Alberta dismisses AIMCo CEO Evan Siddall

The Alberta government has made significant changes to the leadership of the Alberta Investment Management Corporation (AIMCo), the province’s $169-billion public-sector pension fund manager. On November 7, 2024, the government dismissed AIMCo’s CEO Evan Siddall and the entire board of directors. Ray Gilmour, Alberta’s most senior public servant at the time, was appointed as interim CEO. The government also reappointed three ousted directors to AIMCo’s board and began searches to fill other senior vacancies. Minister of Finance Nate Horner stated that the new board’s first priority will likely be hiring a chief investment officer (CIO). Gilmour, who lacks recent or senior-level experience in investing or finance, is expected to remain in the role long enough to implement the government’s plans. He has been focusing on restoring stability within AIMCo, meeting with staff and clients, and onboarding new board members. “I am heavily focused on working to restore stability to the organization, and in particular, articulating to our investment teams the exceptional value they provide to our clients,” Gilmour said.

Alberta reshuffles AIMCo leadership

The provincial government’s overhaul followed concerns about rising costs and lagging performance at AIMCo, which manages investments on behalf of 17 pension, endowment, insurance, and government clients in Alberta. Premier Danielle Smith has a long-term goal to significantly grow the Heritage Fund, a $24.3-billion fund managed by AIMCo. The government recently incorporated a new entity, the Heritage Fund Opportunities Corp., to manage crown assets. Cost control remains a priority for the government. “We’ll be making that clear when we give [Mr. Harper] the new mandate and roles document,” Horner added. The government’s approach has sparked debates about whether top-tier executives can be attracted to AIMCo during this period of change. Naheed Nenshi, leader of the opposition New Democratic Party, expressed concerns about the ability to attract highly qualified professionals given the political dynamics at play. Despite the turbulence, the government asserts that AIMCo’s independence will remain paramount, with only minor tweaks to the governance document expected.