Former Prime Minister of Canada Stephen Harper is the new president of the Alberta Investment Management Corporation (AIMCo), the Alberta equivalent of the Caisse de dépôt et placement du Québec.
Alberta Premier Danielle Smith made the announcement Wednesday. She hopes that this appointment will restore confidence among Albertans in the agency which is responsible for supervising some $160 billion in various funds, including several pension funds.
“In order to protect Alberta workers, pension recipients and taxpayers affected by these funds, the Alberta government has taken the necessary steps to refocus the mission of the AIMCo,” said the Alberta Premier.
The latter was widely criticized due to rising administrative costs and the institution’s disappointing returns. Earlier this month, Alberta Finance Minister Nate Horner fired the entire AIMCo board, including its president, Kenneth Kroner. Several other executives also lost their jobs.
Alongside the appointment of Stephen Harper, the Smith government announced that a new board of directors would be set up, under the supervision of the former prime minister, to oversee the work of the AIMCo.
“We are fortunate that Mr. Harper has accepted this leadership role within AIMCo. Our ambitious goal of increasing the Heritage Savings Trust Fund to more than 250 billion dollars within 25 years will require significant supervision, which he will be called upon to exercise,” explains Danielle Smith.
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