In a statement, the province said it rescinded the positions of all Alberta Investment Management Corporation board members, and will replace them within the next 30 days. Finance Minister Nate Horner will serve as AIMCo’s sole director and chair in the interim, effective immediately. (The Logic) 

Talking point: The decision is a major shakeup of a provincial pension fund that has fallen short of its internal targets in recent years while its costs have ticked higher. In his statement, Horner said AIMCo’s salary and benefit costs have increased from $129.7 million in 2019 to $222.3 million in 2023. The fund, which manages around $169 billion in assets, posted an $8.9 billion return in 2023,1.4 percentage points below target. “The corporation has seen significant increases in operating costs, management fees and staffing without a corresponding increase to return on investment,” Horner said. Ken Kroner, a former BlackRock executive, is listed as AIMCo’s former vice-chair. Former AltaCorp Capital CEO Jon Horsman and Mainstreet Equity CEO Bob Dhillon, among others, were also board members.