Stephen Harper named AIMCo chair after Alberta government dismissed entire board in governance shakeup
Stephen Harper, former prime minister of Canada, has been appointed chair of the Alberta Investment Management Corporation (AIMCo), according to BNN Bloomberg.
AIMCo, which manages over $160bn in assets, including pension plans and Alberta's Heritage Savings Trust Fund, recently saw a major shake-up as Alberta's finance minister dismissed its entire board and several executives, citing excessive costs and insufficient returns.
Harper's appointment follows this decision by nearly two weeks.
Premier Danielle Smith, in a statement on Wednesday, described Harper’s appointment as crucial for AIMCo’s long-term success.
“Our ambitious goal of building the Heritage Savings Trust Fund to more than $250bn in the next 25 years requires strong governance oversight, which he will provide,” Smith stated.
The Heritage Savings Trust Fund currently stands at $23bn.
Harper, who served as prime minister from 2006 to 2015, expressed his commitment to his new role as an unpaid act of public service to Alberta, his home of 46 years.
“I also feel uniquely positioned to help the organization improve its governance,” Harper said.
Finance Minister Nate Horner highlighted Harper’s credentials as a former G7 leader and “a steward of tax dollars,” calling him an ideal candidate for the role.
AIMCo, as detailed in its latest annual report, manages $161bn in assets with 600 employees in offices across Edmonton, Calgary, Toronto, Luxembourg, and London, UK.
The agency oversees $118bn in public sector pension investments, benefitting Albertans such as teachers, police officers, and municipal workers.
However, the recent leadership shakeup has reignited debates over pension policy in Alberta. This follows a push by Premier Smith’s United Conservative Party to explore withdrawing from the Canada Pension Plan (CPP), a move AIMCo could play a role in managing.
The Alberta government claims no decision has been made about leaving the CPP. A provincial report estimates Alberta could claim over half of the CPP’s assets, amounting to $334bn, if the province were to exit.
AIMCo’s mandate is to operate independently from the government while maintaining collaboration. To strengthen this link, the deputy finance minister has been made a permanent, unpaid member of AIMCo’s board, a move intended to enhance communication between the agency and the government.
The government also reappointed three of the previously dismissed board members—Bob Dhillon, Jason Montemurro, and James Keohane.
Despite this restructuring, the deputy finance minister, Katherine White, was not explicitly named in the announcement.
