The Alberta government confirmed it has appointed former prime minister Stephen Harper as the new chair for the Alberta Investment Management Corporation (AIMCo) Board. As Alberta’s investment agency, AIMCo is expected to manage more than $160 billion in funds, including pension funds and the Heritage Savings Trust Fund. In recent years, its operating costs, management fees and staffing have increased without a corresponding increase in returns for its clients' funds. “We’re incredibly fortunate that Mr. Harper has agreed to take on this leadership role with AIMCo,” said Alberta Premier Danielle Smith in a Wednesday press release. “Our ambitious goal of building the Heritage Savings Trust Fund to more than $250 billion in the next 25 years requires strong governance oversight, which he will provide.” Smith called Harper’s and the rest of the AIMCo Board’s appointments “a strong step forward in giving all Albertans confidence in the long-term sustainability and success of AIMCo.”To protect people affected by AIMCo’s funds, the Alberta government said it took the necessary steps to reset its focus. Harper will be leading its reconstituted board. The Alberta government said it will oversee its efforts to restore confidence and stability into it. “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,” said Alberta Treasury Board President and Finance Minister Nate 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.”Harper said he was 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.” “I also feel uniquely positioned to help the organization improve its governance,” he said. “Over several decades, Canadian pensions have earned a global reputation thanks to professional operations, upstanding ethics, and prudent risk management.” He noted he accepted the role because he wants to see it embody these values and contribute to Alberta culture. Additionally, he said he is looking forward to working with the new board and its management team. The Alberta government said Harper led Canada through turbulent economic times, bringing it through the Great Recession in a stronger position than other G7 countries. With his strong economic track record and commitment to governance accountability, it said he has a unique mix of experience, knowledge, and perspective to serve as AIMCo Board chair. With this changed leadership, the Alberta government said additional appointments have been made to the AIMCo Board. It pointed out several former AIMCo Board directors such as Navjeet (Bob) Singh Dhillon, Jason Montemurro, and James Keohane have been reappointed to their positions. To ensure more consistent communications between the Alberta government and AIMCo, the Treasury Board and Finance deputy minister will now become a permanent board member and will not be compensated for this role. With this appointment, Horner’s role as interim board chair will stop. Alberta NDP MLA Court Ellingson (Calgary-Foothills) said Albertans do not want politicians managing their hard-earned assets. “They expect leaders with proven expertise in managing global pension funds to oversee their future livelihoods,” said Ellingson. “Danielle Smith and the UCP (United Conservative Party) are turning AIMCo into a political entity rather than preserving it as an arms-length organization, and the consequences of this will be significant.”By making this move, Ellingson said it sends a terrible message to Albertans and investors that organizations with immense fiduciary responsibility are unimmune to political interference from the Alberta UCP. While Harper has great governance and management experience, he said the NDP hopes he surrounds himself with people who have sufficient expertise at pension management.Horner announced on November 7 significant changes would be coming to AIMCo following years of it underperforming relative to its benchmark returns..Alberta finance minister restructures AIMCo to restore public confidence amid rising costs, falling benchmarks .To realign AIMCo’s priorities, all board appointments had been rescinded and a new board chair was expected to be appointed within 30 days.Until a permanent chair was named, he had stepped in as its sole director and chair effective immediately, overseeing a reorganization aimed at ensuring low operating costs and maximizing returns for Albertans.Sources said to Bloomberg on November 12 the Alberta government had contemplated hiring Harper to manage AIMCo, which did not have a permanent board after all of its directors had been fired the previous week. .Harper eyed as possible AIMCo chair .These sources had said he had been floated as a possible chair for AIMCo for several months. If he took on this position, he would have influence to change up an organization managing $169 billion of public pensions and Alberta government funds and having offices in Edmonton, London, and New York City. He led Canada from 2006 to 2015 and lives in Alberta.
The Alberta government confirmed it has appointed former prime minister Stephen Harper as the new chair for the Alberta Investment Management Corporation (AIMCo) Board. As Alberta’s investment agency, AIMCo is expected to manage more than $160 billion in funds, including pension funds and the Heritage Savings Trust Fund. In recent years, its operating costs, management fees and staffing have increased without a corresponding increase in returns for its clients' funds. “We’re incredibly fortunate that Mr. Harper has agreed to take on this leadership role with AIMCo,” said Alberta Premier Danielle Smith in a Wednesday press release. “Our ambitious goal of building the Heritage Savings Trust Fund to more than $250 billion in the next 25 years requires strong governance oversight, which he will provide.” Smith called Harper’s and the rest of the AIMCo Board’s appointments “a strong step forward in giving all Albertans confidence in the long-term sustainability and success of AIMCo.”To protect people affected by AIMCo’s funds, the Alberta government said it took the necessary steps to reset its focus. Harper will be leading its reconstituted board. The Alberta government said it will oversee its efforts to restore confidence and stability into it. “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,” said Alberta Treasury Board President and Finance Minister Nate 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.”Harper said he was 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.” “I also feel uniquely positioned to help the organization improve its governance,” he said. “Over several decades, Canadian pensions have earned a global reputation thanks to professional operations, upstanding ethics, and prudent risk management.” He noted he accepted the role because he wants to see it embody these values and contribute to Alberta culture. Additionally, he said he is looking forward to working with the new board and its management team. The Alberta government said Harper led Canada through turbulent economic times, bringing it through the Great Recession in a stronger position than other G7 countries. With his strong economic track record and commitment to governance accountability, it said he has a unique mix of experience, knowledge, and perspective to serve as AIMCo Board chair. With this changed leadership, the Alberta government said additional appointments have been made to the AIMCo Board. It pointed out several former AIMCo Board directors such as Navjeet (Bob) Singh Dhillon, Jason Montemurro, and James Keohane have been reappointed to their positions. To ensure more consistent communications between the Alberta government and AIMCo, the Treasury Board and Finance deputy minister will now become a permanent board member and will not be compensated for this role. With this appointment, Horner’s role as interim board chair will stop. Alberta NDP MLA Court Ellingson (Calgary-Foothills) said Albertans do not want politicians managing their hard-earned assets. “They expect leaders with proven expertise in managing global pension funds to oversee their future livelihoods,” said Ellingson. “Danielle Smith and the UCP (United Conservative Party) are turning AIMCo into a political entity rather than preserving it as an arms-length organization, and the consequences of this will be significant.”By making this move, Ellingson said it sends a terrible message to Albertans and investors that organizations with immense fiduciary responsibility are unimmune to political interference from the Alberta UCP. While Harper has great governance and management experience, he said the NDP hopes he surrounds himself with people who have sufficient expertise at pension management.Horner announced on November 7 significant changes would be coming to AIMCo following years of it underperforming relative to its benchmark returns..Alberta finance minister restructures AIMCo to restore public confidence amid rising costs, falling benchmarks .To realign AIMCo’s priorities, all board appointments had been rescinded and a new board chair was expected to be appointed within 30 days.Until a permanent chair was named, he had stepped in as its sole director and chair effective immediately, overseeing a reorganization aimed at ensuring low operating costs and maximizing returns for Albertans.Sources said to Bloomberg on November 12 the Alberta government had contemplated hiring Harper to manage AIMCo, which did not have a permanent board after all of its directors had been fired the previous week. .Harper eyed as possible AIMCo chair .These sources had said he had been floated as a possible chair for AIMCo for several months. If he took on this position, he would have influence to change up an organization managing $169 billion of public pensions and Alberta government funds and having offices in Edmonton, London, and New York City. He led Canada from 2006 to 2015 and lives in Alberta.
