The opposition party in the Canadian province of Alberta criticized the appointment of former Prime Minister Stephen Harper to board chair of the C$168.9 billion ($124.5 billion) Alberta Investment Management Corp., Edmonton.
Court Ellingson, Alberta’s shadow minister for finance and a member of the Alberta New Democratic Party, said in a statement on Nov. 20: “For a pension fund managing C$170 billion of Albertans’ assets and the future livelihood of 375,000 people, it’s reasonable to expect that key appointments come with extensive experience in pension fund management. Unfortunately, this government continuously prioritizes its own political interests over the best interests of Albertans.”
The current government of Alberta Premier Danielle Smith, which appointed Harper, is ruled by the United Conservative Party of Alberta.
Albertans, Ellingson added, don't want politicians managing their assets. “They expect leaders with proven expertise in managing global pension funds to oversee their future livelihoods,” he asserted.
Ellingson also charged Premier Smith and the UCP with “turning AIMCo into a political entity rather than preserving it as an arms-length organization, and the consequences of this will be significant.”
This appointment, Ellingson contended, sends a “horrific message to Albertans and investors that even organizations with immense fiduciary responsibilities are not immune to political interference from the UCP.”
Ellingson conceded that Harper “brings great governance and management experience.” Still, he said he hoped that Harper “surrounds himself with individuals who have the expertise to manage Albertans’ pensions responsibly."
Premier Smith praised Harper directly on X (formerly known as Twitter), by writing: “As one of Canada’s most successful Prime Ministers managing our national economy, our province is thrilled to have you take charge of AIMCo and get this fund performing to the level Albertans expect."
On Nov. 21, the Alberta government appointed Harper as board chair, and also reappointed three board directors, Navjeet Singh Dhillon, Jason Montemurro, and James Keohane, while adding Alberta’s deputy minister of treasury board and finance, Katherine White, as a permanent board member.
On Nov. 7, the Alberta government fired the entire board of AIMCo, as well as its CEO Evan Siddall, citing underperformance issues and rising costs. Ray Gilmour, the province’s deputy minister and secretary to cabinet, was appointed the interim CEO at AIMCo on Nov. 8.
Neither the Alberta Premier’s office nor the Ministry of Finance could be immediately reached for comment.
According to the Alberta government website, the terms of Harper and the other board members will expire on Nov. 19, 2027
