Thread by @yomeeks

This is your daily pension announcement: Kevin and the truth edition!!! Thanks for all the homework you guys did pointing out the obvious flaws in Kevin's op-ed.

I would be remiss if I did not share my feelings. #handsoffmypension #ABLeg

edmontonjournal.com/opinion/column…

Kevin pontificates that "as AIMCo’s CEO, let me be absolutely clear on this issue: the Alberta government has no say whatsoever regarding where or how we invest." That is not what our unelected minister Danielle Smith mused about on her radio show. #whatwouldjkdo

You better deal with that radio show head-on, Kevin. As well, you better deal with the comments in the budget document about a "made in Alberta portfolio" and supporting "broader agency involvement" (with AIMCO). #idontlikethewaythatsounds

Because neither you or Travis have defined, explained or communicated anything about those lines. Methinks you are intentional about that. It is like you are hiding something. #whatcouldthatbe

"AIMCo’s operational and investment independence from government is such an important consideration of our business that it was explicitly written into our founding legislation, The Alberta Investment Management Corporation Act." #really?

Yeah, as my Twitter followers were quick to point out the AIMCO Act does not provide this independence that you speak of. Instad, it gives the Treasury Board the ability to issue directives to you and the AIMCo Board that you must comply with.

That is if you like your job.

Will you quit when given a directive?
Will the Board resign?

Independence is critical to your mandate, I agree with you there. But maybe you could pen an Op-Ed explaining how CPPIB has legal protections in place to maintain independence and AIMCO does not.

"I can also testify that at no time have I had anyone from this government attempt to challenge our investment independence, either directly or indirectly. " How about previous governments? How about future governments?

You are setting in place a legal structure that might last 80 years. The question of independence is larger than you.

"...the Alberta government has introduced the recent changes to AIMCo because they understand that in the very competitive world of institutional investing, scale and long-term stability are extremely important advantages: advantages than can and ought to be brought to bear here"

With 80 years of history and $20 billion of assets, ATRF was exploiting scale and long-term stability outperforming the AIMCO managed LAPP. A plan whose investments have not hit the benchmark even one quarter yet this year. At an ongoing cost of only 3bps more than LAPP.

Prove me wrong Kevin. Or, at least provide some thorough research to support your position. #busnesscaserequired #dosomeresearch

"I am grateful for the vote of confidence that the Alberta government has made in AIMCo."

Great.

Too bad you have a vote of non-confidence from teachers whose money you are now investing.

And from police officers, firefighters, and nurses who wanted the option to use other managers but are now indentured to you. Joint sponsorship would have shared the risk of these plans. That would have been material to the GOA. #sharetherisk

Funny, how your business case did not examine where the risk resides.

Welcome to your future where your clients have no trust in you.

This is a failure to communicate of an epic scale. Between you and Travis a couple of Op-Eds and a Facebook post is clearly the poorest communication of a complex issue of modern times. Reporters phoning your communications people still get straight-up denials about "directives".

"I believe that AIMCo is an institution that all Albertans should take pride in, and so it worries and disappoints me when untrue and undermining accusations about us are made and spread."

Damaging the AIMCO brand was not my doing. You and Travis have done that through your rash and ill-conceived acts.

And, worst of all, you broke the trust with your clients who will remember this always. Good luck with that. #thanks

I have said no untruth.

Asking critical questions is not undermining. You can't handle the truth.