Latest news with #AIMCo
Global News
15 hours 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.
Yahoo
19 hours 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
Globe and Mail
05-06-2025
- 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.
Cision Canada
04-06-2025
- 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.
Yahoo
04-06-2025
- Business
- Yahoo
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. SOURCE Alberta Investment Management Corporation View original content to download multimedia: 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
