Sandra Lau Rejoins AIMCo to Serve on Board of Directors
Alberta Investment Management Corp. has added former chief investment officer Sandra Lau to its board of directors, as the government-owned pension fund manager rebuilds its leadership team after a mass purge late last year.
Ms. Lau was AIMCo’s CIO for less than a year, starting in 2022. She retired in 2023 after 24 years at the Crown corporation, including a stint leading AIMCo’s fixed-income investments.
She was succeeded by Marlene Puffer, who left the institution last September. AIMCo has been without a full-time CIO since then.
Ms. Lau is the sixth member of a revamped AIMCo board led by chair Stephen Harper, the former prime minister.
“Sandra Lau brings both exceptional skills and a unique perspective, and I am pleased to welcome her back to AIMCo as a member of the board,” Mr. Harper said in a statement announcing her appointment.
In November, the Alberta government abruptly dismissed AIMCo’s entire board of directors, its chief executive officer and three other senior executives after a clash over how the $180-billion fund manager should be run. Finance Minister Nate Horner said the government felt AIMCo needed “a major reset,” including a sharper focus on controlling costs.
When Mr. Harper was chosen as board chair, three of the directors who had been dismissed were reappointed: former private-equity executive Jason Montemurro, real estate investor Bob Dhillon and former Healthcare of Ontario Pension Plan CEO Jim Keohane.
The province also gave the deputy minister of finance – currently Katherine White – a permanent seat on AIMCo’s board.
On Wednesday, the government published a mandate letter that Mr. Horner sent to Mr. Harper, dated Jan. 22.
The letter outlines the pillars of a “renewed mandate” for AIMCo, largely affirming core aspects of the legislation that governs the pension fund manager and emphasizing that it should be “a cost-efficient provider of investment management services.”
The government’s heavy-handed intervention last fall, when it installed senior civil servants as the interim CEO and board members, raised questions about the pension fund’s purported arm’s-length status.
“AIMCo will operate independently and at arm’s length from the Government of Alberta,” the mandate letter says. “Investment decisions will be made without any government influence, strictly adhering to AIMCo’s legal obligation to act in the best interest of its clients.”
The letter also says that “while AIMCo is accountable to the Government as its sole shareholder, its primary accountability is to its clients.”
Mr. Harper said in an e-mailed statement that the letter “clearly outlines that AIMCo’s mandate will remain intact.”
“AIMCo will continue to operate independently from government and remain focused on acting in the best interest of clients in providing investment management services,” he said. “Our priority is, and always will be, to uphold the highest standards of governance.”
Yesterday, AIMCo issued a press release stating Sandra Lau has been appointed to its board of directors:
Edmonton – Alberta Investment Management Corporation (AIMCo) is pleased to announce the appointment of Ms. Sandra Lau to the Board effective June 2025 for a three-year term.
“Sandra Lau brings both exceptional skills and a unique perspective, and I am pleased to welcome her back to AIMCo as a member of the Board,” said The Right Honourable Stephen Harper, Chair, AIMCo Board of Directors. “The Board is certain AIMCo and its clients will benefit from her extensive knowledge of the organization, her proven investment and risk management acumen, and her boardroom experience.”
Sandra Lau brings more than 25 years of proven expertise in investment and risk management, the majority of which she spent in progressively senior roles at AIMCo. Since joining the organization in 1999, she advanced to Executive Vice President, Fixed Income, and later served as Chief Investment Officer from 2022 until her retirement in mid-2023. Her leadership was instrumental in shaping AIMCo’s corporate and long-term investment strategies. Ms. Lau holds a Master’s degree in Economics and Finance and a Bachelor of Commerce with a major in Finance, both from the University of Alberta. She is also a CFA Charterholder and is based in Edmonton, Alberta.
“I have been deeply invested in AIMCo’s success for more than 25 years,” said Ms. Lau. “It is an honour to rejoin the organization in this capacity and contribute to supporting the organization as it executes its mandate of delivering strong, risk-adjusted investment returns.”
This announcement follows the signing of the Order in Council, O.C. 175/2025 by the Lieutenant Governor of Alberta earlier today. 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. Guided by this mandate, the Board sets the strategic direction of the Corporation and oversees the development and implementation of policies and procedures that govern the day-to-day conduct of AIMCo’s business. All directors are appointed to the Board by the Lieutenant Governor in Council and are fully independent of management.
About Alberta Investment Management Corporation (AIMCo)
AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than C$179.6 billion of assets under management as at December 31, 2024. AIMCo invests globally on behalf of pension, endowment, insurance, and government funds in the Province of Alberta. With offices in Edmonton, Calgary, Toronto, London, and Luxembourg, our more than 200 investment professionals bring deep expertise in a range of sectors, geographies, and industries.
Today, AIMCo issued another press release stating a letter has been delivered to the organization's Board Chair from Alberta's Minister of Finance:
The Government of Alberta has published a letter from Nate Horner, President of Treasury Board and Minister of Finance, to The Right Honourable Stephen Harper, AIMCo's Board Chair.
The letter, dated January 22, 2025, has been made available on the Open Government web page, which is designed to improve government transparency, and ensure better collaboration between government and citizens.
"This letter clearly outlines that AIMCo’s mandate will remain intact. It also reaffirms AIMCo's commitment to operational independence and accountability to our clients, ensuring that our investment decisions are guided by sound financial principles and long-term objectives," said Mr. Harper.
"AIMCo will continue to operate independently from government and remain focused on acting in the best interest of clients in providing investment management services. Our priority is, and always will be, to uphold the highest standards of governance."
I'm going to keep this comment short and sweet tonight.
I learned Sandra Lau was joining AIMCo's board of directors earlier today on LinkedIn and just blurted out the first thing that came to mind: "POW! Fantastic choice, Sandra Lau will make a great addition to AIMCo's board. Wonderful news, I'm very happy for her!".
I've spoken to Sandra in the past and I really like her a lot: she's very astute, experienced, and a genuinely nice and authentic person.
She worked many years as the head of Fixed Income, was named co-CIO and unfortunately that didn't work out.
The biggest mistake ever was that she left AIMCo to begin with and I'll leave it at that because I know a lot more.
Anyway, she's will add depth to that Board and along with Jim Keohane, you have two all-star investment professionals right there.
As far as the letter Alberta's Minister of Finance Nate Horner sent to former Chair Stephen Harper, I think it was done for two reasons, and again these are my opinions:
- First and foremost to assure AIMCo's clients that the governance will remain independent and focused on their best interests.
- Second, to attract a top CEO to the organization who will not be worried about government interference
Admittedly, that second reason is pure conjecture on my part but after what happened to former CEO Evan Siddall and other senior managers, well, let's just say it spooked any potential top candidate from taking that position.
We shall see where AIMCo is headed in the coming years but the latest announcements are positive, extremely positive.
I know for a fact AIMCo's clients and employees are happy Sandra is back with the organization (they love her too).
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