“Albertans have every right to know why the Minister has removed legal provisions requiring experience and expertise for AIMCo board members – the body that invests the Heritage Savings Trust Fund,” said Interim Leader and Finance Critic Ric McIver. “We would also like an explanation as to why the section requiring the establishment of a nominating committee to appoint new board members has also been eliminated. These provisions were in place to prevent political interference in how the Heritage fund is invested and right now, it looks like the NDP is planning to do just that.”
AIMCo’s mandate has always been to achieve the highest possible long-term returns for Albertans. The Alberta Investment Management Corporation Regulation maintains AIMCo’s independence from government and ensures it is able to make investment decisions free from political interference. This arm’s length approach has served Albertans well since its creation in 2008 and ensures the best possible return on our investments.
“Removing these sections undermines AIMCo’s ability to make sound decisions on behalf of Albertans,” said Alberta Heritage Savings Trust Fund member and MLA for Calgary-West Mike Ellis. “Furthermore, it opens the door for the Minister to direct where investments are made based on NDP policy objectives. This government has already wasted billions of tax dollars and borrowed billions more. We cannot allow them to waste our savings as well.”