Former prime minister Stephen Harper, and Bragg Creek resident, may become the new chair of the Alberta Investment Management Corp. (AIMCo), according to recent media reports. The move has not yet been confirmed by AIMCo.
This news came shortly after the UCP government dismissed AIMco’s executives and the entire board of the public sector pension fund manager.
AIMCo is the sixth-largest pension fund in Canada, mandated to operate independently from the province, and is responsible for overseeing the nearly $24-billion Alberta Heritage Savings Trust Fund.
The institutional investment manager has more than C$168.9 billion in assets under management as at June 30, 2024. AIMCo invests globally on behalf of pension, endowment, insurance, and government funds in the Province of Alberta.
AIMCo’s chief executive Evan Siddal and the 11-person board were dismissed last week by Alberta Finance Minister Nate Horner due to poor performance. Horner cited frustration with AIMCo’s increasingly high costs and what he called an over-reliance on third-party money managers.
On Nov. 8, AIMCo welcomed the appointment of interim CEO, Ray Gilmour, a longtime Alberta government bureaucrat. Horner is currently acting as caretaker board chair.
Despite the reports of Harper taking over as board chair, his AIMCo membership has not been confirmed. The government intends to announce the new board next week.
According to reports, Premier Danielle Smith has wanted Harper to take on the role for some time.
Harper served three terms as Canada’s prime minister from 2006 to 2015 as the leader of the Conservative Party of Canada. He is currently the chair and CEO of Harper & Associates Consulting, which provides advice and counsel to business leaders in the financial services, technology and energy sectors.
AIMCo’s board members have to be free of any potential conflicts.