Chair & CEO Messages

When I was presented with the opportunity to chair the board of directors for the Alberta Investment Management Corporation, I viewed it as a meaningful act of public service to my adopted home province of more than four decades. After several months in the role, it has proven to be consequential work to which I and the board members who have joined me are fully committed.  

The board’s primary focus is to ensure AIMCo fulfills the mandate set forth by the Government of Alberta. AIMCo plays a crucial role in managing the assets that support the people of Alberta. The stewardship of these funds is not just a financial responsibility — it is a duty. The organization must deliver superior long-term value on the assets entrusted to it, while managing costs more prudently. 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.

There is more work ahead in our task of restoring confidence and stability in Alberta’s investment manager. These are challenging economic times and client funds must be invested wisely and actively managed. Alberta workers, pensioners, and taxpayers deserve nothing less.

‍

Rt. Hon. Stephen J. Harper
Chair, Board of Directors

‍

As a critical partner for clients and stakeholders since its inception in 2008, the Alberta Investment Management Corporation plays an important role in the financial futures of Albertans. The theme of this report — Investing Globally, Rooted in Home — is one that deeply resonates with me and truly meets the moment as the organization aligns on how to meet its objectives.

Following my appointment as interim chief executive officer in November of 2024, I have had the privilege of engaging with the team and seeing firsthand the passion, professionalism and expertise my colleagues at AIMCo bring to their work of managing a multi-billion-dollar investment portfolio. There is a level of complexity involved in managing such a large and diverse investment portfolio on behalf of a multitude of clients. The interconnectedness of global markets and the speed at which changes occur cannot be underestimated.

To that end, the team delivered a strong absolute return for clients in 2024. The Balanced Fund net investment return of 12.6% equates to $15.1 billion with AIMCo’s total assets under management climbing to $179.6 billion.

As I settled into my role, clients were generous with their time to make sure I had a deep understanding of their expectations. The priority is investment strategies that align with clients’ objectives, optimized returns, and for AIMCo to maintain a prudent approach to risk management. They are seeking clear, transparent communication and consultations on everything from investment performance and activity to costs. I look forward to continuing these discussions to further improve AIMCo’s relationship with clients.

Strengthening AIMCo’s governance framework has been a key priority. This meant developing a strong relationship with the board based on trust, mutual respect and a shared vision for the future. It has been my intention to make sure the board is well supported as they come up to speed on AIMCo’s operations, strategy, budget and corporate culture.

Those aspects of AIMCo’s business are also detailed in this annual report. For anyone who wishes to understand the workings of Alberta’s investment manager — the asset mixes our clients have chosen, the investment portfolio’s short and long-term performance, our costs, and much more — there is no shortage of information within.  

In the months to come, the organization 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. As we move forward, there is much work to be done, but I firmly believe that AIMCo is a world-class institutional investor with its best days still to come. We will remain focused on our important purpose — to build better financial futures for the people of Alberta, acting with integrity, and diligently dedicated to building a resilient, forward-looking organization.

Ray Gilmour
Interim CEO

‍