Former prime minister Stephen Harper has been appointed the new chairman of the board of AIMCo, the Alberta Investment Management Corporation, the Alberta government said Wednesday.
“We’re incredibly fortunate that Mr. Harper has agreed to take on this leadership role with AIMCo,” Premier Danielle Smith said in a news release.
“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.”
AIMCo manages more than $160 billion in funds, including pension funds and the Heritage Savings Trust Fund.
In what it called a “reset,” the provincial government on Nov. 7 removed AIMCo’s┬аentire┬аboard, citing ballooning costs without a corresponding increase in returns for client funds.
AIMCo CEO Evan Siddall┬аand three other top executives were also let go.
On Wednesday, the province said Harper will lead “a newly reconstituted board of directors” that will oversee “AIMCo’s effort to restore confidence and stability in Alberta’s investment management agency.”
Harper said he will not be paid for his work.
“I am taking on this role, and doing so on a pro-bono basis, because I believe it is a meaningful act of public service to my adopted home province of the last 46 years,” he said in the news release.
“I also feel uniquely positioned to help the organization improve its governance. Over several decades, Canadian pensions have earned a global reputation thanks to professional operations, upstanding ethics and prudent risk management.
“I have accepted the role of board chair because I want to see AIMCo further embody these values and to positively contribute to this culture. I look forward to working with the new board of directors and AIMCo’s new management team.”
Harper was Conservative prime minister from 2006 to 2015.
The province said several previous AIMCo┬аboard members have been reappointed to the new board, including┬аNavjeet (Bob) Singh Dhillon, Jason Montemurro┬аand James Keohane.
The deputy minister of treasury board and finance will now┬аbe a permanent board member of AIMCo and will not be compensated for the role, the province said.
Finance Minister Nate Horner’s appointment as interim board chair earlier this month has been rescinded.
