The provincial government of Alberta, Canada, has terminated the entire board of the C$168.9 billion ($124.5 billion) Alberta Investment Management Corp., Edmonton, citing underperformance issues and rising costs.

This is also the third board to be fired in its entirety by the UCP government, following Smith’s firing of the Alberta Health Services board in 2022 and the firing of the Banff Centre for Arts and Creativity board last year.

The provincial government has removed the entire board of the Alberta Investment Management Corporation (AIMCo).In an statement Thursday afternoon, the province said it has decided to "reset" the focus of the provincial corporation,

Alberta Investment Management Corp.’s entire board was sacked by the provincial government, which said the money manager has increased compensation and staff but hasn’t produced acceptable returns.  Alberta Finance Minister Nate Horner will temporarily become the fund manager’s chairman and sole director as the government of the Canadian province overhauls the firm.

The news release said Alberta’s government plans to appoint a new board chair within 30 days. In the interim, Horner has been appointed the sole director and chair for AIMCo. All previous board member appointments have been “rescinded” and a new board is to be established after a permanent chair is named, according to the release.