Political Party Financial Benefits/AIMCo CEO Personal Investments (November 28)
Dr. Taft: Thanks, Mr. Speaker. My questions are to the Minister of Justice. Will the minister bring forward amendments to the Election Finances and Contributions Disclosure Act to require registered political parties to disclose the exact value of any special allowances, reimbursements, financial trusts, or any other financial benefits granted by them to their leaders and sitting MLAs?
Mr. Olson: Mr. Speaker, I sense a bit of a theme here. I’m going to have to investigate this question. I’m being very honest with the member when I say that I do not have the answer for him, and I’m going to have to investigate it.
Dr. Taft: Well, I sense a bit of a theme in these non-answers, Mr. Speaker. We’ll try again. Does the Minister of Justice admit that these kinds of special allowances and so on could easily become an end run to legislative safeguards that require full disclosure and protect against conflicts of interest?
Mr. Olson: Mr. Speaker, I’m not sure what the member is after here, but I will say that either of these members could have easily given me a call, talked to me. I could’ve prepared myself for this discussion. I would have been happy to have it with them.
Dr. Taft: Again to the same minister. Maybe we’ll return tomorrow and get full answers from him. In the interest of open and accountable government does the Minister of Justice agree that the public has a right to know who is providing what financial benefits to their Premier and other elected officials?
Mr. Olson: Mr. Speaker, there is already disclosure made, and if the member wants to discuss it further with me, I’d be more than happy to meet with him.
AIMCo CEO Personal Investments
Dr. Taft: Mr. Speaker, my questions are to the Minister of Finance. Earlier this month the Ontario Securities Commission issued what was described as a stunning warning about the operations of real estate in a wealth management company. The top executive at AIMCo has been involved in the centre of this controversy and what is apparently his personal investment. Is the minister concerned that the top official at AIMCo, which manages some $70 billion in money for the Alberta government, is embroiled as a director of a company under an OSC investigation?
Mr. Liepert: Well, Mr. Speaker, there were a lot of inflammatory words in that question, like “embroiled” and “controversy” and all of those other things, to try and make a story out of this particular incident. I was informed by the CEO of AIMCo about this unfortunate situation and have had a chance to have a look at it. I think that everything, as far as I’m concerned, the information that I have, is perfectly fine.
Dr. Taft: To the same minister, then: what rules are in place to govern the personal investment activities of AIMCo managers so that conflicts of interest with their public-sector investments and other problems such as lost credibility are avoided?
Mr. Liepert: Well, Mr. Speaker, again, in the question the member is talking about, he used the term “lost credibility.” This particular organization is recognized in the short period of time that it’s been in existence as one of the premier investment organizations in the country. I had an opportunity last week to meet with the board, and I can say that we’ve got an outstanding board and an outstanding CEO.
Dr. Taft: Well, Mr. Speaker, given that before working at AIMCo, this same official managed a $35 billion public-sector fund in Australia that was caught in a scheme that lost $500 million in an investment that was made, according to investigations, on the basis of a Google search and a sales pitch, what oversight does this government have in place to protect Albertans’ investments in AIMCo?
Mr. Liepert: Well, first of all, Mr. Speaker, I will look into the googling that the member did to see whether, in fact, it has any substance or not, but the organization is one that, I said earlier, is recognized internationally, and to somehow leave the impression that a particular individual within this organization can be misappropriating Albertans’ funds is – actually, it borders, Mr. Speaker, on what I would say is – I’ll leave it at that.
Alberta Hansard, November 28, 2011