Former prime minister Stephen Harper was officially appointed as the Chairman of the Board of the Alberta Investment Management Corporation on Wednesday.
The finance ministry previously told True North that it would officially announce the new chair within a few weeks.
While Harper was rumoured to become the next chair, it was alleged that he had existing conflicts of interest that needed to be addressed before officially taking the position.
Alberta Premier Danielle Smith was thankful that Harper accepted the position.
“Our ambitious goal of building the Heritage Savings Trust Fund to more than $250 billion in the next 25 years requires strong governance oversight, which he will provide. His appointment, and that of the rest of the board, are a strong step forward in giving all Albertans confidence in the long-term sustainability and success of AIMCo,” said Smith in a recent statement.
Harper said he would be chairing the board for free because he believes “it is a meaningful act of public service to my adopted home province of the last 46 years.”
He added that he accepted the role because he wants to see AIMCo further embody the values of professional operations, upstanding ethics, and prudent risk management.
Harper said he feels “uniquely positioned to help the organization improve its governance.”
Alberta Finance Minister Nate Horner said that Harper’s nearly decade-long experience serving in government and as a G7 leader proved a strong track record of fiscal responsibility with tax dollars.
“I am confident that the former prime minister and his board colleagues will provide the necessary oversight and direction to AIMCo’s management to ensure AIMCo is strategically well-positioned for long-term success,” said Horner.
AIMCo ranks among Canada’s ten largest pension funds, managing over $160 billion in assets. It achieved a 7.3% annualized return over the past decade, including an $8.9 billion net investment return in 2023.
Some managed assets include the Alberta Teachers’ Retirement Fund, the Local Authorities Pension Plan, the Public Service Pension Plan, and the Heritage Savings Trust Fund.
The Alberta government fired the entire board in early Nov. and appointed Horner interim director.
The Alberta government cited that between 2019 and 2023, AIMCo’s third-party management fees increased by 96%, the number of employees increased by 29%, and the salary, wage, and benefit costs increased by 71%. The increases came despite managing a smaller percentage of funds internally.
Ray Gilmour, a senior public servant in the provincial government for over five years, was named interim CEO the day after the board’s firing, on Nov. 8. Over the past five years, Gilmour oversaw an organization with more than 29,000 employees and a $73 billion budget.
Harper served as Canada’s 22nd prime minister from 2006 to 2015.
During his time in office, Harper reduced federal taxes to their lowest level in 50 years, created over 1.3 million jobs, and balanced the budget while investing in infrastructure and health care.
He created the modern Conservative Party of Canada and was the longest-serving Conservative Prime Minister since Sir John A. Macdonald.
His government oversaw significant trade negotiations, including the Canada-Europe Trade Agreement and the Trans-Pacific Partnership, while implementing a principled foreign policy that supported key allies like Israel and Ukraine.
Since leaving politics, Harper has remained active in governance and business.
He serves as chairman and CEO of Harper & Associates Consulting and chairs Vision One, an investment fund he co-founded. He also serves as the director of Colliers International Group Inc., Alimentation Couche-Tard Inc., and Recover Inc.
Harper serves as the president of the Advisory Committee of Awz Ventures, a Canadian-Israeli venture capital firm.
Following his retirement in 2016, Harper returned to Alberta and has lived there ever since.
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