Nana Gale@RagingLibNana:
I swear to God I will have a nervous breakdown if those incompetent clowns try to touch my pension. It pays for my husband’s oxygen. I don’t trust the UCP with a nickel.
I don’t care if Jesus Christ is on board of directors. She is not getting my CPP to invest.
Sampaguita ll Sampaguitaii.bsky.social @Sampaguita_II:
How many pensioners will be moving out of Texas North to another province to save their CPP.
Nana Gale@RagingLibNana:
We can’t move anywhere. We are at their mercy and they don’t have any mercy.
Barb Phillips@BarbPhillips11;
Wow…so that is “arm’s length?'” Minister Horner. @NateHornerAB ..this is not even “fingers’ length.”
Kilgore Trautmann:
It takes these incompetents years to figure out that pension funds are being squandered?
The dirty UCP are stealing pension funds intentionally to give to their best buddies, shitty polluting oil, gas and frac companies. They all need to be fired and or tossed in prison, but, rural Albertans control the vote and love to put criminals into power and keep them there, letting themselves be robbed blind, for some fucked up self-abusing religion-driven reason. Too much sour gas rotting their brains and now cumulatively losing their brains to repeat COVID infections because they’re too arrogant and anti science, anti health to wear N95 masks to protect their bodies and brains.Horner needs to step down or be fired!
Heather YYC Anderson@yyc_heathe66554:
AND THE UCP wants to control our pension plans…. OMG
Ziad Fazel @ZiadFazel:
And one of those fired directors currently sits on the board of Invest Alberta.
As if the AIMCo Board wasn’t already stacked with UCP appointees. One of them was also appointed to Invest Alberta’s Board, sitting with Danielle Smith’s appointee and generous Oilers Playoff Skybox “gift” provider Sam Jaber.
@TheBreakdownAB
The Progress Report@ProgressAlberta:
Finance Minister Nate Horner just fired the entire board of AIMCo, citing poor performance.I bet those positions were graft, in exchange for money laundering favours, and I bet they were removed to keep them quiet about UCP’s plans to give away our Canada Pensions (CPP) after they steal them to hand over to friends (mostly American) in oil and gas.
So who just got sacked?
Bob Dhillon, CEO of Mainstreet Equity and a massive landlord. He was quoted in the UCP’s 2019 political platform and also serves on the board of Invest Alberta.
Jon Horsman, a former UCP leadership candidate and executive at ATB was appointed to the AIMCo board by the UCP in July 2023.
Joel Hunter, the CFO of TC Energy, the massive pipeline company that Alberta paid $1.5 billion to in order build a pipeline to nowhere. He was appointed to the AIMCo board in March 2024.
Jason Montemurro, also got appointed in March 2024. As the Progress Report reported at the time, Montemurro was a regular UCP donor who runs a company which has no website and which little is known about its activities.
Lorraine Mitchelmore was appointed to the AIMCo board in Jan. 2022. Mitchelmore is a former oil executive with no pension governance experience.
Phyllis Clark is a former university executive and high level civil servant in Ontario.
Jim Keohane was the former CEO of the Healthcare of Ontario Pension Plan
Ken Kroner is a former senior executive at Blackrock and stepped in as interim chair when Mark Wiseman stepped away.
Kroner and Clark were the two longest tenured directors, both being appointed back in Jan. 2017.
Theresa Whitmarsh was appointed in April 2022. She also serves as the CEO of the Washington State Investment Board.
Roger Renaud is a businessman and former COO of Manulife Asset Management.
Pelizabeth@Pelizabeth24397:
What will the severance be?
Jay.e.en.en.a.a@JennaACunninham:
@NateHornerAB the fund had better not be paying their severance.
Well currently Horner is in charge of i until the new board is…which I can say does not inspire an single ounce of confidence.
Kathy@Kathy_Edm:
political interference of course
A Creative Crone@CreCro65:
This is a cash cow for the UCP. It’s the public sector pension fund. This is why they want our CPP as well. They probably want to build a pipeline to nowhere.
Thomas A. Lukaszuk@LukaszukAB:
This is the board that manages Alberta’s savings and Albertans’s pension funds.
This fund is to be independent, investing based on best return on investment, not ideology.
Watch closely who gets appointed.
UCP is meddling in banking, where your savings are, as well.
ableg
Faolan’s Mum@LynnC30324196:
I think any Albertan that has money invested should be seeing their lawyer!
Dizzy @TinDizzy:
They fired a bunch of folks at EMS, too. The timing of all these terminations coinciding with Trump’s election seems kinda suspect to me. Am sure all this stuff is just a ‘coincidence’.
Penny Thompson@postition:
Alberta can’t manage its own investment fund but they want to get their hands on Albertans CPP so they can tank it too? Sounds very like their idol Trump.
withsilverwings@wsilverwings2:
This is the same AIMCo the UCP wants us to believe will outperform the CPP?
Darlene Grant@westmm4028:
Is this the organization we are supposed to abandon CPP for? Only the CPP is separate from government influence and hence is one of the top pensions in the world!
Dan@Thirdr0ck:
This fix is earrilly similar to the fix on Healthcare. That hasn’t worked out yet. It’s actually worse. I like to see this transparency this government promised. I’m gussingvwe won’t because of the grift by top beaucrats. This is a horrific sign of what is to cone
Ian McKnight NAFO-OFAN @Wetcoastlad:
The UCP forced public sector pensions into AIMCO management and were all for the fund investing in shaky O&G companies which were bleeding cash. They knew this before the last election, it was always about bailing out O&G. Now they act like they are rushing to save the day
Jason Markusoff@markusoff:
Wow. Danielle Smith government sacks entire board of its $160billion fund manager.
This is the 3rd time time they’ve dissolved an entire board, after Alberta Health Services and Banff Centre.
It’s not often that mass firings of a major institution’s board (and CEO) serve to restore confidence in the institution.
Marc Chikinda@MChikinda:
My pension funds and those of thousands of Albertans, are subject to the whims of Danielle the destroyer. Imagine the chaos if she gets her hands on CPP money!
The AB Teacher Pension War Room@yomeeks:
Just beware the UCP have tried to install a certain career politician (twice) into the Board Chair role. They failed. So it is in the realm of possibility to end up with something worse.
Aziz@WoolyOneZeez:
The more times they do it, the more confidence trickles down to constituents
It’s basic logic
Bwilson@Bwilson2:
Wait aren’t these the people that want an Alberta Pension Plan? Presumably lead by AIMCO. I would not let these mooks within 500 miles of my pension. #clowns
Robb Fergusson@robbfergusson:
This is the group Dani wants to hand over your CPP management to. The UCP already gave them the teachers’ pension plan money, over vigorous protests.
MusicalScott@musicalscott:
I am old enough to remember when they forced teachers pensions to be folded into Aimco because it was soooooo good. Oh and our concerns over government interference were unfounded. Checks notes… oh the Finance Minister is now in charge hmm
James Kriese@JamesKriese:
Teachers still want our pensions back.
Function@gdnicholson:
Most people at AHS think they’re lunatics.
Tana Macnab@MacnabTana:
NOT JUST TEACHERS !! All of the PUBLIC SERVICE PENSIONS !!
Bill Gough@Dragenthefly:
And Smith wants to destroy CPP?
Jeff Hutton@jjhutton:
Can’t wait to see the UCP grifting replacements. They don’t even try to hide it anymore.
Hoping for a Better Alberta@jayeyecue:
Not them who will be screwed when they are done using the money to line the pockets of their O&G buddies. Why can’t we have a government that isn’t criminals?
DJ Chocolate Milk@DJChocolateMLK:
The price of oil must be looking pretty bad and they need the cash to prop up their donors
Lorna Nyitrai@lornanyitrai:
Pretty sure her plan all along is to bankrupt and take teachers pensions so they live in poverty as seniors – she will do the same to destroy our CPP. Why does she hate Albertan’s so much? like Harper hating CanadiansOk, just some Albertan’s!
Gil McGowan@gilmcgowan:
AIMCo is the investment manager for the Heritage Fund and Alberta’s biggest pension plans, which manage retirement savings for 300,000 working and retired Albertans. Is the UCP about to start using those savings as a UCP slush fund? It’s NOT their money!
Petra @SPetrath:
The UCP government is desperate for funds to support and prop up Oil&Gas. As an APP may well be coming (I sure as hell hope not but..), by taking over AIMCo they might start doing just that with teachers’ pension funds and such. “Any pot of money will do!” says the UCP
Tony J Cronin @TonyJCronin:
Yikes! What a disaster this government is!
Aurora@Lostinthewood14:
Which of Dani’s unemployed friends will get the positions
Laurel@Nana4031659:
CPP IS MINE, I will move before Smith gets it!
putz ‘eh@putzeh:
I wonder if the changes to FOIP are connected to this and future plans…
Scot Purdon@Scot_Purdon:
Paid 84 cents/share in 2021, and yesterday (2024) worth 14 cents/share. Ouch.
Ziad Fazel @ZiadFazel:
I remember when AIMCo CEO ludicrously claimed:
“AIMCo’s operational and investment independence from government is such an important consideration of our business that it was explicitly written into our founding legislation..”
I learned long ago when authorities spew “independence” there is none.
Alberta government fires AIMCo board to ‘reset’ pension management fund, Province says it will appoint new board chair within 30 days by Madeline Smith, CBC News, Nov 07, 2024
The provincial government has removed the entire board of the Alberta Investment Management Corporation (AIMCo).
In a statement Thursday afternoon, the province said it has decided to “reset” the focus of the provincial corporation, and will be appointing a new board chair within 30 days.
AIMCo manages more than $160 billion in assets, according to its most recent annual report.
It is responsible for the investments of several provincial government funds, including the Heritage Savings Trust Fund. It also invests money from the pension funds of hundreds of thousands of Alberta public sector workers.
For now, Finance Minister Nate Horner has been appointed the sole director and chair for AIMCo, according to the province.
The appointments of 10 members of the AIMCo board of directors were rescinded in an order-in-council Thursday.
The same order-in-council appointed Horner the board’s chair for a term to expire Sept. 30, 2025.
The province’s statement says the move comes “after years of AIMCo consistently failing to meet its mandated benchmark returns.”
The government also pointed to “significant” increases in operating costs, management fees and staffing without corresponding return on investment.
Horner will not make any investment decisions or receive compensation in his temporary role at AIMCo, the province said.
AIMCo acts as an investment manager for pension plans for Alberta teachers, municipal police officers, academic and professional staff at universities and municipal and provincial public servants, among others.
The United Conservative Party government, under former premier Jason Kenney, passed a bill in 2019 requiring the Alberta Teachers’ Retirement Fund to use AIMCo as its investment manager.
The bill also required three large public sector pension plans to use only AIMCo as their investment manager.
In 2020, AIMCo announced a bet on market volatility led to a loss of $2.1 billion.
In the aftermath of that loss, CEO Kevin Uebelein, who had been at the helm since 2014, said he would leave the organization by June 2021. Evan Siddall replaced him as CEO shortly after.
Jason Scott@JasonOnTheDrums:
$251,000,000 in revenues stolen away.
This forces municipalities to give up hockey arenas, programs, and maintenance of key infrastructure OR force more taxes onto struggling rural families.
Danielle chooses to protect wealthy corporations over communities.
This is a choice.
Jay.e.en.en.a.a@JennaACunninham:
Can someone please explain to me how the oil and gas industry is such a net benefit to us… because I just don’t see it.
CanadianHero@CanadianHero84:
Bahahaha remember when @jkenney told us that could never happen when he took the teachers pensions? “It’s arms length” he specifically said.
How long is Nate’s Arm? Asking for CPP beneficiaries.
NeverEverTrustConservatives
SueConal@sunn_time:
Just confirms what we all know,PP/Con Premiers & cronies are all “owned” by O&G & other oligarchs, getting their greedy palms greased to destroy our beautiful country to save fossil fuel industry at the expense of our environment & democracy.Time to expose lying PP/UCP/TBA/IDU!
1967 copyright: American Heritage Dictionary Definition fascism, Page 477. Photo taken in 2017 by Ernst of her copy of said dictionary.
2017 copyright: Definition of fascism in the same American Heritage Dictionary removed “through the merging of state and business leadership.” Beyond dirty.
