The Alberta Investment Management Corporation (AIMCo) has laid off 19 employees, including the lead for its diversity, equity, and inclusion (DEI) program. AIMCo spokesperson Carolyn Quick said in an email that despite the reductions, the corporation remains committed to fostering an equitable and inclusive workplace. Quick did not specify which roles were cut or their locations but mentioned that the eliminated positions were in non-investment roles.
In November, Alberta Finance Minister Nate Horner dismissed AIMCo’s board of directors and CEO, appointing former prime minister Stephen Harper as board chair and Ray Gilmour as interim CEO. Horner defended the cuts, citing unacceptable rising costs relative to AIMCo’s annual investment performance. AIMCo manages over $110 billion in public sector pension plans for thousands of Albertans, including teachers, police officers, and municipal workers, with total assets exceeding $160 billion and a workforce of about 600 employees.
The decision to cut the DEI program facilitator mirrors similar moves by other institutions.
Cuts spark debate over DEI impact
For instance, the University of Alberta recently rebranded its DEI program to “Access, Community, and Belonging,” a change critics labeled as merely symbolic.
Opposition NDP health critic Sarah Hoffman expressed disappointment with AIMCo’s decision. “I have a lot of young people in my life who look to their government to create a world that’s better than the one we inherited from the generation before us,” Hoffman said. “And it feels like this is a move in the wrong direction.”
Finance Minister Horner reiterated AIMCo’s mandate to achieve the highest returns at the lowest cost.
“Though they manage their operations independently, we support them in making decisions that reduce their operating expenses,” he stated. It remains unclear if AIMCo’s DEI program has been dissolved. The decision has sparked discussions within the financial and corporate sectors regarding the future of DEI initiatives and how this move will impact the pension manager’s commitment to diversity and inclusion moving forward.
