IFSWF Santiago Principles

Conference call meeting minutes between IFSWF Secretariat and Alberta Finance

Participants - Alberta Finance:

Lowell Epp, Assistant Deputy Minister, Alberta Finance

Stephen Thompson, Executive Director, Treasury and Risk Management, Alberta Finance

Aaron Brown, Director, Portfolio Management, Alberta Finance

IFSWF Secretariat:

Kristian Flyvholm, Secretary-General

Bayasgalan Rentsendorj, Senior Membership Manager

Adam Robbins, Senior Membership Manager

 

Key Points

• KF updated Alberta about the IFSWF 2015 Annual Meeting and activities over the past year.

o KF described the new research agenda and policy.

o KF described the SC agenda.

o KF also updated Alberta on the upcoming Baku workshop.

• LE described the current situation of the Heritage fund and Alberta’s finances more broadly.

o Alberta’s economy is petroleum-driven, and Alberta currently faces fiscal crisis.

o Except for inflation-proofing, the investment returns of the $17b Heritage fund are withdrawn annually for budget support.

o The new government in Alberta is currently unfamiliar with Alberta’s history with the IFSWF.

• Alberta will contribute substantially to SC2’s work.

o The risk management project falls squarely within Alberta Finance’s mandate, and is a topic on which Alberta can bring expertise to bear.

o Aaron Brown will be the key point of contact for Alberta’s SC2 work.

• IFSWF and Alberta aim to collaborate more closely in the future. Next Steps

• Adrian Orr will write to Alberta’s Minister of Finance to reiterate the importance of IFSWF’s work, and the value of Alberta’s contribution.

• The Secretariat will assist in integrating Alberta into SC2’s work plan on risk management.

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