ALBERTA INVESTMENT MANAGEMENT CORPORATION ACT (RSA 2000 cA-26.5)

RSA 2000 cA-26.5

Alberta — Consolidated Statutes

© Published by Alberta King’s Printer Alberta King’s Printer Suite 700, Park Plaza 10611 - 98 Avenue Edmonton, AB T5K 2P7 Phone: 780-427-4952 E-mail: kings-printer@gov.ab.ca Shop on-line at kings-printer.alberta.ca Province of Alberta Office Consolidation Statutes of Alberta, 2007

Chapter A-26.5 Current as of December 11, 2025 ALBERTA INVESTMENT MANAGEMENT CORPORATION ACT

Copyright and Permission Statement The Government of Alberta, through the Alberta King’s Printer, holds copyright for all Alberta legislation. Alberta King’s Printer permits any person to reproduce Alberta’s statutes and regulations without seeking permission and without charge, provided due diligence is exercised to ensure the accuracy of the materials produced, and copyright is acknowledged in the following format: © Alberta King’s Printer, 20__.* *The year of first publication of the legal materials is to be completed.

Note All persons making use of this consolidation are reminded that it has no legislative sanction, that amendments have been embodied for convenience of reference only. The official Statutes and Regulations should be consulted for all purposes of interpreting and applying the law. Regulations The following is a list of the regulations made under the Alberta Investment Management Corporation Act that are filed as Alberta Regulations under the Regulations Act Alta. Reg.

Amendments Alberta Investment Management Corporation Act Alberta Investment Management Corporation .............................................. 225/2007 ......... 214/2008, 168/2010, 222/2013, 160/2015, 17/2017, 8/2019 158/2019, 99/2022, 175/2024 Alberta Investment Management Corporation Act Remuneration ................ 167/2007 ......... 50/2008, 176/2024

1 ALBERTA INVESTMENT MANAGEMENT CORPORATION ACT

Chapter A-26.5 Table of Contents 1

Definitions 2 Alberta Investment Management Corporation 3 Crown agent 4 Appointment of board 5 Board powers 6 Designated entities 7 Chief Execu tive Officer 8 Employees 9 B y l a w s 10 Audit committee 11 Responsibility of dir ectors and officers 11.1 Disclosure by directors and officers 12 Indemnification 13 Records and information 14 Reserve funds 15 Pooled and other funds 16 Corporation funding 17 Investment of Corporation’s funds 18 Borrowing and guarantees 19 Directives 19.1 Complying with directives 19.2 AIMCo and Crown immunity 20 Regulations 21-22 Consequential amendments 23 Coming into force

Section 1

Chapter A-26.5 ALBERTA INVESTMENT MANAGEMENT CORPORATION ACT 2 HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows:

Definitions 1 In this Act, (a) “board” means the board of directors appointed under

section 4; (b) “Corporation” means the Al berta Investment Management Corporation established under

section 2; (c) “designated entity” means a person, including the Crown, designated under

section 6(1); (d) “investment management agreement” means an agreement between the Corporation and a designated entity made in accordance with the regulations; (e) “Minister” means the Minist er determined under

section 16 of the Government Organization Act as the Minister responsible for this Act. 2007 cA-26.5 s1;2019 c15 s5 Alberta Investment Management Corporation 2(1) A corporation to be known as the “Alberta Investment Management Corporation” is established.

(2) The purpose of the Corporation is to provide investment management services in accordance with this Act and the regulations and to carry out any other powers, duties and functions authorized under subsection (8).

(2.1) In providing investment management services to designated entities, the Corporation shall act in the best interests of the designated entities.

(3) The Corporation has the capacity and, subject to this Act and the regulations, the rights, powers and privileges of a natural person.

(4) The share capital of the Corporation consists of one share owned by the Crown.

(5) The Corporation must maintain its head office and principal place of business in Alberta.

(6) The fiscal year of the Corporation is April 1 to the following March 31.

Section 3

Chapter A-26.5 ALBERTA INVESTMENT MANAGEMENT CORPORATION ACT 3

(7) The Auditor General is the auditor for the Corporation.

(8) The Lieutenant Governor in Council may make regulations (

a) expanding or clarifying the powers, duties or functions to be exercised or performed by the Corporation; (

b) imposing limits on the powers, duties or functions to be exercised or performed by the Corporation. 2007 cA-26.5 s2;2011 c8 s2 Crown agent 3(1) The Corporation is for all purposes an agent of the Crown in right of Alberta and may exercise its powers and perform its duties and functions only as an agent of the Crown in right of Alberta.

(2) An action or other legal proceeding in respect of a right or obligation acquired or incurred by the Corporation on behalf of the Crown in right of Alberta, whether in the name of the Corporation or in the name of the Crown in right of Alberta, may be brought or taken by or against the Corporation in the name of the Corporation. Appointment of board 4(1) There shall be a board of directors consisting of not more than 11 members appointed by the Lieutenant Governor in Council.

(2) The Lieutenant Governor in Council shall designate one of the members as chair.

(3) The Lieutenant Governor in Council may make regulations respecting the remuneration of members of the board.

(4) If regulations under the Alberta Public Agencies Governance Act apply in respect of the remuneration of members of the board, those regulations prevail, to the extent of any conflict or inconsistency, over any regulations made under subsection (3). 2007 cA-26.5 s4;2009 c40 s2;2009 cA-31.5 s27 Board powers 5(1) The board shall manage or supervise the management of the business and affairs of the Corporation.

(2) The board may delegate, on terms and conditions the board considers advisable, to any director, to a committee of the board, to any officer or employee of the Corporation or to any other person any of the board’s powers, duties and functions except (

a) the power to appoint the Chief Executive Officer under

section 7,

Section 6

Chapter A-26.5 ALBERTA INVESTMENT MANAGEMENT CORPORATION ACT 4 (

b) the power to make bylaws under

section 9, and (

c) the power to approve the financial statements referred to in

section 10. Designated entities 6(1) A person may be designated under an enactment or by order of the Minister as a person to whom the Corporation is to provide investment management services in respect of funds administered by that person.

(2) The Corporation shall provide investment management services to a designated entity in respect of specific funds administered by the designated entity, but shall not provide investment management services to any person not designated under subsection (1).

(3) Subject to subsection (4), investment management services must be provided to a designated entity in accordance with an investment management agreement or the terms and conditions provided for in the regulations, or both.

(4) If at any time there is no subsisting investment management agreement between the Corporation and a designated entity that is designated under an enactment, the Minister may by order specify the terms and conditions, subject to those provided for in the regulations, in accordance with which investment management services must be provided to the designated entity.

(5) An order under subsection (4) has effect until the Corporation and the designated entity enter into an investment management agreement. 2007 cA-26.5 s6;2019 c15 s5 Chief Executive Officer 7(1) The board shall appoint an employee of the Corporation as Chief Executive Officer and shall determine the Chief Executive Officer’s powers, duties and functions.

(2) The board shall, in accordance with any applicable regulations under the Alberta Public Agencies Governance Act, set the compensation to be paid to the Chief Executive Officer.

(3) The Chief Executive Officer may, on terms and conditions the Chief Executive Officer considers advisable, delegate to any employee of the Corporation or any other person any of the Chief Executive Officer’s powers or duties. 2007 cA-26.5 s7;2009 cA-31.5 s27

Section 8

Chapter A-26.5 ALBERTA INVESTMENT MANAGEMENT CORPORATION ACT 5 Employees 8 The Corporation may engage employees for the purpose of carrying on the business of the Corporation and may determine their conditions of service. Bylaws 9(1) Subject to this Act and the regulations, the board may make bylaws governing (

a) the business and affairs of the Corporation, and (

b) the calling and conduct of board and committee meetings and the conduct of the business of the board and committees generally.

(2) The Regulations Act does not apply to bylaws made under this section.

(3) A bylaw made under this

section does not have effect until it is approved by the Minister. Audit committee 10(1) The board shall appoint from its members an audit committee (

a) to review financial stateme nts and the auditor’s report and to report and provide recommendations to the board prior to its approval of the financial statements, (

b) to review the Corporation’s internal audit and financial control policies and to determine whether they are being complied with, and to report to the board on its findings, and (

c) to carry out any other powers, duties and functions determined by the board.

(2) The Auditor General is entitled to attend and be heard at all meetings of the audit committee, and the Auditor General or a member of the audit committee may call a meeting of the audit committee at any time. Responsibility of directors and officers 11 Every director and officer, in exercising powers and discharging duties, (

a) shall act honestly and in goo d faith and with a view to the best interests of the Corporation, and

Section 11.1

Chapter A-26.5 ALBERTA INVESTMENT MANAGEMENT CORPORATION ACT 6 (

b) shall exercise the care, diligence and skill that a reasonable and prudent person would exercise in comparable circumstances. 2007 cA-26.5 s11;2011 c8 s3 Disclosure by directors and officers 11.1

Section 120 of the Business Corporations Act applies to the directors or officers of the Corporation except that a reference in that

section to a contract or transaction with a corporation includes both a contract or transaction with the Corporation and a contract or transaction with, or on behalf of, any designated entity to which the Corporation provides investment management services. 2011 c8 s4 Indemnification 12(1) The Corporation may, subject to the regulations, indemnify (

a) a present or former director or officer of the Corporation, (

b) an individual who acts or acted at the Corporation’s request as a director or officer, or an individual acting in a similar capacity, of another entity, whether incorporated or unincorporated, of which the Corporation, the Crown or a designated entity is or was a direct or indirect security holder or creditor, (

c) an employee or former employee of the Corporation, and (

d) the heirs and legal representatives of a person referred t o in clause (a), (

b) or (c), against costs, charges and expenses, including any amount paid to settle an action or satisfy a judgment, reasonably incurred by that person with respect to a civil, criminal or administrative action or proceeding to which that person is made a party by reason of holding such a position if that person acted honestly, in good faith and with a view to the best interests of the Corporation, or, as the case may be, to the best interests of the other entity for which the individual acted as a director or officer or in a similar capacity at the Corporation’s request and in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, if that person had reasonable grounds for believing that the conduct was lawful.

(2) Except as authorized under subsection (1), the Corporation may provide indemnities only in accordance with the regulations. 2007 cA-26.5 s12;2011 c8 s5

Section 13

Chapter A-26.5 ALBERTA INVESTMENT MANAGEMENT CORPORATION ACT 7 Records and information 13(1) Subject to the regulations, the Corporation shall prepare records and accounts.

(2) The Minister may request from the Corporation any information, including personal information, the Minister considers necessary and the Corporation shall disclose the information in the form and manner determined by the Minister.

(3) The Minister may, or the Corporation at the direction of the Minister shall, disclose information requested by the Minister under subsection (2) to a designated entity.

(4) The Corporation shall allow the Minister or the Minister’s representative to inspect and make copies of all records, accounts, reports and other documents of the Corporation and, in the case of an electronic document, make a print-out of the electronic document, and otherwise review the operations of the Corporation.

(5) If the information disclosed under subsection (2) or contained in records, accounts, reports and other documents of the Corporation under subsection (4) is personal information as defined in the Protection of Privacy Act, the Minister may collect and use that personal information for the purposes of (

a) reviewing and monitoring the operations of the Corporation, (

b) administering this Act and the regulations, and (

c) ensuring the Corporation is carrying out the purpose and intent of this Act and the regulations. 2007 cA-26.5 s13;AR 141/2025 Reserve funds 14 In accordance with the regulations and for the purposes provided for in the regulations, the Corporation may establish and maintain one or more reserve funds. Pooled and other funds 15 For the purposes of this Act, the Corporation may, in accordance with the regulations, establish and maintain pooled funds or other funds. Corporation funding 16(1) In this section, “fund” means a fund of a designated entity or a pooled fund or other fund established and maintained under this Act or the Financial Administration Act.

Section 17

Chapter A-26.5 ALBERTA INVESTMENT MANAGEMENT CORPORATION ACT 8

(2) Subject to the regulations, the Corporation may charge against a fund or a designated entity (

a) its costs and expenses as sociated with carrying out its powers, duties and functions, and (

b) amounts for the funding of a reserve fund referred to in

section 14.

(3) Subject to the regulations, a charge under subsection (2)(

a) may be imposed before the costs or expenses are incurred. Investment of Corporation’s funds 17 The Corporation may invest its funds, including reserve funds, only in accordance with the regulations. Borrowing and guarantees 18(1) If authorized by the Minister, the Corporation may borrow money in accordance with the regulations.

(2) The Corporation may give guarantees only in accordance with the regulations. Directives 19 The Treasury Board may issue directives that must be followed by the Corporation, the board, or both, in carrying out their powers and duties under this Act and the regulations. Complying with directives 19.1(1) In this section, “directive” means (

a) a directive issued under

section 19, (

b) a directive issued by Treasu ry Board pursuant to

section 7 of the Financial Administration Act, (b.1) a policy set pursuant to

section 10 of the Alberta Public Agencies Governance Act, and (

c) any other directive or d irection issued under another enactment.

(2) The board shall ensure that any directive issued to the board, and the Corporation shall ensure that any directive issued to the Corporation, is implemented in a prompt and efficient manner and in accordance with

section 11(b), and compliance by the board or

Section 19.2

Chapter A-26.5 ALBERTA INVESTMENT MANAGEMENT CORPORATION ACT 9 the Corporation, as the case may be, with any directive is deemed to be in compliance with

section 11(a). 2009 cA-31.5 s27;2011 c8 ss6,7 AIMCo and Crown immunity 19.2(1) In this section, (a) “AIMCo” means the Corporation and includes its current and former directors, officers and employees; (b) “claimant” means (

i) a designated entity, and (ii) any of the persons for who se benefit a designated entity holds and administers funds; (c) “Crown” means the Crown in right of Alberta and includes any current and former Ministers, agents and employees of the Crown.

(2) No liability attaches to AIMCo or the Crown for any loss or damages to a claimant that have arisen or may arise (

a) relating to any act or omission of AIMCo or the Crown prio r to November 7, 2024 in relation to (

i) the provision by the Corporation of investment management services to a designated entity, (ii) the investment or other use by the Corporation of all or any part of the funds administered by a designated entity, or (iii) the exercise of the C orporation’s powers, the performance of its statutory, contractual or fiduciary duties or the fulfilment of its obligations, including under an investment management agreement, o r (

b) as a direct or indirect res ult of the enactment of this section.

(3) No claim, action or proceeding that is directly or indirectly based on, or related to, anything referred to in subsection (2) may be brought or maintained against AIMCo or the Crown.

(4) No costs shall be awarded against AIMCo or the Crown in respect of a claim, action or proceeding referred to in subsection (3).

Section 20

Chapter A-26.5 ALBERTA INVESTMENT MANAGEMENT CORPORATION ACT 10 (5) Subsection (3) does not apply with respect to an application for judicial review.

(6) Nothing in this

section admits or validates a claim, action or proceeding referred to in subsection (3). 2025 c20 s4 Regulations 20 The Lieutenant Governor in Council may make regulations (

a) respecting the form and contents of investment management agreements; (

b) respecting appointments to the board, including eligibilit y and qualifications for appointment; (

c) respecting conflict of interest guidelines, codes of condu ct and any other guidelines and policies in respect of the board and employees of the Corporation; (

d) respecting terms and conditions for the purpose of

section 6(3); (

e) respecting the standard of care required of persons provid ing investment management services under this Act; (

f) respecting any terms and c onditions of an indemnity given under

section 12; (

g) respecting the preparatio n of records and accounts under

section 13(1); (

h) respecting the establishmen t and maintenance of reserve funds, including the maximum amounts that can be held in a reserve fund; (

i) respecting the establishm ent and maintenance of pooled funds and other funds; (

j) respecting the charging o f costs and expenses of the Corporation and for amounts for funding reserve funds against designated entities or their funds; (

k) defining terms that are used but not defined in this Act; (

l) respecting the investment of the Corporation’s funds and reserve funds; (

m) respecting the borrowing of money by the Corporation when authorized under

section 18(1);

Section 23

Chapter A-26.5 ALBERTA INVESTMENT MANAGEMENT CORPORATION ACT 11 (

n) respecting the giving of guarantees by the Corporation under

section 18(2); (

o) respecting the collection, u se and disclosure of information, including personal information, under

section 13; (

p) respecting the application of this Act and the regulations to subsidiaries of the Corporation; (

q) respecting generally the operation of the Corporation; (

r) generally to carry out the intent and purposes of this Act . 2007 cA-26.5 s20;2019 c15 s5 21 and 22 (These sections make consequential amendments to other Acts. The amendments have been incorporated into those Acts.) Coming into force 23 This Act comes into force on Proclamation. (NOTE: Proclaimed in force January 1, 2008.)

Printed on Recycled Paper *9780779859788*

Document details

Collection	Alberta — Consolidated Statutes
Citation	RSA 2000 cA-26.5
Type	statute
Volume / chapter	RSA 2000 cA-26.5
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	e023fa5eec5659533659f1d91c97b3dd4fbbb0ef

Source file is stored in the law ingest library (pdf).