Alberta’s government has decided to reset the investment corporation’s focus. On Nov. 7, Alberta’s government rescinded all board appointments and appointed President of Treasury Board and Minister of Finance Nate Horner as the sole director and chair of AIMCo until a new board chair is appointed within 30 days. Ray Gilmour’s appointment will serve to further stabilize operations and ensure smooth operations during the transition period.
The corporation has seen significant increases in operating costs, management fees and staffing without a corresponding increase to return on investment. From 2019 to 2023, AIMCo’s third-party management fees have increased 96 per cent, the number of employees increased 29 per cent, and salary, wage and benefit costs increased by 71 per cent. These costs all increased while AIMCo managed a smaller percentage of funds internally.
Ray Gilmour has been the most senior public servant in the Government of Alberta for more than five years and worked in Executive Council under multiple administrations. He has a long and respectable career, including as deputy minister of Finance, Intergovernmental Relations, Infrastructure, Sustainable Resource Development and Municipal Affairs. Prior to his time in government, he worked for fifteen years in the banking and financial services industry.
For the past five years, he has overseen an organization with more than 29,000 employees and a $73-billion budget.
“Ray has been the most trusted official in the province under three premiers. I have complete confidence in his ability to get costs at AIMCo under control and restore stability to the corporation.”