ALBERTA NEWS MID-WEEK HEADLINES MAY 20, 2020

ALBERTA NEWS SPECIAL UPDATE:AIMCo

Inspired by Verna Milligan

FYI:   Premier Kenney has stated that the report of his Fair Deal Panel is complete but will not be released until after the Pandemic.  One of the items dealt with the possibility of Albertans moving their CPP to AIMCo.

Therefore the following items (current and background) may prove to be very pertinent: (vm)

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AFTER 2.1 BILLION TRADING LOSS,  AIMCO BOARD HIRES OUTSIDE EXPERTS TO AUDIT FUND MANAGER: 

The board of directors at Alberta Investment Management Corp., known as AIMCo, announced that accounting firm KPMG LLP and former Ontario Teachers’ Pension Plan chief risk officer Barbara Zvan were brought in to “to identify lessons learned and corresponding enhancements to AIMCo’s investment and risk management processes.”

In early April, AIMCo clients said the fund manager faced losses of up to $4-billion but AIMCo has subsequently revised the estimate.

Note: It has been suggested that this Audit, only involving fund manager, does NOT answer basic questions. Therefore a need for a PUBLIC INQUIRY into the STRUCTURE AND ORGANIZATION OF AIMCo: 

1)  For what purpose was AIMCo, a public entity, corporatized in 2007? 

2)  Method of Board Appointments? Representation of retirees & contributors? 

3)  Why was the $ 18 B “Alberta Teachers Retirement Fund” (est. in 1939) seized by AIMCo in Omnibus Bill 22, November 22, 2019?

4)  Why was LAPP legislated in the same Bill 22 to use AIMCo and Alberta Pensions Services “permanently, with no ability to replace them if circumstances warrant”?

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