In a letter to Alberta Finance Minister Nate Horner, the pension fund’s former interim chair Kenneth Kroner said the government’s justification for firing AIMCo CEO Evan Siddall and the entire board is based on an “incorrect narrative” that the pension’s costs are out of control and its performance is weak. “The misinformation will make it unnecessarily difficult for the next management team to be effective,” Kroner wrote. (Financial Post)

Talking point: Horner fired Siddall and three other AIMCo executives last week in front of 170 other senior staff gathered at the Westin Edmonton for a meeting on “how to lead from a place of joy.” Horner claimed the firm, which manages about $169 billion in assets on behalf of public pension funds in the province, had let salaries and third-party management fees rise exorbitantly without a comparable increase in returns. The leadership shakeup has raised concerns about the government’s control over the province’s largest pension fund manager.