EDMONTON — Former prime minister Stephen Harper is the new chairman of the Alberta Investment Management Corporation, which oversees more than $160 billion in funds, including pension funds and the Heritage Savings Trust Fund.
The move comes almost two weeks after the province's finance minister fired the Crown agency's entire board, along with a number of executives, citing ballooning costs and substandard returns.
“Our ambitious goal of building the Heritage Savings Trust Fund to more than $250 billion in the next 25 years requires strong governance oversight, which he will provide,” she said.Harper, the Conservative Party prime minister from 2006 to 2015, said in the statement he would do the work without being paid.
AIMCo, in its latest annual report, said it had $161 billion of assets under management as of the end of last year, with 600 employees spread across offices in Edmonton, Calgary, Toronto, Luxembourg and London, U.K. The shakeup at AIMCo has sparked renewed concerns about the politicization of pension policy in Alberta, and comes after a public push by Smith’s United Conservative Party to pull the province out of the Canada Pension Plan.But AIMCo has been floated as a potential manager of whatever money the province might be able to negotiate in such an exit. A report commissioned by the provincial government estimated Alberta would be entitled to more than half of the CPP fund’s assets — or $334 billion.
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