On behalf of the Board, I am pleased to share this update on our activities and achievements over the past year. The Board’s primary responsibility is to safeguard the integrity, sustainability, and long-term success of PSPP, and we approach this role through accountable and transparent governance and sound oversight. All of our decisions are made to fulfill PSPP's purpose and values such that Plan member's pensions are available when they retire. I am proud to report that the Plan remains healthy and secure.
Over the past year, the Board remained focused on strategic and business planning, effective governance and oversight, risk management and investment policy. In particular, the Board devoted significant attention to investment management and engagement with our investment manager, strong financial oversight, and compliance. These focus areas reflect the complex environment in which pension plans operate and the importance of proactive oversight.
In recent years, PSPP has built a constructive working relationship with our legislated investment manager, AIMCo, to ensure sound long-term investment management. At the same time, the Board remains focused on accountability. In 2020 an AIMCo trading strategy resulted in a loss to PSPP of approximately $350 million leading us to exercise our contractual rights to pursue recovery of the loss.
On November 25, 2025, the Government of Alberta announced the Financial Statutes Amendment Act, 2025 which includes a provision granting AIMCo retroactive immunity from any financial claims arising from decisions made prior to November 2024. When this Act came into force it removed any further ability for PSPP to hold AIMCo accountable for the 2020 trading loss. Although the Act removed PSPP’s ability to pursue recovery of the 2020 loss on behalf of PSPP members, PSPP has continued to engage with AIMCo to augment processes to mitigate future similar losses. Despite this, PSPP is in the position to clearly convey that the Plan remains fully funded and retirement benefits are secure.
Managing emerging risks and uncertainty is a central element of Board deliberations. As economic, regulatory, and market conditions evolved, the Board worked closely with management to ensure risks were identified early, assessed thoroughly, and addressed in a disciplined manner. This included testing assumptions, reviewing mitigation strategies, and ensuring the Plan remained resilient under a range of scenarios.
Education remains a cornerstone of effective governance. The Board continues to lead by example in strengthening their own knowledge, including through development in 2025 of new training modules designed to enhance understanding of fiduciary duties, pension governance, and emerging issues.
The Board welcomed two new members in 2025. We were pleased to welcome Matthew Byrne, Senior Research Advisor with AUPE. Matthew brings valuable insight into member perspectives and policy analysis. We also welcomed Jacqueline Lacasse, General Counsel and Vice-President, People and Culture at the University of Calgary. Jacqueline’s executive leadership experience, combined with her legal background, significantly enhances the Board’s collective expertise.
Finally, I would like to extend the Board’s sincere appreciation to the CEO and Executive Team for their strong leadership and performance over the past year. The Board is proud of the organization’s achievements and the professionalism with which management continues to serve Plan members. We also thank our partners and all those who contribute to PSPP’s ongoing success.
Together, we remain committed to sound governance and to the long-term security of the Plan.
Bonnie Andriachuk, Chair
PSPP Board of Directors
PSPP Corporation Board of Directors
Back, L to R: Liliana Cordeiro, Matthew Byrne, Bonnie Andriachuk, David Lardner, Emilian Groch, Ross Prokopy;
Front, L to R: Jacqueline Lacasse, Kerry Swann
