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 serve as a director of the Alberta Investment Management Corporation (AIMCo) board.
  • Section 6 of the Alberta Investment Management Corporation Regulation (AR 225/2007) is temporarily suspended until September 30, 2025.
  • The appointments of 10 members of the AIMCo board of directors are rescinded.
  • The President of Treasury Board and Minister of Finance is appointed as a member and designated as chair of the AIMCo board, with a term expiring September 30, 2025.

Why it matters

  • Temporarily alters AIMCo's governance structure by enabling direct ministerial involvement on its board of directors.
  • Shifts authority by allowing the Minister to hold a director and chair position, potentially influencing investment decisions and strategic direction.
  • The temporary suspension of Section 6 of AR 225/2007 may impact specific operational or governance aspects of AIMCo.
  • Introduces direct ministerial oversight, which 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)