Alberta Appoints Ray Gilmour as Interim CEO

In a significant move, the provincial government of Alberta has appointed Ray Gilmour as the interim chief executive officer of the Alberta Investment Management Corporation (AIMCo). This announcement follows the dismissal of the entire board of directors, including CEO Evan Siddall, due to mounting criticisms regarding management fees and a persistent inability to meet performance benchmarks.

Background on AIMCo

AIMCo, a Crown corporation, plays a critical role in managing pension funds and various other investments for the province, overseeing a staggering $160 billion in assets. Finance Minister Nate Horner explained that the decision to dismiss the board was necessary to address concerns over financial management and restore investor confidence.

New Leadership Structure

Horner will serve as the sole director and chair of AIMCo while a new board is being established. He expressed his belief in Gilmour’s ability to stabilize the corporation, noting that Gilmour has been a trusted official across three different administrations. With more than five years of experience as the most senior public servant in the Government of Alberta, Gilmour's background includes significant roles in banking and financial services prior to his governmental career.

Financial Overview

AIMCo's latest annual report shows it managed $161 billion in assets as of last year, with a workforce of about 600 employees spread across locations in Edmonton, Calgary, Toronto, Luxembourg, and London, U.K. The corporation is responsible for about $118 billion in investments linked to public sector pension plans, benefitting thousands of Albertans, including educators, law enforcement, and municipal employees.

Reassurances from Educators

In light of the board's recent changes, Alberta Teachers' Association President Jason Schilling reassured educators that their pensions are secure. He emphasized the association's commitment to monitoring AIMCo's developments closely and advocating for the interests of both active and retired teachers. Schilling also highlighted concerns surrounding the prior government-mandated transfer of teacher pension assets to AIMCo in 2020, reiterating ongoing apprehensions about the potential for political influence in pension policy.

Future Goals for AIMCo

Furthermore, AIMCo is tasked with managing the Alberta Heritage Savings Trust Fund, which Premier Danielle Smith has vowed to significantly increase, targeting over $250 billion in the coming years. This ambitious goal underscores the critical role AIMCo plays in shaping Alberta's financial future and the importance of sound leadership in navigating the challenges ahead.

Looking Ahead

As Alberta navigates these changes, all eyes will be on Gilmour to lead AIMCo through this transitional period and ensure the sustainable management of its vast assets amidst growing scrutiny.