Alberta Government Appoints Former Canadian PM Stephen Harper as AIMCo Chair

The Conservative politician will be on the hook to build the Heritage Savings Trust Fund to more than C$250 billion over the next 25 years.

View of the Alberta Legislature Building across the water

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After removing the leadership at Alberta Investment Management Corp., the government of Alberta has appointed former Canadian Prime Minister Stephen Harper as chair of the investment firm’s newly reconstituted board. Alberta Premier Danielle Smith argues that Harper’s mandate is to build the Heritage Savings Trust Fund to more than C$250 billion over the next 25 years.

AIMCo manages more than C$166 billion in assets globally on behalf of pension, endowment, insurance, and government funds in the Province of Alberta. Harper, who was the Conservative Prime Minister of Canada from 2006 to 2015, said he felt “uniquely positioned to help the organization improve its governance.”

Earlier this month, the government of Alberta dismissed AIMCo’s 10-person board, including CEO Evan Siddall, citing “significant increases in operating costs, management fees and staffing without a corresponding increase to return on investment.” But Keith Ambachtsheer, director emeritus of the Toronto-based International Centre for Pension Management, found this reasoning “outrageous,” adding that “there’s nothing in the official annual reports that support those claims.”

With Harper installed as chair, the government has reappointed previously dismissed board members Navjeet (Bob) Singh Dhillon, Jason Montemurro, and James Keohane. Since the announcement of Harper’s appointment, Ambachtsheer told Institutional Investor that this appointment was “widely expected,” given that Harper is experienced and well-respected in both the fields of government and business. He added that it was good to see they brought three previously dismissed board members back, as this could provide continuity in the organization’s governance.

Prior to Harper’s appointment, Nate Horner, the province’s treasury board president and finance minister, was named interim board chair. The government confirmed that Horner’s appointment has since been rescinded.

The government added that Deputy Minister of Treasury Board and Finance will now also be a permanent board member.

The recent leadership overhaul follows the firm announcing the departure of CIO Marlene Puffer and promotion of two executives. And even before that, a failed volatility-trading strategy in 2020 that cost the fund billions triggered the exit of CEO Kevin Uebelein and a major board shake-up, drawing AIMCo into a heated political dispute between Alberta’s right-leaning government and its unionized clients.

Stephen Harper Canadian Heritage Savings Trust Fund Keith Ambachtsheer Singh Dhillon
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