Alberta Government Dismisses AIMCo Leadership, Sparking Industry Concerns

The abrupt removal of AIMCo's CEO and board raises questions about the future of Alberta's pension management and government intervention.

The Alberta government has unexpectedly dismissed the CEO and entire board of the Alberta Investment Management Corp (AIMCo), which manages $169 billion in public-sector pensions.
Finance Minister Nate Horner cited increased operating costs and management fees without corresponding investment returns as reasons for the leadership overhaul.
Critics argue that the dismissals may threaten AIMCo's independence and suggest potential political motivations, such as aligning investments with provincial interests, particularly in oil and gas.
Observers note that the previous AIMCo leadership had shown promising investment returns and cost efficiency, raising doubts about the government's rationale for the overhaul.
Ray Gilmour, Alberta's senior public servant, has been appointed as interim CEO, with a new board chair expected to be named soon.