Governance

Core Values are most meaningful when they are put into action.

We believe we have not only the opportunity, but the obligation, to leverage our scale and expertise to meaningfully impact our communities and positively support the companies in which we are invested.

Collaboration, within our organization and alongside our peers, allows us to effect change on behalf of our clients.

Governed by a strong and independent Board of Directors, we are committed to delivering value in all aspects of our operations.

AIMCo is a Crown corporation of the Province of Alberta and is committed to the highest standards of corporate governance. We believe that the policies, processes and institutions that form a robust corporate governance framework are fundamental to AIMCo’s mission to rank among the best institutional investment managers and to inspire the confidence of Albertans. AIMCo is committed to a culture of integrity and accountability in the pursuit of its goals.

Board of Directors

In accordance with the Alberta Investment Management Corporation Act, the board of directors is responsible for overseeing the management of the business and affairs of AIMCo. All directors are duly appointed to the board by the lieutenant governor in Council and must have experience in investment management, finance, accounting or law, or have served as an executive or director with a large, publicly traded company. Individuals should also have, to the extent practicable, experience in executive management of a substantial corporation. All directors are fully independent of management.

Directors are required by statute to act honestly and in good faith with a view to the best interests of the Corporation and, as such, are required to exercise due care, diligence and skill, and manage risk appropriately in their oversight of AIMCo.

Board Committees

The board of directors has established four standing committees, which assist the board in discharging its responsibilities:

• The Investment Committee oversees and considers the investment activities, risk management and operations of AIMCo, reviews investment and risk-related reports from management, and votes on specific investment-related matters. The Investment Committee comprises all of the members of the board, with Virginia Holmes serving as Chair.
• The Audit Committee oversees financial reporting processes, development and implementation of internal audit and financial control policies, and compliance with said policies and applicable laws and regulations. It also reviews the implementation of AIMCo’s Confidential Reporting policy. The Audit Committee consists of Cathy Williams (Chair), Richard Bird, John Ferguson, George Gosbee and Harold Roozen.
• The Governance Committee oversees the policies, processes and procedures that comprise AIMCo’s corporate governance framework. This includes overseeing terms of reference for the board of directors and each board committee, conducting board evaluations, and generally ensuring the principled, effective continuing operation of the board of directors. The Governance Committee consists of Andrea Rosen (Chair), John Ferguson, George Gosbee, Ross Grieve, Virginia Holmes and Mac Van Wielingen.
• The Human Resources and Compensation Committee oversees the human resources strategy, philosophy and policies of the Corporation and offers insights to ensure these are aligned with corporate objectives. The committee similarly reviews compensation practices, organizational structure and management development and succession. The Human Resources and Compensation Committee consists of Mac Van Wielingen (Chair), Ross Grieve, Virginia Holmes, Andrea Rosen and Jay Vivian.

At every meeting of the board of directors, the board and all committees have in camera sessions, without management attending.

Code of Conduct & Ethical Standards

AIMCo has a well-established Code of Conduct and Ethical Standards, which outlines the organization’s expectations regarding, amongst other topics, diligence and fairness, safe and respectful workplace, conflicts of interest, gifts and entertainment, confidentiality and our obligations to the capital markets. The Code applies to all AIMCo directors, officers and employees, and compliance with it is a condition of employment. All compliance exceptions, if any, are reported to the AIMCo board of directors Audit Committee and dealt with as appropriate.

Confidential Reporting Policy

In accordance with governance best practices, AIMCo has an established Confidential Reporting policy and the accompanying reporting service provides all AIMCo employees, service providers and clients with the ability to confidentially report any failure to comply with the Code of Conduct and Ethical Standards.

In 2013, AIMCo received three disclosures through the confidential reporting system. All three disclosures were acted upon, but two were resolved during the initial formal assessment. The third disclosure was investigated but there was no evidence or findings of wrongdoing.