Former TD Bank CEO, Charles Baillie, has been named to head the board of the Alberta government’s investment corporation, Alberta Investment Management Corp.

The provincial government named Baillie, former TD Bank Financial Group chair and CEO, and George Gosbee, chair, CEO and president of Tristone Capital Inc, as chair and vice chair of the Alberta Investment Management Corp.’s board of directors, respectively.

Finance minister, Lyle Oberg, said that the first chair and vice chair of the province’s investment management corporation will provide the highest standards of oversight for Alberta’s savings, public sector pensions, endowments and other funds.

“These gentlemen bring a wealth of experience and knowledge of the investment industry with them, as well as strong backgrounds in corporate governance,” said Oberg, in a news release. “Alberta’s savings are in good hands.”

In early 2008, Alberta’s investment management operations will be moved from within Alberta Finance to become a provincial corporation. The move follows best practices for top public sector investment funds such as the Canada Pension Plan, the B.C. Investment Management Corporation and the Ontario Teachers’ Pension Plan.

The Alberta Investment Management Corporation Act allows for up to 11 board members in addition to the deputy minister of finance. The government will appoint the remaining board members in the coming months. The board of directors will be responsible for supervising the corporation, appointing a chief executive officer, establishing bylaws and approving the corporation’s financial statements.

The government will continue to set the investment policy for all government funds. Currently, Alberta Finance manages approximately $70 billion in assets, including the Alberta Heritage Savings Trust Fund and other public endowments, public sector pension plans and other funds.

Fiscal responsibility is a key part of Premier Ed Stelmach’s plan to build a stronger Alberta. Other priorities for the government are to govern with integrity and transparency, manage growth pressures, improve Albertans’ quality of life, and provide safe and secure communities.