The provincial government has removed the entire┬аboard of the Alberta Investment Management Corporation┬а(AIMCo).
In an statement Thursday afternoon, the province said it has decided to “reset” the focus of the provincial corporation, and will be appointing a new board chair within 30 days.
AIMCo manages the investments of several provincial government funds, including the Heritage Savings Trust Fund. It also invests money in the pension funds of hundreds of thousands of Alberta public sector workers.
For now, Finance Minister Nate Horner has been appointed the sole director and chair for AIMCo, according to the province.
The province’s statement says the move comes “after years of AIMCo consistently failing to meet its mandated benchmark returns.”
The government also pointed to “significant” increases in operating costs, management fees and staffing without corresponding return on investment.
Horner will not make any investment decisions or receive compensation in his temporary role at AIMCo, the province said.
More to come …
