Former Prime Minister Stephen Harper Takes Charge as AIMCo Chair

In a surprising move, the Alberta government has named former Prime Minister Stephen Harper as the new chair of the Alberta Investment Management Corporation (AIMCo). This decision comes on the heels of a significant shakeup at AIMCo, which saw the dismissal of its entire board of directors and Chief Executive Officer just two weeks prior.

Harper's New Responsibilities

Harper, who led Canada from 2006 to 2015, is now tasked with overseeing the management of a staggering $169 billion in assets, including provincial pension funds, insurance, and government endowments like the Heritage Savings Trust Fund. This appointment has sparked expectations of enhanced governance and a renewed focus on successful asset growth.

Premier's Statement

In a statement, Premier Danielle Smith highlighted that Harper's vast experience positions him well to steer AIMCo towards its ambitious goal of expanding the Heritage Fund to over $250 billion in assets over the next 25 years. "His appointment signifies a strong commitment to ensuring that Albertans have confidence in the stability and future success of AIMCo," Smith remarked.

Continuity in Leadership

Additionally, three former board members have been reinstated: Jason Montemurro, CEO of Montemurro Industries, Navjeet (Bob) Singh Dhillon, CEO of Mainstreet Equity Corp., and Jim Keohane, former CEO of the Healthcare of Ontario Pension Plan. This continuity of leadership is seen as crucial in maintaining stability during a period of transition.

Harper's Pledge and Ethical Standards

Harper, who returned to Calgary roots after his time in Ottawa, has pledged to work pro bono in this new role. He emphasized the high reputation Canadian pensions have earned globally due to ethical practices and wise risk management, asserting his desire to reinforce these values within AIMCo.

AIMCo's Need for Change

The turbulence at AIMCo began when Finance Minister Nate Horner took the unprecedented step of dismissing the entire board and senior management, indicating a need for a significant shift within the organization. A government news release at the time explicitly pointed out that AIMCo needed to "reset" its focus—a clear call for change in direction.

Looking Forward

As concerns grow about the future of public investment management in Alberta, Harper's leadership could pave the way for enhanced oversight and strategic growth. Whether this new phase will restore confidence in AIMCo remains to be seen, but all eyes are now on Harper and the newly assembled board as they embark on this critical journey for Alberta’s investment future.