The Alberta government announced Wednesday that former premier Stephen Harper has been appointed the new chairman of the board of Alberta Investment Management Corporation AIMCo.
“We are extremely fortunate that Mr. Harper has agreed to take on this leadership role at AIMCo,” Prime Minister Daniel Smith said in a news release.
“Our ambitious goal of growing the Estate Savings Trust Fund to more than $250 billion over the next 25 years requires strong governance oversight, and he will provide that.”
AIMCo manages more than $160 billion in funds, including pension funds and the Heritage Savings Trust Fund.
In a move called a “reset,” the state government on Nov. 7 removed all of AIMCo’s directors, citing ballooning costs that were not commensurate with increased revenue from customer funds.
AIMCo CEO Evan Siddal and three other executives were also fired.
The province announced Wednesday that Harper will lead a “newly reconstituted board” that will oversee “AIMCo’s efforts to restore confidence and stability to Alberta’s investment management companies.”
Harper said he will not be paid for his work.
“I have accepted this role and am doing it pro bono because I believe it is a meaningful act of public service for the state that has been my home for the past 46 years,” he said in a news release. ”.
“I also feel that I am in a unique position to help organizations improve their governance. For decades, Canada Pensions has earned a global reputation thanks to its professional management, solid ethics and prudent risk management. We have earned a reputation.
“I have accepted the role of Chairman of the Board because I want AIMCo to further embody these values and contribute positively to this culture. I am excited to work with the new board and AIMCo’s new management team. I’m looking forward to it.”
Mr Harper was Conservative Prime Minister from 2006 to 2015.
The state announced that several former AIMCo directors have been reappointed to the new board, including Navjeet (Bob) Singh Dhillon, Jason Montemurro, and James Keohane.
The state said the deputy minister of finance and finance will now be a permanent director of AIMCo, but will not be paid for the role.
Finance Minister Nate Horner’s appointment as interim board chair earlier this month has been rescinded.
