ending lawsuit against province AIMCo CEO rejects fossil fuel divestment as investment strategy The United Conservative Party government, under former premier Jason Kenney, passed a bill in 2019 requiring the Alberta Teachers' Retirement Fund to use ...

Longtime Alberta bureaucrat Ray Gilmour has been appointed interim leader of the Alberta Investment Management Corporation, the Crown agency set up to manage public pensions and investments at arm's-length from government.

The provincial government of Alberta, Canada, has terminated the entire board of the C$168.9 billion ($124.5 billion) Alberta Investment Management Corp., Edmonton, citing underperformance issues and rising costs.

The changes were made to restore trust in the Edmonton-based Crown corporation and institutional investor responsible for managing several public funds and pensions, the province said. AIMCo has seen significant increases in operating costs and fees alongside returns on investment that have not corresponded with the cost increases,

Ray Gilmour was appointed by the government of Alberta, Canada, as the interim CEO of the C$168.9 billion ($121 billion) Alberta Investment Management Corp., Edmonton. On Nov. 7, the Alberta government of Premier Danielle Smith dismissed the entire 10-member board of AIMCo, citing underperformance issues and rising costs.

This is also the third board to be fired in its entirety by the UCP government, following Smith’s firing of the Alberta Health Services board in 2022 and the firing of the Banff Centre for Arts and Creativity board last year.

Alberta Investment Management Corp.’s entire board was sacked by the provincial government, which said the money manager has increased compensation and staff but hasn’t produced acceptable returns.