Wednesday, October 8, 2025

Latest

Alberta Government Dissolves AIMCo Board Over Performance Concerns

The Alberta government on Thursday removed the entire board of the Alberta Investment Management Corporation (AIMCo), citing years of failing to meet mandated benchmark returns at the $170 billion pension management fund.

Finance Minister Nate Horner announced the immediate departure of CEO Evan Siddall and three other top executives. Horner will temporarily serve as the sole director and board chair, though he will not make investment decisions or receive compensation in this role. “I’m doing this because I have to,” Horner told reporters at the legislature, pointing to increasing operating costs and management fees without corresponding returns.

The decision follows a public meeting on the Heritage Savings Trust Fund Wednesday evening that highlighted ongoing concerns about AIMCo’s costs. The organization manages investments for several provincial government funds, including the Heritage Savings Trust Fund, and pension plans serving hundreds of thousands of Alberta public sector workers, including teachers, municipal police officers, university staff, and public servants.

While an order-in-council appointed Horner as board chair until September 30, 2025, he committed to naming a new board chair within 30 days and expects to appoint an interim CEO “within days.”

The move has drawn criticism from opposition finance critic Court Ellingson, who expressed alarm about government intervention. “It makes Albertans question the stability of this fund… whether or not that fund really is under the thumb of the premier and the finance minister,” he said, questioning the timing and urgency of such a “drastic and earth-shattering” change.

This upheaval follows AIMCo’s troubled recent history, including a $2.1 billion loss in 2020 from a volatile market bet, which led to the departure of then-CEO Kevin Uebelein and the appointment of Siddall, former head of the Canada Mortgage and Housing Corp. 

The organization’s reach expanded in 2019 when the United Conservative Party government mandated that the Alberta Teachers’ Retirement Fund and three major public sector pension plans use AIMCo as their exclusive investment manager.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

Alberta Announces Pipeline With No Backing, BC Says “Not A Real Project”

Alberta Premier Danielle Smith announced that the province is taking “the first steps toward building...

Thursday, October 2, 2025, 11:07:00 AM

Alberta Utility Capital Power Collaborates with Ontario Power Generation to Explore Nuclear Power Expansion

Capital Power Corp., an Alberta-based utility, has unveiled plans to construct the province’s first nuclear...

Monday, January 15, 2024, 05:31:00 PM

Alberta Courts Japanese Refiners For Heavy Oil Unit

Alberta has opened early-stage talks with Japanese refiners to co-fund a coker that can run...

Tuesday, August 26, 2025, 02:56:00 PM

Ottawa Vs. Alberta: The Canada Pension Plan Pullout Debate

Prime Minister Justin Trudeau has expressed concerns about Alberta Premier Danielle Smith’s push to withdraw...

Thursday, October 19, 2023, 04:44:00 PM

Alberta’s Top Election Official Blocks Separation Referendum

Alberta’s effort to hold a separation referendum encountered a major obstacle Tuesday when the province’s...

Wednesday, July 30, 2025, 12:55:00 PM