Alberta replaces entire board and CEO amid cost concerns and strategic misalignment with priorities
Alberta Investment Management Corporation (AIMCo) has appointed Sandra Lau to its board on June 4, bringing her back to the organisation amid ongoing governance changes led by board chair Stephen Harper.
As reported by Benefits and Pension Monitor in November 2024, the Alberta government dismissed AIMCo’s entire board and CEO Evan Siddall due to concerns over rising costs and performance misalignment with provincial priorities.
According to the November statement from Finance Minister Nate Horner, “It seemed like it needed a reset, and that’s what we did today.”
The overhaul followed revelations that between 2019 and 2023, AIMCo’s third-party management fees surged 96 percent, salaries and benefits rose by 71 percent, and staff headcount expanded by 29 percent.
Horner also dismissed three additional executives and assumed the role of interim board chair.
The government later appointed former Prime Minister Harper to permanently chair AIMCo’s board.
Lau brings over 25 years of investment and risk management experience, most of it earned at AIMCo.
She joined the firm in 1999, progressed to executive vice president, Fixed Income, and served as chief investment officer from 2022 until her retirement in mid-2023.
“Lau brings both exceptional skills and a unique perspective,” said Harper. “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.”
Her appointment comes after months of executive departures.
As reported by Benefits and Pension Monitor last November, AIMCo’s CIO Marlene Puffer exited in September after less than two years. The organisation also lost its audit committee chair in April and had no permanent chair for most of 2024.
These changes followed employee concerns, first triggered by a controversial team-building event held at The Westin Edmonton and led by The Moth.
The event aimed to teach executives “how to lead from a place of joy,” but instead heightened fears over job security and compensation.
Siddall’s leadership style faced criticism during his tenure, particularly regarding AIMCo’s expansion and policy direction.
According to Benefits and Pension Monitor, AIMCo opened offices in New York and Singapore and renovated its London location, which raised concerns about excessive spending.
The firm also implemented a $1bn energy transition fund and diversity initiatives, which clashed with Alberta’s fiscal conservatism and drew political scrutiny.
Despite these tensions, AIMCo reported strong financial results in 2024.
Its April 2025 performance update reports that the Balanced Fund posted a 12.6 percent net return, or $15.1bn, and the Total Fund returned 12.3 percent.
Public Equities led with a 24.7 percent one-year return, while Real Estate declined by 2.0 percent.
Interim CEO Ray Gilmour, appointed after Siddall’s dismissal, stated the results reflect the team’s ability to “evaluate and seize opportunities.”
AIMCo’s total assets rose from $160.6bn in 2023 to $179.6bn in 2024.
Lau said, “I have been deeply invested in AIMCo’s success for more than 25 years. 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.”
Under the Alberta Investment Management Corporation Act, the board sets AIMCo’s strategic direction and oversees its operations.
As per the announcement, directors are appointed by the Lieutenant Governor in Council and are fully independent of management. Lau’s three-year appointment follows the signing of Order in Council O.C. 175/2025.
AIMCo is expected to release its full 2024 Annual Report in June 2025.
