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AIMCo interim CEO could earn millions in bonus pay after leadership overhaul
AIMCo interim CEO could earn millions in bonus pay after leadership overhaul

Globe and Mail

time12 hours ago

  • Business
  • Globe and Mail

AIMCo interim CEO could earn millions in bonus pay after leadership overhaul

Alberta Investment Management Corp.'s interim chief executive officer could earn a multimillion dollar compensation package after the provincial pension fund manager's senior ranks were overhauled and its former chief investment officer received millions of dollars in severance pay. Ray Gilmour stepped in as interim CEO last November after a career as a senior public servant, following the Alberta government's abrupt purge of AIMCo's board and senior management. Mr. Gilmour was paid $241,869 in less than five months on the job, to March 31, according to AIMCo's annual report released Friday. That included $210,796 in base salary, plus pension contributions and other pay. When prorated for a full fiscal year, Mr. Gilmour could be paid an annual base salary of more than $500,000. Mr. Gilmour is also part of AIMCo's corporate incentive plan, which sets his base target for bonus pay at 355 per cent of his salary, or about $1.78-million, according to a copy of his employment contract obtained by The Globe and Mail under an access to information request. Alberta's purge at AIMCo followed a clash of visions, complaints about leadership However, the agreement says that Mr. Gilmour can earn a maximum of 2.5 times that incentive target, and it has been customary for previous AIMCo CEOs to earn approximately 1.75 times the target payment for good performance. At that level, Mr. Gilmour would earn about $3.1-million in incentive pay, for total compensation of at least $3.6-million. AIMCo's annual report does not list any incentive payments to Mr. Gilmour as of March 31. His base salary is redacted in the documents released to The Globe. 'Our compensation structure is based on market salaries in similar Canadian institutional investment organizations, with executive compensation and associated terms discussed and validated by the Board's independent compensation adviser,' AIMCo spokesperson Sabrina Bhangoo said in an e-mailed statement. Though Mr. Gilmour was appointed as interim CEO, his employment agreement says that AIMCo wishes to employ him 'as Chief Executive Officer,' and does not mention his interim status. AIMCo's annual report shows that the pension fund manager also appears to have paid millions of dollars to former CIO Marlene Puffer as a 'transition agreement payment.' Ms. Puffer left AIMCo in September, roughly six weeks before Alberta's government dismissed other senior leaders. Ms. Puffer was paid $5.91-million in 'other compensation,' which includes the transition payment that would have been agreed to under previous leadership. She also earned more than $250,000 in base salary. 'The separation arrangement disclosed is in keeping with our contractual obligations made by previous leadership. No additional compensation is owing,' AIMCo's statement said. Former CEO Evan Siddall, who was dismissed in November, appears not to have come to terms financially with AIMCo as of March 31. He was paid $1.56-million in total compensation last fiscal year but received no transition arrangement payment during the fiscal year, according to the annual report. In his last full fiscal year as CEO, Mr. Siddall was paid $3.77-million in total compensation, and nearly $4.6-million in total direct compensation, including $585,000 in base salary. The report also says AIMCo paid $957,397 to third parties on behalf of the former CEO, and that $458,312 had not yet been reimbursed as of March 31, 'inclusive of imputed interest.' AIMCo has included that amount in 'accounts receivable.' Stephen Harper, the former prime minister who was appointed chair of AIMCo's board in November, said 'there is more work ahead in our task of restoring confidence and stability in Alberta's investment manager,' in a message in the annual report. 'We are making progress with the new management team on ensuring that sound governance, ambitious objectives, professional operation, and responsible risk management permeate the firm,' Mr. Harper said. In his own message in the annual report, Mr. Gilmour said that in the coming months AIMCo 'will be focused on the continuation of a business transformation program to improve the technology, data and processes that are the foundation of the work we do on behalf of our clients.'

Climate group voices concern about fossil fuel industry representation on pension fund boards
Climate group voices concern about fossil fuel industry representation on pension fund boards

Global News

time2 days ago

  • Business
  • Global News

Climate group voices concern about fossil fuel industry representation on pension fund boards

A climate advocacy group says oil and gas representation on the boards of Canada's big public pensions raise concerns about conflicts of interest. In a report out Thursday, Shift said that as of June 1, the boards of five of Canada's largest public sector funds had members who are also involved with fossil fuel companies. The pension-focused group argues that funds have a legal responsibility to act in the long-term best interest of beneficiaries, and that the interests of fossil fuel companies could compete with efforts to manage climate-related risks and reduce emissions. 'It's easy to see how fossil fuel company directors could potentially find themselves with real or perceived conflicts, and how such conflicts, if not addressed, could undermine prudent pension governance,' said Shift executive director Adam Scott in a statement. The report says CPP Investments, Canada's largest pension fund, has the second-highest representation with three in ten members of its board having ties to the industry. Story continues below advertisement The fund, which recently dropped its commitment to reach net-zero financed emissions by 2050, wholly rejected the concerns raised by Shift. 'The report is nonsense,' said Michel Leduc, global head of public affairs and communications at CPP Investments, in a statement. 0:57 CPP Investment Board head says he backs West's 'responsibly-produced conventional energy' 'We seek out the most seasoned professionals to undertake a complex role of overseeing the management of a global investment organization … The energy sector's total GDP contribution to Canadian economic activity is disproportionately significant and that's precisely where you find top governance experience in Canada with a view to the best interests of contributors and beneficiaries.' Get weekly money news Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday. Sign up for weekly money newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Other funds the group found with cross-appointments include the Ontario Teachers' Pension Plan, Public Sector Pension Investment Board, Alberta Investment Management Corp. and Ontario Municipal Employees Retirement System. AIMCo, where the Alberta government dismissed the entire board last year and installed new members, had the highest industry representation at a third, or two of six members. Story continues below advertisement The pension fund's members are selected through a 'rigorous appointment process and are subject to AIMCo's Code of Conduct,' said spokeswoman Carolyn Quick in a statement. Other funds did not immediately respond to a request for comment. Shift said that in total, nine current board members across the funds sit on the boards or executive teams of 12 oil and gas companies, or investment firms focused on the industry. It notes, however, that the number of boards with fossil fuel representation has gone down from seven to five since its last report in 2022. The boards of Healthcare of Ontario Pension Plan, Investment Management Corporation of Ontario and CDPQ no longer have fossil fuel representation, it said.

Canada's pension giants too cozy with the fossil fuel industry, new report warns
Canada's pension giants too cozy with the fossil fuel industry, new report warns

Yahoo

time2 days ago

  • Business
  • Yahoo

Canada's pension giants too cozy with the fossil fuel industry, new report warns

Five of Canada's largest public sector pension funds have board members with close ties to the fossil fuel industry, according to a new report. The pension and climate activist group Shift: Action for Pension Wealth and Planet Health (Shift) warns the overseers of trillions in Canadian retirement savings face potential conflicts of interest as their massive investment portfolios face climate-related risks. Shift's report released Thursday names nine current directors of major Canadian pension funds with formal fossil fuel ties. Shift says these individuals also serve as directors or executives of 12 different fossil fuel companies or investment firms that focus on fossil fuels. The list includes former prime minister Stephen Harper, who sits on Alberta Investment Management Corporation's (AIMCo) board. Harper is listed as a 'working equity partner' on the website of Azimuth Capital Management, a Calgary-based private equity firm with investments in Canadian oil and gas producers. 'Pension boards face difficult governance decisions to reduce the climate impact of their investments and reduce fund exposure to risky stranded assets in the fossil fuel sector,' Shift executive director Adam Scott stated in a news release. 'Climate-related board decisions from funds managing hundreds of billions in assets have major implications for fossil fuel companies. It's easy to see how fossil fuel company directors could potentially find themselves with real or perceived conflicts, and how such conflicts, if not addressed, could undermine prudent pension governance.' Shift says the five big Canadian public sector pension funds 'entangled' with the fossil fuel sector include the Canada Pension Plan Investment Board (CPPIB), Ontario Teachers' Pension Plan (OTPP), Public Service Pension Investment Board (PSP), Alberta Investment Management Corporation (AIMCo), and Ontario Municipal Employees Retirement System (OMERS). Shift found CPPIB and AIMCo had the highest concentration of 'fossil fuel-entangled' directors on their boards, at 30 per cent and 33 per cent, respectively. In May, Shift criticized CPPIB, Canada's largest pension plan by assets under management, for its plan to abandon its net-zero greenhouse gas emissions by 2050 commitment. In February, a report from Shift noted a 'troubling divergence' among Canadian pensions, with the greenest funds becoming greener, and laggards deepening investments in fossil fuels. Shift says the five Canadian pension boards with fossil-linked directors in its new report marks a decrease from the 12 funds listed in its 2022 analysis. Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on X @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Sandra Lau Appointed to AIMCo Board of Directors
Sandra Lau Appointed to AIMCo Board of Directors

Globe and Mail

time05-06-2025

  • Business
  • Globe and Mail

Sandra Lau Appointed to AIMCo Board of Directors

EDMONTON, AB , June 4, 2025 /CNW/ - Alberta Investment Management Corporation (AIMCo) is pleased to announce the appointment of Ms. Sandra Lau to the Board effective June 4, 2025 for a three-year term. " Sandra Lau brings both exceptional skills and a unique perspective, and I am pleased to welcome her back to AIMCo as a member of the Board," said The Right Honourable Stephen Harper, Chair, AIMCo Board of Directors. "The Board is certain AIMCo and its clients will benefit from her extensive knowledge of the organization, her proven investment and risk management acumen, and her boardroom experience." Sandra Lau brings more than 25 years of proven expertise in investment and risk management, the majority of which she spent in progressively senior roles at AIMCo. Since joining the organization in 1999, she advanced to Executive Vice President, Fixed Income, and later served as Chief Investment Officer from 2022 until her retirement in mid-2023. Her leadership was instrumental in shaping AIMCo's corporate and long-term investment strategies. Ms. Lau holds a Master's degree in Economics and Finance and a Bachelor of Commerce with a major in Finance, both from the University of Alberta . She is also a CFA Charterholder and is based in Edmonton, Alberta . "I have been deeply invested in AIMCo's success for more than 25 years," said Ms. Lau. "It is an honour to rejoin the organization in this capacity and contribute to supporting the organization as it executes its mandate of delivering strong, risk-adjusted investment returns." This announcement follows the signing of the Order in Council, O.C. 175/2025, by the Lieutenant Governor of Alberta earlier today. In accordance with the Alberta Investment Management Corporation Act, the Board of Directors is responsible for overseeing the management of the business and affairs of AIMCo. Guided by this mandate, the Board sets the strategic direction of the Corporation and oversees the development and implementation of policies and procedures that govern the day-to-day conduct of AIMCo's business. All directors are appointed to the Board by the Lieutenant Governor in Council and are fully independent of management. About Alberta Investment Management Corporation (AIMCo) AIMCo is one of Canada's largest and most diversified institutional investment managers with more than C$179.6 billion of assets under management as at December 31, 2024 . AIMCo invests globally on behalf of pension, endowment, insurance, and government funds in the Province of Alberta . With offices in Edmonton , Calgary , Toronto , London , and Luxembourg , our more than 200 investment professionals bring deep expertise in a range of sectors, geographies, and industries. For more information on AIMCo please visit and follow us on LinkedIn.

Sandra Lau Appointed to AIMCo Board of Directors
Sandra Lau Appointed to AIMCo Board of Directors

Cision Canada

time04-06-2025

  • Business
  • Cision Canada

Sandra Lau Appointed to AIMCo Board of Directors

EDMONTON, AB, /CNW/ - Alberta Investment Management Corporation (AIMCo) is pleased to announce the appointment of Ms. Sandra Lau to the Board effective June 4, 2025 for a three-year term. "Sandra Lau brings both exceptional skills and a unique perspective, and I am pleased to welcome her back to AIMCo as a member of the Board," said The Right Honourable Stephen Harper, Chair, AIMCo Board of Directors. "The Board is certain AIMCo and its clients will benefit from her extensive knowledge of the organization, her proven investment and risk management acumen, and her boardroom experience." Sandra Lau brings more than 25 years of proven expertise in investment and risk management, the majority of which she spent in progressively senior roles at AIMCo. Since joining the organization in 1999, she advanced to Executive Vice President, Fixed Income, and later served as Chief Investment Officer from 2022 until her retirement in mid-2023. Her leadership was instrumental in shaping AIMCo's corporate and long-term investment strategies. Ms. Lau holds a Master's degree in Economics and Finance and a Bachelor of Commerce with a major in Finance, both from the University of Alberta. She is also a CFA Charterholder and is based in Edmonton, Alberta. "I have been deeply invested in AIMCo's success for more than 25 years," said Ms. Lau. "It is an honour to rejoin the organization in this capacity and contribute to supporting the organization as it executes its mandate of delivering strong, risk-adjusted investment returns." This announcement follows the signing of the Order in Council, O.C. 175/2025, by the Lieutenant Governor of Alberta earlier today. In accordance with the Alberta Investment Management Corporation Act, the Board of Directors is responsible for overseeing the management of the business and affairs of AIMCo. Guided by this mandate, the Board sets the strategic direction of the Corporation and oversees the development and implementation of policies and procedures that govern the day-to-day conduct of AIMCo's business. All directors are appointed to the Board by the Lieutenant Governor in Council and are fully independent of management. About Alberta Investment Management Corporation (AIMCo) AIMCo is one of Canada's largest and most diversified institutional investment managers with more than C$179.6 billion of assets under management as at December 31, 2024. AIMCo invests globally on behalf of pension, endowment, insurance, and government funds in the Province of Alberta. With offices in Edmonton, Calgary, Toronto, London, and Luxembourg, our more than 200 investment professionals bring deep expertise in a range of sectors, geographies, and industries. For more information on AIMCo please visit and follow us on LinkedIn.

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