Alberta Index - PEOPLE: Ex-TD Bank chief Baillie to head inaugural board of Alberta’s investment corporation

PEOPLE: Ex-TD Bank chief Baillie to head inaugural board of Alberta’s investment corporation

(AlbertaIndex, August 3, Friday) --- Charles Baillie, former TD Bank Financial Group chairman and CEO, has been named the chairman of the Alberta Investment Management Corporation’s inaugural board of directors. George Gosbee, chairman, CEO and president of Tristone Capital Inc, is vice chairman of the new corporation.

Their appointments to oversee the province’s investment management corporation was announced by Finance Minister Dr Lyle Oberg. The corporation aims to provide the highest standards of oversight for Alberta’s savings, public sector pensions, endowments and other funds.

“These gentlemen bring a wealth of experience and knowledge of the investment industry with them, as well as strong backgrounds in corporate governance,” said Oberg. “Alberta’s savings are in good hands.”
            In early 2008, Alberta’s investment management operations will be moved from within Alberta Finance to become a provincial corporation. The move follows best practices for top public sector investment funds such as the Canada Pension Plan, the B.C. Investment Management Corporation and the Ontario Teachers’ Pension Plan.
            The Alberta Investment Management Corporation Act allows for up to 11 board members in addition to the Deputy Minister of Finance. The government will appoint the remaining board members in the coming months.
            The board of directors will be responsible for supervising the corporation, appointing a chief executive officer, establishing bylaws and approving the corporation’s financial statements.
            The government will continue to set the investment policy for all government funds. Currently, Alberta Finance manages approximately $70 billion in assets, including the Alberta Heritage Savings Trust Fund and other public endowments, public sector pension plans and other funds.

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