Alberta’s finance minister has sacked the board of directors of AIMCo, the body that manages more than $160 billion in pension, endowment and government funds for the province.
Horner, in a statement, says the reason is poor performance, with rising staffing and management fees coupled with a consistent failure to meet mandated benchmark returns.
Horner says the decision takes effect immediately and he will be sole director and chair for AIMCo until a new chair is appointed within 30 days, with a new board established after that.
Horner says it’s time to reset the investment corporation’s focus.
The province said that from 2019 to 2023, AIMCo’s third-party management fees have increased by 96 percent, the number of employees increased by 29 percent and salary wage and benefit costs increased by 71 percent….