Former Canada PM Harper Named Chair of Alberta’s $169 Billion Fund
Former Canadian Prime Minister Stephen Harper will lead Alberta’s public pension fund manager as its new chairman — sparking debate about the fund’s independence from provincial government influence.
The Alberta Investment Management Corp (AIMCo), which oversees $169 billion in assets including the province’s $23.4-billion Heritage Savings Trust Fund, announced the appointment following a November 7 leadership overhaul that saw its entire board and four senior executives dismissed.
“I couldn’t think of a more well-known and trusted Albertan,” Horner said, citing Harper’s experience managing Canada through the 2008 financial crisis.
Finance Minister Nate Horner also restored a government presence on the board by adding Deputy Finance Minister Kate White, who was appointed to her current role in October 2022 when Premier Danielle Smith took office. The board position, eliminated in 2009, marks a return to AIMCo’s original governance structure.
The chairman position, which Harper noted would be unpaid, adds to Harper’s existing business roles as CEO of consulting firm Harper & Associates, chairman of investment fund Vision One, partner at Azimuth Capital, and board positions at Alimentation Couche-Tard and Colliers International. Sources familiar with the matter said former ethics commissioner Marguerite Trussler had flagged potential conflicts in an earlier review.
Three former directors will return to the board: Jason Montemurro, Bob Dhillon, and Jim Keohane, providing continuity at Canada’s sixth-largest pension fund manager.
Opposition finance critic Court Ellingson expressed concern about AIMCo’s autonomy. “We need to be able to instill confidence with those pensioners that their pensions are not going to be a political pawn,” he said.
The changes come as Smith’s government proposes a “hybrid investment approach” for the Heritage Fund, aiming to grow it to $250 billion over 25 years, while exploring withdrawal from the Canada Pension Plan.
AIMCo, which manages funds for 17 clients including municipal workers and teachers, faces immediate challenges in finding a permanent CEO and rebuilding its executive team after recent dismissals.
The provincial government cited cost control as the primary reason for the leadership changes, though former interim board chair Kenneth Kroner contested this explanation, saying the fund’s costs rank among the lowest third in the industry.
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