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