Former PM Stephen Harper named new chair of AIMCo Board

A familiar face is now in charge of the institution responsible for handling the pensions of thousands of Albertans.

Former Prime Minister Stephen Harper has been named the new chair of the board of the Alberta Investment Corporation (AIMCo).

This comes after the province sacked the board of directions at crown corporation earlier this month, citing rising management fees and consistent failure to meet mandated benchmark returns.

In the spring of 2020, the pension fund manager took a $4-billion dollar loss on the $110 billion it managed. AIMCo officials at the time said the loss was a result of COVID-19-related market swings and an ensuing oil price war. Then-premier Jason Kenney defended the fund managers, saying at the time that the loss was a “fraction” of what was seen elsewhere.

Minister of Finance, Nate Horner, was subsequently named the sole interim director and chair of the board. This appointment has since been rescinded.

Now that Harper has been appointed, a new board will has also been established. Several previous AIMCo members have been reappointed as board directors, including Navjeet (Bob) Singh Dhillon, Jason Montemurro, and James Keohane, according to the province.

To ensure more consistent communications between AIMCo and thegovernment, the Deputy Minister of Treasury Board and Finance will now also be a permanent board member of AIMCo and won’t be compensated for the role.

AIMCo is responsible for managing more than $160 billion in funds, including the Heritage Savings Trust Fund.

The province says the board’s disposal and Harper’s appointment was done to protect Alberta workers, pensioners, and taxpayers, and to reset AIMCo’s focus.

“We’re incredibly fortunate that Mr. Harper has agreed to take on this leadership role with AIMCo,” Premier Danielle Smith said in a statement. “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.”

Harper says he is taking on the role pro-bono, because he believes it is “a meaningful act of public service to [his] adopted home province of the last 46 years.”

-With files from The Canadian Press