Thread by @yomeeks

The Pension War Room™️brings you the letters from Travis edition. Or at least email that he probably had a minion write to a concerned taxpayer.

This was referred to Travis because the local UCP MLA was unable/unwilling to engage on this topic.
#AbLeg #handsoffmypension

It was sent to me for further analysis. Like we have seen with all of Travis's correspondence: some parts are correct, some stretch the truth, and some are just plain wrong. A UCP sandwich of the good, the bad and the ugly.
#AbLeg #handsoffmypension

First, it was interesting to note that he did not acknowledge the mistakes he made in his previous email where he represented 2018 investment results as 2019 investment results. Really, it is a bit concerning for getting the right numbers on billion dollar decisions.... #AbLeg

He kicks it off with the delightful non sequitur: "The transition is expected to be completed by the end of 2021."
Is that with or without the legal action (that is not mentioned) that you are now involved in? ..tends to slow things down....just sayin. #AbLeg #handsoffmypension

And Travis continiues... "AIMCo continues to be ... positive net value-add provider of investment services"

As was so clearly pointed out in the HSFT meeting on Friday, the 5-year value add for it is -0.6%. Negative not positive. Whoopsy! #AbLeg

The TARGET value add for this fund is not "positive" but rather "positive 1.0%". That's 100 basis points bitches.

Do you see the misrepresentation there?

And an independent investigation by KPMG found serious risk management problems. #AbLeg #handsoffmypension

Sidenote: the AIMCO Annual Report will be released as soon as Kevin has left town. Expect a negative value add for 5-years for the balanced fund. Poor real estate returns because they owned lots of Calgary office space. #AbLeg #handsoffmypension

Love this quote: "We are hopeful that the ATRF and AIMCo will reach an agreement shortly that will benefit both parties."
I read that as:
...we are hopeful that this shotgun wedding will be rooted in happiness and joy.... #AbLeg #notlikely #handsoffmypension

Travis goes on to argue that Kevin and exec team really are not paid too much....

"In addition, AIMCo must comply with the government’s Salary Restraint Regulation which prohibits increasing the base salaries"

Bullshit.
Let me quote from the link Travis provided.... #AbLeg

"The following agencies, boards and commissions are not subject to the compensation regulation, but are required to submit executive compensation plans annually:
Alberta Investment Management Corporation (AIMCo) and Alberta Treasury Branches (ATB Financial)."

AIMCO executives are specifically EXCLUDED from salary restraint. They can have huge raises and bonus increases. And the AIMCO Board can pay those bonuses according to whatever criteria they set. #AbLeg #handsoffmypension

alberta.ca/abc-compensati….

It is moments like these that leave me gobsmacked. Does Travis even understand any of the legislation that TBF operates under?

Sigh. #AbLeg #handsoffmypension

Travis signs off with a statement of faith in the new CEO @ewsiddall : "Under Mr. Siddall’s leadership, CMHC transformed itself into a client-centred, innovative and impactful organization."

True. I just wish he had job experience at an investment management firm too. #AbLeg

Is that asking too much?