Alberta Record

· Order in Council / AIMCo governance reset · in-force

Aimco board reset 2024

Rescinds the appointments of 10 members of the Alberta Investment Management Corporation (AIMCo) board of directors and appoints the President of Treasury Board and Minister of Finance as a member and chair.

High impactCentralization of powerInstitutional independenceThe public, directlyIndependent watchdogs

What changed

  • The Minister of Treasury Board and Minister of Finance is made eligible to become a director of the Alberta Investment Management Corporation (AIMCo).
  • This eligibility for the Minister to serve as a director is temporary, with a repeal date of September 30, 2025.
  • Section 6 of the Alberta Investment Management Corporation Regulation (AR 225/2007) is temporarily suspended, effective until September 30, 2025.
  • The appointments of 10 members of the Alberta Investment Management Corporation (AIMCo) board of directors are rescinded.
  • The President of Treasury Board and Minister of Finance is appointed as a member of the AIMCo board.
  • The President of Treasury Board and Minister of Finance is designated as the chair of the AIMCo board for a term expiring September 30, 2025.
  • Seven previous Orders in Council related to AIMCo board appointments are rescinded.

Why it matters

  • Temporarily alters the governance structure of AIMCo by enabling direct ministerial involvement on its board of directors.
  • Shifts the balance of authority between the Minister and AIMCo's board by allowing the Minister to hold a director position, potentially influencing investment decisions.
  • The temporary suspension of Section 6 may impact specific operational or governance aspects of AIMCo, depending on the content of the suspended section.
  • This action significantly alters the composition and leadership of the AIMCo board.
  • It introduces direct ministerial oversight into the governance structure of AIMCo.
  • The change centralizes decision-making authority regarding the strategic direction of provincial investments.
  • It may affect the perceived or actual operational independence of AIMCo as a Crown corporation.

Other governance concerns

  • Ministerial oversight of Crown corporation
  • Independence of Crown corporation board
  • Reduced institutional independence of a Crown corporation
  • Increased executive branch influence over investment management
  • Concentration of authority within the Ministry of Finance

Primary sources (2)

Secondary sources (3)