Alberta Investment Management Corporation (AIMCo) has announced significant leadership changes, appointing former prime minister Stephen Harper as its new board chair.
The move follows mounting concerns about AIMCo’s rising costs and fees. Additionally, there is also concern about a lack of good returns for Alberta’s $160 billion in managed funds—these include pensions and the Heritage Savings Trust Fund.
Premier Danielle Smith emphasized the importance of strong leadership in achieving ambitious financial goals.
“We’re incredibly fortunate that Mr. Harper has agreed to take on this leadership role with AIMCo,” she stated. “Our goal of building the Heritage Savings Trust Fund to over $250 billion in 25 years requires robust governance, which he will provide.”
Harper, who served as Canada's 22nd prime minister, hopes his guidance will help contribute to the good global reputation of Canadian pension plans.
"I am taking on this role and doing so on a pro-bono basis because I believe it is a meaningful act of public service to my adopted home province of the last 46 years," said Harper. "I also feel uniquely positioned to help the organization improve its governance. Over several decades, Canadian pensions have earned a global reputation thanks to professional operations, upstanding ethics and prudent risk management."
Finance Minister Nate Horner echoed these sentiments, highlighting Harper’s qualifications.
"Mr. Harper’s almost decade-long governance experience as a G7 leader and his strong track record as a steward of tax dollars makes him the ideal candidate to serve our province as chairman of the newly reconstituted AIMCo board of directors," stated Horner. "I am confident that the former prime minister and his board colleagues will provide the necessary oversight and direction to AIMCo’s management to ensure AIMCo is strategically well-positioned for long-term success.”
In addition to Harper’s appointment, AIMCo’s board has been restructured, including reappointments of key directors like Navjeet Singh Dhillon and James Keohane. The Deputy Minister of Treasury Board and Finance will now hold a permanent, unpaid board seat to strengthen communication with the provincial government.
These changes aim to restore AIMCo's stability and confidence and ensure it aligns with Albertans' expectations and fiscal responsibility.
For more information about the fund you can head over to their website.
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