Trust me! 

This is something we hear on a regular basis. As I always say, trust is the currency of every relationship. Our lives are built around these relationships and how we nurture them. But what happens when this trust extends beyond our relationships? What do we do when this trust is broken and our confidence deteriorates? 

Some might argue that trust in our institutions, governments and corporations is eroding, but is this truly the case? Are Canadians, and citizens of the world for that matter, increasingly less confident and hopeful in our future? Can we trust the media? Do we have the necessary tools to question authority? Are governments and businesses looking out for our best interests? How can we define, promote and protect trust in an ever-changing political and societal landscape? 

For three days last month, policymakers, academics and subject-matter experts, along with civil society, gathered on Vancouver Island in beautiful British Columbia for the Victoria Forum — an annual event co-hosted by the Senate of Canada and the University of Victoria — to talk about trust and to find solutions to some of these existential questions. 

From left, Regenerative Capital Group CEO Cordell Jacks, Rewrite Capital Advisors CEO Tiara Letourneau, Senator Tony Loffreda and Kristi Fairholm Mader, managing director at Thrive Impact Fund and director of innovation and initiatives at Scale Collaborative, come together for a panel on ownership transition for small and medium enterprises at the Victoria Forum on August 26, 2024.

Existential threats loom large and their profound effects are felt in every corner of the globe. A pervasive and increasing crisis of trust complicates our path forward. The forum allowed thought leaders and concerned citizens to convene, engage, discuss and propose concrete actions on ways we can rebuild trust across the various divides hampering our society. 

Thanks to an ambitious and diverse program focused on “Building Trust for a Shared Future,” the forum was built around four major themes: trust in institutions, trust in economic systems, trust and the digital revolution, and trust and conflict.

Participants were given an opportunity to delve deeply into more complex topics, including the politics of divisiveness, media and partisanship, cyber espionage, economic disparities, the spread of disinformation and misinformation, human displacement, geopolitical tensions, the growth in artificial intelligence, environmental stewardship, reconciliation with Indigenous peoples, and much more. 

I had the honour of moderating a panel on ownership transition for small and medium enterprises with three industry leaders: Cordell Jacks of the Regenerative Capital Group, Kristi Fairholm Mader of Scale Collaborative, and Tiara Letourneau of Rewrite Capital Advisors. 

With 76% of Canadian businesses set to transition to new ownership in the next decade due to aging leadership, several innovative social options are making their way into the business landscape that can preserve local businesses, empower employees, reduce wealth inequality and boost productivity. One such option is employee ownership trusts, which Parliament recently adopted and about which I’ve written extensively.

One of the highlights of the forum was a plenary session moderated by my colleague Senator Lucie Moncion that featured two distinguished Canadian parliamentarians: former prime minister Joe Clark and former foreign affairs minister Lloyd Axworthy. Both reminded us of the important role Canada can and must play on the world stage. They shared with us their vision for Canada and reminded us that Canada is not broken. Indeed, Canadians have countless reasons to be hopeful for the future; we should have confidence in our institutions and those who govern them. 

Politicians may have different policy ideas or approaches on how to make life better for Canadians, but I strongly believe that politicians of all political stripes are genuinely committed to improving the lives of their fellow citizens. It was inspiring to hear two former cabinet ministers, from two different political parties, say that the best is yet to come for our nation. 

Despite what we may see on the news and despite what many might argue is a growing lack of trust, I continue to be hopeful and optimistic that Canada is on the right path. Of course, trust must be earned and never taken for granted, which is why it’s important that citizens continue to question authority, engage in respectful and peaceful policy debates and demand greater transparency. We are all key players, in tandem with a healthy media environment, in keeping governments, institutions and corporations accountable. 

My biggest takeaway from the Victoria Forum was not so much that trust is eroding, but rather that hope is growing and we have the potential for greatness. Trust matters! I believe that collaboration and open dialogue can address some of the greatest challenges we face, as a nation and as a planet. 

We can drive meaningful change, provided we work together and trust one another. 

Senator Tony Loffreda represents the Shawinegan division of Quebec in the Senate. 

This article was published in The Suburban on October 9, 2024.