Stephen Harper takes new unpaid role after government fired the AIMCo board
Stephen Harper, former prime minister of Canada, has been appointed chair of the Alberta Investment Management Corporation (AIMCo), as reported by BNN Bloomberg.
The announcement follows significant changes in AIMCo's leadership, initiated by Alberta's finance minister two weeks ago, involving the dismissal of the entire board and several executives over concerns about rising costs and poor investment performance.
Premier Danielle Smith described Harper’s appointment as pivotal for AIMCo’s future, stating in a Wednesday announcement that strong governance is essential to achieving the province’s ambitious financial goals.
“Our ambitious goal of building the Heritage Savings Trust Fund to more than $250bn in the next 25 years requires strong governance oversight, which he will provide,” Smith said.
Harper, who served as Canada’s Conservative Party prime minister from 2006 to 2015, noted in the statement that he is taking on the role as an act of public service to Alberta, his “adopted home province of the last 46 years.”
He confirmed he would not receive payment for the position and highlighted his intent to strengthen AIMCo’s governance.
“I also feel uniquely positioned to help the organization improve its governance,” Harper said.
Finance Minister Nate Horner praised Harper’s experience as a G7 leader and his fiscal stewardship during his time in office, calling him well-suited for the role.
AIMCo’s latest annual report cited $161bn in assets under management at the end of last year, with 600 employees across offices in Edmonton, Calgary, Toronto, Luxembourg, and London, UK.
The agency manages $118bn for public sector pension plans, representing Albertan teachers, police officers, and municipal workers.
The overhaul of AIMCo has reignited debates about the potential politicization of pension policies in Alberta. The changes come amid the United Conservative Party’s campaign to withdraw Alberta from the Canada Pension Plan (CPP).
While the province maintains that no decision has been made, AIMCo has been suggested as a possible manager for any funds negotiated in the event of a CPP exit.
A report commissioned by Alberta’s government estimates the province could claim over half of CPP assets, amounting to $334bn.
Despite AIMCo’s mandate to operate independently and at arm’s length from the government, the provincial government has implemented structural changes to ensure greater alignment.
The deputy finance minister, currently Katherine White, has been permanently added to AIMCo’s board without compensation to ensure improved communication between AIMCo and the Alberta government.
However, White was not explicitly named in the announcement.
In addition to Harper’s appointment, three previously dismissed board members—Bob Dhillon, Jason Montemurro, and James Keohane—were reappointed.
AIMCo continues to play a critical role in managing the province’s financial future amid ongoing debates about its independence and collaboration with the government.
AIMCo manages over $160bn in assets, including pension plans and Alberta's Heritage Savings Trust Fund, with the latter accounting for $23bn of that total.
