure that Canadians get the services they need.
What we are doing through social partnerships is creating more space and freedom for good ideas to flourish and empowering individuals and communities.
Ultimately, we need leadership from people with vision to continue moving forward in the social finance arena.
And that means we need leadership from people like you—from women like you.
And as your government, we will do our part to maintain momentum on social finance and on the things that matter to you and your families—your personal financial security, keeping our streets and communities safe and giving you many, many reasons to be proud that you’re a citizen of this: the greatest country in the world.
Just remember: if you really want to do something, you’ll find a way. If you don’t, you’ll find an excuse.
Thank you again for having me here today. It has indeed been a pleasure.
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