Stephen Harper Takes the Helm at AIMCo Amid Major Shake-Up

In a significant move on Wednesday, the Alberta government appointed former Prime Minister Stephen Harper as the new chair of the Alberta Investment Management Corporation (AIMCo). This decision comes just days after the government unexpectedly ousted AIMCo's previous board of directors, including CEO Evan Siddall, amid growing concerns about the investment corporation's performance.

Premier Danielle Smith expressed confidence that Harper’s leadership will provide the necessary oversight to effectively guide AIMCo as it embarks on an ambitious goal: increasing the Heritage Fund's assets to over $250 billion in the next 25 years. "His appointment, combined with the reappointment of experienced board members, is a pivotal step in securing the long-term sustainability and success of AIMCo for all Albertans," she stated in a press release.

Joining Harper on the board are three returning members: Jason Montemurro, CEO of Montemurro Industries Inc.; Bob Dhillon, CEO of Mainstreet Equity Corp.; and Jim Keohane, the former CEO of the Healthcare of Ontario Pension Plan. This new board aims to bolster AIMCo's governance structure and restore public trust.

Harper, who represented Calgary in Parliament for over a decade, will serve without compensation. In his first statement as board chair, he highlighted his intent to help AIMCo enhance its governance standards and uphold the reputation Canadian pensions have gained globally, rooted in professionalism and ethical management.

The drastic changes at AIMCo stem from rising management costs noticed since 2019, including an alarming 96% increase in third-party management fees. Additionally, the corporation's workforce grew by 29% to 600 employees during this period, raising eyebrows about operational efficiencies.

This shake-up indicates a transformative approach by the Alberta government, which criticized AIMCo for losing sight of its primary mission. As the new leadership rolls into action, many will be watching closely to see if Harper and his team can restore AIMCo to its rightful place as a trusted steward of Alberta's financial assets.

Stay tuned for future developments as this story unfolds, and find out how Harper’s experience may change the game for Alberta’s investment landscape!