As Alberta’s investment agency, AIMCo is expected to responsibly manage more than $160 billion in funds, including pension funds and the Heritage Savings Trust Fund. Yet in recent years, AIMCo’s operating costs, management fees and staffing have increased significantly without a corresponding increase in returns for their client funds. To protect Alberta workers, pensioners and taxpayers directly affected by these funds, Alberta’s government took the necessary steps to reset AIMCo’s focus.
Today, Alberta’s government is announcing a newly reconstituted board of directors for AIMCo that will be chaired by the Right Honourable Stephen J. Harper, P.C., O.C, A.O.E. This newly reconstituted board will oversee AIMCo’s effort to restore confidence and stability in Alberta’s investment management agency.
“We’re incredibly fortunate that Mr. Harper has agreed to take on this leadership role with AIMCo. 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. His appointment, and that of the rest of the board, are a strong step forward in giving all Albertans confidence in the long-term sustainability and success of AIMCo.”
“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. 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.”
“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. 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. I have accepted the role of board chair because I want to see AIMCO further embody these values and to positively contribute to this culture. I look forward to working with the new board of directors and AIMCO’s new management team.”
Mr. Harper led Canada through turbulent economic times, successfully bringing the nation through the Great Recession in a strong position compared to other G7 countries. With an excellent track record of managing taxpayer dollars and a demonstrated commitment to governance accountability, Mr. Harper has a unique mix of experience, knowledge and perspective to serve as chairman of AIMCo’s newly reconstituted board of directors. In his role as chairman of the board, Mr. Harper has opted not to receive compensation.
AIMCo’s renewed leadership also includes additional appointments to its board. Several previous AIMCo members have been reappointed as board directors, including Navjeet (Bob) Singh Dhillon, Jason Montemurro, and James Keohane. To ensure more consistent communications between AIMCo and Alberta’s government, the Deputy Minister of Treasury Board and Finance will now also be a permanent board member of AIMCo and will not be compensated for this role. With this appointment, Minister Horner’s appointment as interim board chair has been rescinded.
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- Stabilizing AIMCo (Nov. 8, 2024)