Thread by @SPhillipsAB

At the Heritage Fund Annual General Meeting...the UCP government just announced they’re doing a major new review of the Heritage Fund’s investment policy. First review since 2011. Finance Minister hasn’t told the public about this at all, a staffer announced it. #ableg #abpoli

Remember, the Minister has the right to direct specific investments.

Are we really to be expected to sit back and let him do this review without telling us? With the UCP’s track record so far, he expects us to trust him with this? #ableg #abpoli

Was just clarified that asset mix and overall investment policy in Heritage Fund is under major review by UCP. #ableg

Aimco used to have some climate risk disclosure and ESG criteria. Do we actually think this will be retained by a govt that denies climate change?

I worry that a major review of investment policy of OUR Heritage Fund will not be necessarily guided by forward-looking investment experts, but the vagaries of a band of shameless partisans who see $17 billion of public money. #ableg

Institutional investors are turning UP the dials on understanding climate risk. It’s an area that is constantly changing, and while AimCo could probably do more, they’re decently positioned on this issue. But our Premier called this a fad. Really. #ableg

I am very worried there’s plans for a major UCP review of the Heritage Fund that Albertans haven’t been told about. I wouldn’t trust these far-right populists to take my $5 to the store to pick up milk, let alone guiding the investment our $17b as the world changes.

And I sure wouldn’t trust a bunch of climate deniers with my own personal investments...let alone the money we saved from royalties in the 1970s...that belongs to us all. #ableg

CEO Kevin Uebelein, who I think still needs to be much more open with us all on the volatility trading losses, is right now explaining AimCo’s weighted carbon intensity of its investments. Their approach is consistent with the TFCD, mostly. More to do, no question about that.

But I do want to give AimCo credit where it is due on the climate risk issue. They started this in 2015 and by all accounts are scheduled to report to the public about their approach again this fall. That’s a good thing. #ableg