Thread by @yomeeks

It might be on the eve of a national holiday, but it is here, AIMCO's Annual Report. The Pension war Room will spend the next several days sussing out the naughty bits. #AbLeg #handsoffmypension
aimco.ca

ATRF 10-year return 9.2% against a benchmark of 8.5% for a value add of 0.7%, for comparisons sake.
AIMCO 10-year return 7.7%, against a benchmark of "we are not telling you". That is some real cajones there.
#AbLeg #handsoffmypension

AIMCO 1-year return 2.5% against a benchmark OF 8.0% FOR A VALUE ADD OF -5.5%. That is the whopper.
In fact, they have only hit their target return 2 of the last 5 years. #AbLeg #handsoffmypension

Read the message from @MarkDWiseman carefully. He talks about transparency. Kevin severance part 1: "As per his employment contract, the incumbent CEO is entitled to a termination benefit of $2.1 million to be paid in fiscal 2022"#AbLeg #handsoffmypension

It isn't really clear, but this $2.1 million is only the first part of his severance pay; I think he will also get paid an additional $1.1 million in future LTIP grants. #ABLeg #handsoffmypension

Again, Mark makes no mention of AIMCO releasing their board expenses as is required by law in AB. Sigh.

@MarkDWiseman also talks about governance as if AIMCO was independent of GOA. They are not. #AbLeg #handsoffmypension

The AIMCO 5-year value add is -0.7%. Let that sink in. Because that lets you know how serious the VOLTS thing was. #AbLeg #handsoffmypension

Real estate really sucked for them, no surprise as they owned lots of Calgary office space. #AbLeg #handsoffmypension

What about compensation....only down 10%. From the horses mouth...
"The disappointing performance results of 2020,
which were greatly affected by the challenges related to risk management and the global pandemic, ... with compensation down by more than 10% relative to 2019."

But pay, did Kevin suffer in the billfold for the events of last year?
Not really.

His pay decreased by about $100,000 from $2.8 million to $2.7 million. That is paltry and sets the tone for the organization. This is outrageous. #AbLeg #handsoffmypension

In fact, it seems the AIMCO Board (entirely appointed by the GOA) doubled his individual bonus to make up for his shrinking long term incentive plan award. As well, their incentive plan has a "floor" that shields executives from feeling the consequences of their actions. #AbLeg

I will write more in the coming days. That is all I can take for today.

Remember that pension plan trustees, which represent 80% of assets, do not place anyone on the AIMCO Board. #AbLeg #handsoffmypension