Politics Archives - Page 2 of 12

6Feb

By Bob AscahNo Comments

Agencies, Financial Institutions, Government Finances, Intergovernmental, Politics

C-387 and the Alberta Pension Plan- Response from Finance Canada

Background Last summer, I wrote the following letter to the then Finance Minister and Deputy Prime Minister, Chrystia Freeland. Edmonton, Alberta T6C 4R1 12 August 2024 The Honorable Chrystia Freeland, P.C., M.P. Deputy Prime Minister and Minister of Finance Member for Parliament, Toronto University-Rosedale Ottawa, Ontario Canada K1A 0A6 Dear Ms. Freeland Re. Bill C-387 In the last sitting of the House of Commons, M.P. Heather McPherson, M.P. for Edmonton Strathcona tabled an important private member’s Bill C-387 which would limit the exclusive authority of the Minister responsible for administering the Canada Pension Plan (CPP) and the Governor in Council from allowing a province to withdraw from the pension plan. This exclusive executive authority under sect...

5Feb

By Bob AscahNo Comments

Agencies, Government Finances, Investment, Opinion/Research, Politics

“Alberta’s New Heritage Fund “

Updated 8 February 2025 On 5 February this post was originally published. I February 2025 the Standing Committee of the Alberta Heritage Savings Trust Fund met to hear from the President of Treasury Board and Minister of Finance, Nate Horner, his officials, and the Acting Chief Executive Officer of the Alberta Investment Management Corporation AIMCo, provide a high level overview of the new Heritage Fund. Secondly, the Committee received an update on the second quarter report of the Fund's performance. As a result of this testimony and questions and answers. some of the unanswered questions I had about the Fund "refresh" were clarified. I have made some changes from the original post which are highlighted in bold type. The transcript for the meeting has not been posted b...

Pinocchios Aplenty: Fact Checking Alberta’s Coal Industry Modernization Initiative

10Jan

By Bob AscahNo Comments

Energy, Environment, Investment, Opinion/Research, Politics

Pinocchios Aplenty: Fact Checking Alberta’s Coal Industry Modernization Initiative

Contributor Dr. Ian Urquhart is Professor Emeritus of Political Science from the University of Alberta. In memory of Kris Unger. Kris was passionate about preserving Alberta’s landscapes, most especially perhaps the Eastern Slopes and the Rockies. I hope his spirit approves of the following Introduction Disingenuous. That’s how The Globe and Mail’s Emma Graney characterized Energy Minister Brian Jean at the news conference announcing the government’s vague Coal Industry Modernization Initiative. Deceptive and brazen also would be fitting adjectives. In their 30-minute news conference Mr. Jean and Environment Minister Rebecca Schulz failed miserably to communicate accurate information to the public about many vital aspects of exploiting coal in Alberta. One of the few une...

28Dec

By Bob AscahNo Comments

Agencies, Financial Institutions, Opinion/Research, Politics

Canada’s Chief Actuary reports on CPP withdrawal

On Friday 20 December, Canada’s Chief Actuary Assia Billig released a report on the withdrawal formula under section 113(2) the Canada Pension Plan Act. Billig emphasized that “throughout this process my office has acted with independence and impartiality. These two factors are foundational elements to my role as the Chief Actuary.” Background The report was requested by a committee of officials representing ministers of finance as a result of the 23 September announcement of the Smith government they would begin an engagement process based on the Lifeworks (consulting actuary) report’s interpretation of section 113(2) (see below). As part of the $7-million pension roll-out, Premier Smith has claimed that Albertans won’t be asked to decide a referendum question without a number. ...

18Dec

By Bob AscahNo Comments

Agencies, Financial Institutions, Government Finances, Investment, Politics

Why AIMCo needs more scrutiny and transparency- Part 3

Introduction In Parts 1 and 2 of this series I examined the weaknesses in AIMCo’s reporting on its investments. With the recent news about the firing of AIMCo’s board, CEO, the CEO’s chief of staff, the Chief Legal Officer, and the head of human resources, it is incumbent for the government to clearly demonstrate that it has no intention of bringing AIMCo more closely under the direction of politicians. One measure the government could adopt is to appoint representatives of the major pension plans to the AIMCo board. That representation would mean those sitting on the board would have some “skin in the game;” that is their clients’ interests would be better aligned with AIMCo’s interest. The recent appointment of Alberta’s deputy finance minister gives some say in AIMCo’s operations as...

Alberta Government finally decides to shake up AIMCo- is more politicization on the agenda?

11Nov

By Bob AscahNo Comments

Financial Institutions, Government Finances, Intergovernmental, Opinion/Research, Politics

Alberta Government finally decides to shake up AIMCo- is more politicization on the agenda?

Updated 11 November 2024 On Thursday 7 November, the President of Treasury Board and Minister of Finance Nate Horner finally said “enough is enough” for the status quo at the Alberta Investment Management Corporation (AIMCo). The Minister cited “significant increases in operating costs, management fees and staffing without a corresponding increase to return on investment” including rising staff salary and benefit costs. Horner properly asked the question” why are we paying remarkably high salaries when the organization was not delivering higher returns?” Also identified were rising staffing costs alongside rising external fees. The whole concept of AIMCo was to bring in house expertise and thereby drive down external fees. Horner also removed the 10-member board (this URL was s...

Why AIMCo needs more scrutiny and transparency Part 2

6Nov

By Bob AscahNo Comments

Agencies, Bankruptcies, Fiscal History, Government Finances, Investment, Politics

Why AIMCo needs more scrutiny and transparency Part 2

Updated 6 November 2024 Note to readers: On 6 November the Standing Committee on the Alberta Heritage Savings Trust Fund (AHSTF) will be holding its annual public meeting at 6:30 p.m. in the Rocky Mountain Room, 2nd Floor of the Queen Elizabeth II Building in Edmonton. The annual public meeting is open to members of the public either in person or via social media including Facebook. I attended the last two meetings in person and have been able to raise important questions of policy. In the 2022 meeting (transcript here), I was the only member of the public present in person. In 2023, I was pleased that there were nine members of the public raising uncomfortable questions which generally were deflected by officials of Alberta Treasury Board and Finance (TBF) and senior Al...

28Oct

By Bob AscahNo Comments

Education, Politics

Opening of the Fall Sitting- Conversation with Graham Thomson

Last Thursday morning I had the opportunity to speak with Graham Thomson, a 30-year veteran of covering the Alberta Legislature to discuss the fall sitting which commences on 28 October. In addition to his coverage of the "Leg" as a public affairs columnist for the Edmonton Journal, he writes a column for Alberta Views and his analysis of Alberta politics is found in the The Tyee and Toronto Star. In this 30-minute discussion, Thomson emphasized that the upcoming session was basically about the UCP's leadership review which is occurring on 1-2 November 2024 in Red Deer. On Friday 25 October, Joseph Schow, UCP House Leader and Minister of Tourism and Sport briefed the media on the upcoming session. “Alberta’s government is heading back to the legislature with a laser-focus o...

27Oct

By Bob AscahNo Comments

Energy, Environment, Health, Politics

Grassy, not Shaun, of the Dead

Updated 28 October 2024 This post is contributed by Ian Urquhart who taught political science at the University of Alberta for over thirty years. He is the author of Costly Fix: Power, Politics and the Nature of the Tar Sands. You may have to fight a battle more than once to win it. - Margaret Thatcher Zombies. The Undead. They’re in neighbourhoods everywhere now – part of the ghoul fun of Halloween. Most will be dragged back to their crypts in a few weeks. Not the Grassy Mountain coal project. This zombie still will be lurching through the corridors of provincial power and the Crowsnest Pass at least until well into 2025. Grassy Mountain’s First Death Sentence Many will recall Benga Mining’s Grassy Mountain venture. Benga proposed ...

20Oct

By Bob AscahNo Comments

Agencies, Government Finances, Opinion/Research, Politics

Why AIMCo needs more scrutiny and transparency- Part 1

Note to readers: Updated 21 October 2024 On 6 November the Standing Committee on the Alberta Heritage Savings Trust Fund (AHSTF) will be holding its annual public meeting at 6:30 p.m. in the Rocky Mountain Room, 2nd Floor of the Queen Elizabeth II Building in Edmonton. The annual public meeting is open to members of the public either in person or via social media including Facebook. I attended the last two meetings in person and have been able to raise important questions of policy. In the 2022 meeting (transcript here), I was the only member of the public present in person. In 2023, I was pleased that there were nine members of the public raising uncomfortable questions which generally were deflected by officials of Alberta Treasury Board and Finance (TBF) and senior Alberta Invest...