Alberta Index - FUNDS: Alberta Investment Management names directors to three-year terms

FUNDS: Alberta Investment Management names directors to three-year terms

(AlbertaIndex, October 30, Tuesday) --- The Alberta government has named six private firm executives to the board of the new corporation overseeing the province’s savings, public sector pensions and endowments.
The board of the Alberta Investment Management Corporation (AMC) will be responsible for supervising the corporation, appointing a chief executive officer, establishing bylaws and approving the corporation’s financial statements.

The AMC will be established in early 2008, said the finance ministry.

The directors, who will serve three-year terms, are Clive J. Beddoe, chairman and former CEO, WestJet Airlines Ltd, Daryl A. Katz, chairman and CEO, Katz Group, Andrea S. Rosen, former vice chair, TD Financial Group, and former president, TD Canada Trust, David A. Bissett, former chair, Bissett and Associates Investment Management Ltd, Frank P. Layton, partner, Bennett Jones LLP, and Mac H. Van Wielingen, founder, co-chair and director, ARC Financial Corporation.

“These people reflect a wide range of expertise with far-reaching backgrounds,” said Finance Minister Lyle Oberg. “Establishing this world-class board is the next step in creating an investment centre of excellence here in Alberta.”

Charles Baillie, former TD Bank Financial Group chair, and George Gosbee, CEO and president of Tristone Capital Inc, were appointed as chair and vice chair of AMC Corp in August.

Mr Baillie said: “The Alberta government is taking a bold step with the creation of the investment corporation. With the expertise that already exists at Alberta Investment Management and the talent assembled for the board of directors, the new corporation has the opportunity to become one of, if not the, foremost institutional investors in Canada.”

Alberta’s investment management operations are moving from within Alberta Finance to become a provincial corporation. The government will continue to set the investment policy for all government funds.

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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