The Alberta government has appointed Executive Council of Alberta Deputy Minister Ray Gilmour as interim CEO of the Alberta Investment Management Corporation (AIMCo). On Thursday, the Alberta government rescinded all AIMCo Board appointments and appointed Treasury Board President and Finance Minister Nate Horner as director and chair until a new board chair was appointed within 30 days. It said Gilmour’s appointment will serve to further stabilize operations and provide smoothness during the transition period.“Ray has been the most trusted official in the province under three premiers,” said Horner in a Friday press release.“I have complete confidence in his ability to get costs at AIMCo under control and restore stability to the corporation.”Horner announced on Thursday significant changes would be coming to AIMCo following years of it underperforming relative to its benchmark returns..Alberta finance minister restructures AIMCo to restore public confidence amid rising costs, falling benchmarks .AIMCo’s growing operating costs, higher management fees, and an expanding staff size have not been matched by increased returns, prompting the Alberta government to take action. From 2019 to 2023, its costs have surged — third-party management fees increased by 96%, employee numbers grew by 29%, and salary expenses rose by 71%. Gilmour has been the most senior public servant in the Alberta government for more than five years and worked in the Executive Council under multiple administrations. Some of the positions he has held include as deputy minister in Alberta Treasury Board and Finance, Intergovernmental Relations, Infrastructure, Sustainable Resource Development, and Municipal Affairs. Prior to his time with the Alberta government, he worked for fifteen years in the banking and financial services industry. For the past five years, he has overseen an organization with more than 29,000 employees and a $73-billion budget.Horner recommended in an order in council a Provincial corporation be incorporated to manage and invest a portion of or all of Crown assets. He had the authority to make this move under the Financial Administration Act. Alberta NDP MLA Court Ellingson (Calgary-Foothills) responded by asking what did government show Albertans who rely on AIMCo for their pensions by having Horner lead it. “In an unprecedented move, the UCP fired the entire board and the CEO, and made their own politician—not an investment expert — the sole person in charge of over $170 billion of these Albertans’ pensions,” said Ellingson. “This is UCP (United Conservative Party) incompetence.” Rather than make this change, Ellingson said it could have put in place a new interim board and CEO. He added appointing Horner to lead it “sends entirely the wrong signal to Albertans and the investment community.”
