The province says the move comes "after years of AIMCo consistently failing to meet its mandated benchmark returns." For now, Finance Minister Nate Horner has been appointed the AIMCo board's sole director and chair.

Longtime Alberta bureaucrat Ray Gilmour has been appointed interim leader of the Alberta Investment Management Corporation, the Crown agency set up to manage public pensions and investments at arm's-length from government.

This is also the third board to be fired in its entirety by the UCP government, following Smith’s firing of the Alberta Health Services board in 2022 and the firing of the Banff Centre for Arts and Creativity board last year.

Ray Gilmour was appointed by the government of Alberta, Canada, as the interim CEO of the C$168.9 billion ($121 billion) Alberta Investment Management Corp., Edmonton. On Nov. 7, the Alberta government of Premier Danielle Smith dismissed the entire 10-member board of AIMCo, citing underperformance issues and rising costs.

Ray Gilmour, the province’s top deputy minister and secretary to cabinet, will take over as head of the pension fund, sources say

The news release said Alberta’s government plans to appoint a new board chair within 30 days. In the interim, Horner has been appointed the sole director and chair for AIMCo. All previous board member appointments have been “rescinded” and a new board is to be established after a permanent chair is named, according to the release.

The provincial government of Alberta, Canada, has terminated the entire board of the C$168.9 billion ($124.5 billion) Alberta Investment Management Corp., Edmonton, citing underperformance issues and rising costs.

Alberta’s government named a long-serving bureaucrat as interim chief executive officer of the province’s pension fund manager following Thursday’s shock firing of the entire board.