Alberta Investment Management Corp. (AIMCo) has appointed its former chief investment officer, Sandra Lau, to its board of directors. This move is part of a leadership team rebuilding following a mass purge of the entire board, CEO, and three other senior executives by Alberta's government in November (implied 2024) due to a clash over management and cost control. The new board is chaired by former prime minister Stephen Harper, and the government has issued a mandate letter affirming AIMCo's independence while emphasizing cost-efficiency.
AIMCo adds former CIO to board of directors
Business
AI Summary
TL;DR: Key points with love ❤️
Alberta Investment Management Corp. (AIMCo) has appointed its former chief investment officer, Sandra Lau, to its board of directors. This move is part of a leadership team rebuilding following a mass purge of the entire board, CEO, and three other senior executives by Alberta's government in November (implied 2024) due to a clash over management and cost control. The new board is chaired by former prime minister Stephen Harper, and the government has issued a mandate letter affirming AIMCo's independence while emphasizing cost-efficiency.
Trending- 1 2022: Sandra Lau started as AIMCo's CEO.
- 2 Early 2023: Marlene Puffer succeeded Sandra Lau as CIO.
- 3 2023: Sandra Lau retired from AIMCo.
- 4 Last fall (implied 2024): Marlene Puffer left AIMCo; AIMCo without full-time CIO since September.
- 5 November (implied 2024): Alberta's government dismissed AIMCo's entire board, CEO, and three other senior executives.
- 6 January 22 (implied 2025): Nate Horner sent mandate letter to Stephen Harper.
- 7 Wednesday (June 4, 2025): Sandra Lau's appointment announced.
- Rebuilding of AIMCo's leadership
- Potential changes in investment strategy and cost management
- Ongoing scrutiny of the pension fund's independence from government
What: Alberta Investment Management Corp. (AIMCo) has appointed Sandra Lau, its former CIO, to its board of directors, as part of a leadership team restructuring following a government-mandated 'major reset.'
When: Sandra Lau's appointment was announced on Wednesday (June 4, 2025). She was CEO for less than a year starting in 2022 and retired in 2023. Marlene Puffer succeeded her early 2023 and left last fall (implied 2024). AIMCo has been without a full-time CIO since September (implied 2024). Alberta's government dismissed the entire board in November (implied 2024). The mandate letter was dated January 22 (implied 2025).
Where: Alberta, Canada.
Why: To rebuild AIMCo's leadership team, restore its focus on cost control and investment management services, and address concerns about its arm's-length status after significant government intervention.
How: By appointing new board members, including a former CIO, and issuing a mandate letter outlining the renewed focus and emphasizing independence from government influence in investment decisions.