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

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Arizona Metals: The Disappointing Kay Mine Resource Estimate

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

NDP’s Rachel Notley Alleges Conservatives Want To “Rip Apart” Healthcare In Alberta

Rachel Notley, the Leader of the Alberta NDP, revealed on X (fka Twitter) that her...

Wednesday, November 8, 2023, 03:44:00 PM

Alberta, Ontario Pressure Carney To Repeal C-69 and Carbon Tax Laws

Alberta and Ontario have formally asked Ottawa to scrap five cornerstone climate policy statutes, arguing...

Thursday, July 3, 2025, 02:53:00 PM

Ethics Commissioner Report Concludes Premier Danielle Smith Did Not Contact Crown Prosecutors, Contrary To A CBC Report

A report by the ethics commissioner in Alberta found that there is no evidence that...

Monday, May 22, 2023, 09:44:03 AM

Danielle Smith Under Fire for Appeal to US as Canadian Election Looms

Alberta Premier Danielle Smith has found herself facing intense scrutiny after audio emerged suggesting she...

Monday, March 24, 2025, 11:41:00 AM

Western Provinces Join Forces for Deep Water Harbor Project in Hudson Bay

The governments of Alberta, Saskatchewan, and Manitoba have finally inked a memorandum of understanding (MOU)...

Friday, June 16, 2023, 11:44:00 AM