2026-27 is a defining moment for the Trust as the Province of B.C. works to modernize legislation to enable co-governance with First Nations
K’ómoks Territory, Courtenay, BC – Island Coastal Economic Trust has extended its three-year Strategic Plan for an additional year through to 2027 as its legislation is modernized by the Province of British Columbia. The new Strategic Plan has been published online today.
At its February 20 meeting, the Trust board of directors resolved that its goals and objectives for 2023-26 remain applicable for 2026-27, during which significant decisions are expected regarding the Trust’s future governance and operations in alignment with provincial economic and reconciliation priorities.
The Ministry of Jobs and Economic Growth is currently leading engagement with First Nations to modernize the legislation governing the Trust. Proposed legislation is expected to ensure First Nations inclusion in regional decision-making processes, including participation in independent Regional Advisory Committees that inform the Trust, and directly on the Trust’s board of directors.
The drafting of legislation has been directly informed by First Nations Strategic Recommendations Report provided to the Province of British Columbia by Sanala Planning, an Indigenous planning company, in July 2025. The report reflects consensus on the part of more than 30 First Nations on a ground-breaking and collaborative vision for co-governance of Island Coastal Economic Trust. The First Nations Strategic Recommendations Report provided nine recommendations to the Government of British Columbia that support its s.4.39 DRIPA Action Plan commitment, including:
- Ensure at least 50% of the board are First Nations appointees
- Remove the legislated funding cap and permanently capitalize the Trust
- Establish more Regional Advisory Committees and provide for First Nations appointments to the Committees
As decisions on its governance and future are made by the provincial government, the Trust’s board of directors anticipates it will be equipped to engage in strategic planning for the next three-year period in mid-late 2027, including engagement with newly restructured Regional Advisory Committees that will include representation from First Nations governments under newly enacted legislation.
“This is a pivotal moment for the Trust, for the coastal communities we serve, and for the economic futures we want to create together” said Board Chair Michelle Staples, Mayor of Duncan. “After working closely with First Nations for over a year, we are confident in the shared vision and overwhelming support for the Trust’s future among First Nations and local governments across B.C.’s coast. We applaud the Province of British Columbia for prioritizing development of new legislation enabling co-governance of the Trust this year and for advancing a model that strengthens regional economic coordination in partnership with First Nations.”
As the Province and First Nations co-develop new governing legislation in 2026-27, the Trust’s ability to support coordinated regional economic planning and investment will depend on legislation progressing in tandem with strategic provincial investment in 2027.
Without alignment between legislation and investment, the Trust’s capacity to function as a regional delivery partner will be constrained at a time when economic certainty and coordination are increasingly important to coastal communities and the Province.
As anticipated in the Trust’s business plan since 2023, without new legislation and strategic investment in 2027, the Board will have fully committed all remaining capital entrusted to it by the Province to approved projects. Ensuring continued capitalization would protect and build upon the Province’s original investment by enabling the Trust to sustain its role as a long-term regional development partner.
This makes 2026-27 a defining moment. Strategic investment, paired with modernized legislation, will enable co-governance and ensure the Trust can continue to operate as a long-term regional development partner advancing provincial economic, regional resilience, and reconciliation objectives.
Throughout the coming year, the Board remains deeply committed to working closely with the Province, First Nations, and local governments to advance new legislation and enable investment that will realize the Trust as a permanent, co-governed regional development organization serving coastal communities and supporting provincial economic objectives.
To see the full 2023-2027 Strategic Plan, visit: https://islandcoastaltrust.ca/about-us/resources/strategic-plan/
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About Island Coastal Economic Trust
Island Coastal Economic Trust is the regional development organization founded by the Province of British Columbia under the North Island-Coast Development Initiative Trust Act to serve Vancouver Island and the surrounding coast. We partner with First Nations, local governments, businesses, and non-profits to drive prosperity and diversify the coastal economy through strategic economic investments. Over $401 million in direct new investment has been attracted to coastal B.C. through our partnerships since 2006. We believe that meaningful and lasting change is best achieved through strong, collaborative partnerships that unite people, communities, sectors, and resources. As we work toward inclusive and resilient economic futures, we do so with a deep appreciation for the histories, contributions, and rights of the Kwak̓wala/Bakwam’kala, Nuučaa̓nuɫ, Éy7á7juuthem, Ligwilda’xw, Pəntl’áč, She shashishalhem, Hul’q’umi’num’, diitiidʔaatx̣, SENĆOŦEN, Skwxwú7mesh, Lekwungen, and T’Sou-ke speaking peoples.
The Trust’s mandate has been to support economic diversification and growth across Vancouver Island, the Sunshine Coast, and islands and inlets from the Salish Sea to Cape Caution (see Our Region). Serving more than half a million residents, the Trust partners with communities in the development and financing of their economic infrastructure and diversification efforts through a unique structure that is led by and accountable to communities.
Media Contact:
Kyle Wells
Manager, Communications and Impact
Island Coastal Economic Trust
kyle@islandcoastaltrust.ca
250-871-7797
