EDMONTON, AB: The NDP government is putting the future prosperity of the Alberta Investment Management Corporation (AIMCo) in jeopardy with its decision to repeal two sections of regulations by cabinet order, the Wildrose Official Opposition said.
The cabinet order which repeals sections 5 and 6 of the Act allows for the NDP government to place unqualified people onto the AIMCo board, which is in charge of over $90 billion in assets, including the Heritage Savings Trust Fund and Alberta’s provincial public sector pensions. It also removed the AIMCo nominating committee from regulation meaning that the AIMCo board will no longer be able to nominate and vet new directors to the board.
“Albertans are depending on the AIMCo board to effectively oversee assets that are necessary for Alberta’s future prosperity,” Wildrose Shadow Finance Minister Derek Fildebrandt said. “I can’t fathom why the NDP government would decide to remove these checks and balances within the appointment system, except to ensure that NDP friends who aren’t as qualified make their way onto the board.”
Previously, directors appointed to the board needed to have “experience in investment management, finance, accounting or law, or have served as an executive or director with a large, publicly traded company” and needed to be nominated by an independent nominating committee which reviewed their qualifications. Those requirements have now been removed.
“The Heritage Fund is too important to be left to appointees at the Minister’s whim,” Fildebrandt said. “The huge sum of money that AIMCo manages doesn’t belong to one politician or one party and it should be treated with more seriousness than this.”