Thread by @yomeeks

This is your daily pension announcement: throwback to the World Bank Group's case study on the much vaunted (and rightly so) Canadian Pension Model. You can access the paper from the article below, but be warned it may be TL:dr and too much Kevin. #AbLeg
optrust.com/AboutOPTrust/N…

This paper is from 2017, before any of the crazy UCP/AIMCO stuff. But it gives you insight into the things that Travis did to weaken pensions in AB. Strap in, this is going to be a long ride. #AbLeg #handsoffmypension

1. "Because of their success, the World Bank Group partnered with four Canadian pension funds, Alberta Investment Management Corporation (AIMCo)".

Er, yeah. AIMCO is not a pension fund. They are an investment manager, a service provider to pension funds if you will. #AbLeg

This was a delusion that (I think) Kevin liked to encourage. He liked to rub elbows with the CEOs of the large pension funds like OTPP and CPPIB. AIMCO's exact role has been misstated many, many times.#AbLeg #handsoffmypension

AIMCO has some of the characteristics of strong pension described in the paper. I will focus on the things they have lost since Travis came along. This is really the hidden damage of poor public policy. #AbLeg #handsoffmypension

2. "Strong collaboration between diverse stakeholders – labour, government, business, and finance – and a sustained relationship built on trust."

Ask yourself did Travis build upon the trust of teachers with his pension decisions? #funnynotfunny #AbLeg

Did Travis engage in strong collaboration with all the stakeholders? Labour? No. Pension trustees? No. Finance? No. Pension plan members? No.

Travis, in fact, destroyed 20 years of trust and collaboration. #AbLeg #handsoffmypension

3. "Strong, independent governance". For AIMCO that is a solid NO! I have gone on at length at how their governance structure needs to be brought into this century. Travis appointing and removing directors at will is not good. #AbLeg

With a penchant for appointing out of work oil and gas execs to a board that should have 80% pension execs, Travis needs some help. Compare the legal independence of CPPIB and BCIMC with AIMCO and we don't fare well. #AbLeg #handsoffmypension

4. "Governments creating the right regulatory environment." I don't think anyone can argue that Travis has contributed to the right regulatory environment. We had to take the GOA to court to get them to follow the law. #AbLeg #sigh #handsoffmypension

5. (last point, I swear)"Recruitment and retention of top global talent with a competitive and performance-based compensation framework." The first half of this sentence largely true. Particularly since they picked up top global talent from the ATRF. #AbLeg #handsoffmypension

I do take issue with the "performance" based compensation when last year the AIMCO Board removed the "Annual Investment Performance Factor" of -16.41 and replaced it with -2.00. This had the effect of paying huge LTIP bonuses which based on performance would have been $0. #AbLeg

My position is that the AIMCO Board wants to be independent only when it comes to compensation. When it comes to pension plan members they are happy with Travis unilaterally dictating terms. #AbLeg #handsoffmypension