Charles Baillie, the former chairman and CEO of TD Bank Financial Group, will be the chairman of Alberta Investment Management Corporation’s board of directors.
George Gosbee, chair, CEO and president of Tristone Capital Inc, will be the vice chair of the board.
“These gentlemen bring a wealth of experience and knowledge of the investment industry with them, as well as strong backgrounds in corporate governance,” says the province’s finance minister, Dr. Lyle Oberg. “Alberta’s savings are in good hands.”
In early 2008, Alberta’s investment management operations will be moved from within Alberta Finance to become a provincial corporation. The move follows best practices for top public sector investment funds such as the Canada Pension Plan, the B.C. Investment Management Corporation and the Ontario Teachers’ Pension Plan.
The government will continue to set the investment policy for all government funds. Currently, Alberta Finance manages approximately $70 billion in assets, including the Alberta Heritage Savings Trust Fund and other public endowments, public sector pension plans and other funds.
To comment on this story, email craig.sebastiano@rci.rogers.com.