Alberta Names Former Prime Minister Stephen Harper as AIMCo Board Chair

The Alberta government sacked the board and top executives of the fund earlier this month over cost concerns.

Former Canadian Prime Minister Stephen Harper

The government of the Canadian province of Alberta announced Wednesday that former Canadian Prime Minister Stephen Harper will be appointed as chairman of the board of the Alberta Investment Management Co. Harper’s appointment follows the dismissal earlier this month of the management company’s board and the firing of top executives, including CEO Evan Siddall, over what the government called concerns over rising costs at the fund.

The new board will include Navjeet Singh ‘Bob’ Dhillon, Jason Montemurro and Jim Keohane, all of whom had been dismissed on November 7. The shuffle has added government representation to the board, however, in the form of Kate White, Alberta’s deputy minister of finance, with her presence intended to “ensure more consistent communications between AIMCo and Alberta’s government.”

“This newly reconstituted board will oversee AIMCo’s effort to restore confidence and stability in Alberta’s investment management agency,” stated a government press release, which reiterated the United Conservative Party’s intent to “reset” the focus of the C$160.6 billion ($114.86 billion) pension fund.

“I am taking on this role, and doing so on a pro-bono basis, because I believe it is a meaningful act of public service to my adopted home province of the last 46 years,” Harper, who was born in Toronto but earned bachelor’s and master’s degrees in economics at the University of Calgary, said in a statement. “I also feel uniquely positioned to help the organization improve its governance. Over several decades, Canadian pensions have earned a global reputation thanks to professional operations, upstanding ethics and prudent risk management.”

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Harper was elected as the first leader of the Conservative Party of Canada in 2004 and served as prime minister of Canada from 2006 to 2015. He co-authored the 2001 Alberta Agenda, which, among other things, recommended that the province withdraw from the Canada Pension Plan and start an Alberta Pension Plan. The current UCP government, led by Alberta Premier Danielle Smith, has been publicly making that case since last year.

Alberta Minister of Agriculture and Irrigation Nate Horner, who was appointed as the interim chair and sole board member following the dismissal of the former executives and board members, will return to his former duties.

In a prior statement, the Alberta government cited rising costs as a factor in the board’s dismissal. AIMCo’s salaries, wages and benefits had increased by 71.38% from 2019 to 2023, as the fund embarked on a global expansion, opening offices in locations such as Singapore, New York and Luxembourg.

During the same period, the number of employees at AIMCo increased 29%, while the percentage of internally managed funds decreased to 67% from 82%

In September, AIMCo CIO Marlene Puffer announced her resignation. Her duties were divided between two asset class heads, with no direct CIO named. 

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CDPQ Names Sharon White as Head of Europe

The appointment of the former John Lewis chair and Ofcom CEO is effective January 27, 2025.

Caisse de dépôt et placement du Québec announced Wednesday that Sharon White will take over as managing director and head of Europe, effective January 27, 2025. White succeeds David Morley, who retired from the Canadian pension fund in April.  

London-based White will coordinate CDPQ’s strategy with asset class leaders across the U.K., Europe and at the pension fund’s home in Montreal.  

“Her expertise and collaborative approach will help play an important role in developing CDPQ’s global capabilities and contribute to our growth ambitions both in the U.K.—our largest investment destination outside of North America—and across Europe,” said Marc-André Blanchard, CDPQ’s global head and its global head of sustainability, in a statement announcing White’s appointment.  

White was previously chair of the John Lewis Partnership, the U.K.’s largest employee-owned business, from 2020 until September. White was also the CEO of the U.K.’s Office of Communications and was the second permanent secretary of the Treasury. She had started her career in the foreign office and was a senior economist at the World Bank. 

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“As one of Canada’s largest pension funds and a global leader in sustainable investing, CDPQ is delivering on its dual mandate of securing returns over the long term to ensure the financial future of over 6 million depositors while also contributing to the economic development of Québec,” White said in a statement. “The opportunity to contribute to this important mission—and continued growth of the group in the U.K. and globally—is one that I’m really looking forward to.” 

White earned a bachelor of arts degree from the University of Cambridge and a master of science degree from University College London. 

CDPQ manages C$452 billion ($322.94 billion) in assets, as of June 30, for more than 2.2 million beneficiaries. The fund allocated 16% of its portfolio to Europe, as of December 31, 2023.  

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