Alberta to insulate AIMCo from liability, companies from greenwashing allegations

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 about $2 billion in investment losses in 2020.

Finance Minister Nate Horner says AIMCo has no cash set aside to cover potential liabilities of at least $1.3 billion being claimed by some public sector pensions, and the government isn’t willing to put that cost onto the backs of taxpayers.

“We’ve had lots of conversations about the borrowing the province is already undertaking, and it’s something we’re not willing to entertain,” he told reporters before tabling the bill.

After management overhauls at AIMCo, Horner said the investment strategy that made headlines in 2020 has been “remedied.”

Story continues below advertisement

“This isn’t an issue going forward,” he said.

1:57 AIMCo loses big in oilpatch investments

• AIMCo loses big in oilpatch investments
• Kenney responds to reported $4B loss from AIMCo
• Stephen Harper appointed to oversee $160B AIMCo fund
• Alberta finance minister expects AIMCo appointments this week
• Alberta government fires AIMCo board, finance minister taking over
• Kenney says transfer of teachers’ pension to AIMCo is not factual

Previous Video Next Video

He added that no one with a defined-benefit plan will see their pensions impacted.

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

The Financial Statutes Amendment Act (No. 2), 2025, if passed, will shield companies in Alberta from unfair lawsuits when they make good-faith climate-related financial disclosures.

Horner said the aim is to protect them from “frivolous” lawsuits, and the Alberta Securities Commission has the ability to adjudicate what is or is not a good faith claim, based on the best information they have available.

It comes after a shareholder advocacy group filed a complaint with the Alberta Securities Commission earlier this year alleging two of the province’s largest energy companies misled investors in their environmental disclosures.

Government officials said a federal anti-greenwashing law — long the target of criticism from Alberta’s United Conservative government — did not inspire the legal changes.

Trending Now

• Canadian potash company Nutrien to build terminal in U.S. and not B.C.
• It’s unacceptable B.C. has been cut out of pipeline talks, Premier Eby tells Mark Carney

Story continues below advertisement 2:20 Canada’s new ‘greenwashing’ ban faces challenges from industry and provincial leaders

• Canada’s new ‘greenwashing’ ban faces challenges from industry and provincial leaders
• Greenwashing: What it is and how to spot it in your investment portfolio
• Fashion greenwashing: What’s in your closet?
• How the fashion industry uses ‘greenwashing’ terms to sell more clothes

Previous Video Next Video

The new rules could only regulate activities within Alberta.

Under the bill, the securities commission will have more power to try to stop the spread of misinformation, particularly through social media, with new penalties to be determined.

Horner said it’s about protecting investors from people who don’t have to disclose their interest or intent and are attempting to drive the value of a stock up or down.

He said the application of penalties will be very narrow, as the government is mindful of protecting free speech.

“It doesn’t allow you to defraud someone,” he said.

The commission will be given the power to halt the trading of a stock for up to 15 days if false or misleading information is circulating.

Advertisement More on Politics More videos

• U.S. senators say tariffs causing ‘cultural break’ in relations with Canada
• Ontario plans to require bail cash up front as part of new justice bill
• Canada, G7 security ministers pledge to fight organized crime together
• Carney says U.S. peace plan for Ukraine needs ‘more work’; expert calls it a ‘disaster’

• Kneecap rapper’s terror charge dismissed by UK court, but will Canadian gigs proceed?
• Kelowna community safety survey
• New report outlines threat to domestic violence victims from affordable housing crisis
• Calgary’s new city council kickstarts 2026 budget talks with public hearing