This article considers how competing interpretations of rights upon forestland affect indigenous peoples' ability to derive benefits from forests, using interviews and an evaluation exercise in 13 First Nations communities in New Brunswick, Canada.We asked first what First Nations expect from provincial forest governance arrangements, and second, what is preventing them from attaining their expectations? Informants attached greatest importance to rights and environmental protection, but tangible outcomes fall far short of expectations. Economic benefits are promoted by the government, but are least important for informants and results are mediocre. Undertaking an access analysis, we observe that governance arrangements do not deliver the benefits sought by First Nations, that control mechanisms provide limited participation in governance, and that power remains firmly with government and private industry. We conclude that rights alone do not enable First Nations to access benefits and that governance arrangements do not provide certainty for sustainable management.