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.

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

The release did not mention Evan Siddall , the chief executive of AIMCo, but he no longer appears on the pension manager’s website.

Court Ellingson, Alberta NDP shadow minister for finance, issued a statement in response, calling the move “UCP incompetence.” “In an unprecedented move, the UCP fired the entire board and the CEO, and made their own politician—not an investment expert—the sole person in charge of over $170 billion of these Albertans’ pensions,” said Ellingson.

Alberta Investment Management Corp.’s entire board was sacked by the provincial government, which says the money manager has increased compensation and staffing but hasn’t produced acceptable returns.