Alberta fires entire AIMCo board, relieves CEO of duties, due to ‘significant’ cost increases
New board chair will be appointed within 30 days
The Alberta government has jettisoned the entire board of Alberta Investment Management Corp. (AIMCo), as well as CEO Evan Siddall, saying the investment manager of pensions, government and endowment funds in the province has seen “significant” increases in operating costs and management fees in recent years “without a corresponding return on investment.”
From 2019 to 2023, AIMCo’s third-party management fees have increased by 96 per cent, the number of employees increased by 29 per cent and salary wage and benefit costs increased by 71 per cent, the government said in a news release Thursday, adding that the costs increased even though AIMCo managed a smaller percentage of funds internally during that time.
The release did not mention Siddall, the CEO, but Alberta’s minister of treasury board and finance confirmed in a media scrum that he is also gone.
“I did relieve the CEO of his duties,” Nate Horner told reporters Thursday afternoon. He said the government has been monitoring the situation at AIMCo “with concern” for some time and that a meeting on Wednesday evening showed that costs were continuing to increase.
“It seemed like it needed a reset and that’s what we did today,” he said.
The news release said Alberta’s government plans to appoint a new board chair within 30 days. In the interim, Horner has been appointed the sole director and chair for AIMCo. All previous board member appointments have been “rescinded” and a new board is to be established after a permanent chair is named, according to the release.
