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Alberta to insulate AIMCo from liability, companies from greenwashing allegations
Bill 12 aims to protect Alberta taxpayers from at least $1.3 billion in liabilities linked to AIMCo losses and shields companies from lawsuits over good-faith climate disclosures.
- On Tuesday, Premier Danielle Smith's government introduced Bill 12 in the Alberta legislature to prevent public-sector pensions from suing Alberta Investment Management Corp. over past investment decisions.
- AIMCo's 2020 trading losses of about $2 billion prompted the Local Authorities Pension Plan, Public Service Pension Plan and Special Forces Pension Plan to pursue about $1.3 billion in arbitration.
- Also, the bill would shield Alberta companies from lawsuits tied to good-faith climate-related financial disclosures, crack down on financial social media influencers, and include ADAP and AI data-centre equipment levy measures.
- Finance Minister Nate Horner argued the law is needed to protect taxpayers, noting AIMCo has no cash to cover liabilities and appointed Ray Gilmour interim CEO after last year's management changes.
- Court Ellingson, NDP MLA for Calgary-Foothills and Opposition critic for finance, warned $1.3 billion affects many and said `The money still needs to be to be there to pay out those defined benefits`, while Stephen Harper chairs AIMCo's board.
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15 Articles
15 Articles
Alberta to insulate AIMCo from liability, companies from greenwashing allegations
EDMONTON — Alberta is moving to insulate its Crown investment corporation from potential legal liabilities and protect companies in the province from lawsuits accusing them of greenwashing. The wide-ranging legislation proposed Tuesday by Premier Danielle Smith’s government aims to protect the Alberta Investment Management Corp. — which manages public sector pensions — after it recorded […]
·Toronto, Canada
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Alberta to insulate AIMCo from liability, companies from greenwashing allegations
EDMONTON - Alberta is moving to insulate its Crown investment corporation from potential legal liabilities and protect companies in the province from lawsuits accusing them of greenwashing.
·Toronto, Canada
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Total News Sources15
Leaning Left6Leaning Right0Center3Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 33%
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