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 sole director and chair for AIMCo.

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.

AIMCo has seen significant increases in operating costs and fees alongside returns on investment that have not corresponded with the cost increases, the province added.

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.Ray Gilmour, who joined the public service in 2007 and currently serves as deputy minister of the executive council,

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.

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 All previous board member appointments have been “rescinded” and a new board is to be established after a permanent chair is named, according to the release.

Alberta Investment Management Corp.’s chief executive officer and entire board were sacked by the provincial government, which said the money manager has increased compensation and staff but hasn’t produced acceptable returns.