Photo credit: The Canadian Press

By The Canadian Press

Alberta

Finance Minister Horner fires AIMCo. board

Nov 7, 2024 | 5:57 PM

EDMONTON – Alberta’s finance minister has sacked the board of directors of AIMCo, the body that manages more than $160 billion in pension, endowment and government funds for the province.

Horner, in a statement, says the reason is poor performance, with rising staffing and management fees coupled with a consistent failure to meet mandated benchmark returns.

Horner says the decision takes effect immediately and he will be sole director and chair for AIMCo until a new chair is appointed within 30 days, with a new board established after that.

Horner says it’s time to reset the investment corporation’s focus.

The province said that from 2019 to 2023, AIMCo’s third-party management fees have increased by 96 per cent, the number of employees increased by 29 per cent and salary wage and benefit costs increased by 71 per cent.

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These costs all increased, it said, while AIMCo managed a smaller percentage of funds internally.