Thread by @yomeeks

This is your daily pension announcement! AIMCO is looking for a new Board Member! I am hoping they get someone who can ask the question: "Which one of our current investment strategies is NOT covered by our risk system?"
#ABLeg #funnynotfunny

alberta.ca/public-agency-…

But seriously, the person has probably already been chosen. Probably an associate of Mark Wiseman and Bob Kelly as they seek to consolidate some power on the Board. #ABLeg

Please note that AIMCO can (and I believe does) hold Board meetings in Toronto. Since most of the directors live there.

Remember that next time Athana and Travis talks about bringing assets "home" to Alberta. #ABLeg

Rest assured that NONE of AIMCO's multi-billion dollar clients will have any say whatsoever. In fact, I am really struck by the lack of over-site on a what is soon to be a $130 billion dollar fund. #AbLeg

I have said it before, their governance structure is byzantine and would be only appropriate for the Heritage Fund. Since the majority of their business is working with pension funds they need to change to reflect this reality. #ABLeg

I hope the new Board Member and, indeed, the new CEO ask the tough questions. Like, why do teachers hate me? Why was ATRF outperforming AIMCO to the tune of $1.6 billion over the last 7 years? How many years in a row has LAPP complained to Treasury Board about AIMCO? #ABLeg

And, the mother of all questions: why does an investment illiterate Premier get to dictate management of funds to the actual fiduciary charged with management? #ABLeg #QOTD
If something bad happens there will be lawsuits for years. #ABLeg

But have some compassion for Athana and the others at Finance. It is difficult for someone making in the$250,000 range to push back against execs making $3 million.

In the coming days I will comment on the benchmarks used to pay king sized bonuses at AIMCO. #ABLeg #payday