Sovereign wealth fund of the Canadian province of Alberta
Alberta Heritage Savings Trust Fund
Fund overview
Formed
19 May 1976 (1976-05-19)
Headquarters
Federal Building 9820 107 Street Edmonton, Alberta, Canada
Minister responsible
Travis Toews, Minister of Finance
Fund executive
Ron Orr, Chair of the Standing Committee on the Alberta Heritage Savings Trust Fund
Key document
Alberta Heritage Savings Trust Fund Act
Website
www.alberta.ca/heritage-savings-trust-fund.aspx
This article is part of a series about
Peter Lougheed
Premier of Alberta (1971–1985)
Cabinet
Policies and events
Alberta Heritage Savings Trust Fund
Pacific Western Airlines
Syncrude
National Energy Program
Patriation of the Constitution
notwithstanding clause
7/50 formula
1978 Commonwealth Games
1988 Winter Olympics
Elections
1967
1971
1975
1979
1982
Leader of the Progress Conservative Association of Alberta 1965 leadership election
Legacy and cultural references
Peter Lougheed Provincial Park
Peter Lougheed Centre
Calgary-Lougheed (electoral district)
v
t
e
The Alberta Heritage Savings Trust Fund(HSTF) is a sovereign wealth fund established in 1976[1]: 10 [2] by the Government of Alberta under then-Premier Peter Lougheed.[1]: 10 [2] The Heritage Savings Trust Fund was created with three objectives: "to save for the future, to strengthen or diversify the economy, and to improve the quality of life of Albertans."[2] The operations of the Heritage Savings Trust Fund are subject to the Alberta Heritage Savings Trust Fund Act and with the goal of providing "prudent stewardship of the savings from Alberta's non-renewable resources by providing the greatest financial returns on those savings for current and future generations of Albertans."[3] Between 1976 and 1983 the Government of Alberta deposited a portion of oil revenue into the fund. The Heritage Savings Trust Fund used oil revenues to invest for the long term in such areas as health care, education and research and as a way of ensuring that the development of non-renewable resources would be of long-term benefit to Alberta.[2] The strategy and goals of the fund have changed through successive provincial governments which moved away from direct investments in Alberta to a diversified approach, which now includes stocks, bonds, real estate and other ventures.
The Heritage Savings Trust Fund has been a source of criticism for Alberta governments, as the value of the fund has failed to grow at the pace of provincial non-renewable natural resource revenues, which between 1980 and 2014 accounted totaled almost $190 billion,[4] while the value of the Heritage Fund in 2014 was only $17.3 billion.[5] The fund was established in 1976 accruing 30 per cent of provincial non-renewable resource revenues, which was subsequently lowered to 15 per cent in 1983 and eliminated in 1987.[2] The Heritage Savings Trust Fund has not been immune to market forces, gaining and losing value according to general market trends. This includes a $3-billion loss during the 2009 Great Recession resulting in the fund dropping to its 1985 value of $14 billion. The Alberta's Heritage Savings Trust Fund's fair market value was listed at $17.5 billion in 2014,[6] and $16.3-billion as of 2020.[7]
^ abClemens, Jason; Murphy, Robert P. (March 4, 2013), Reforming Alberta's Heritage Fund: Lessons from Alaska and Norway, retrieved February 7, 2015
^ abcde"Historical Timeline", Government of Alberta, Heritage Fund, Treasury Board and Finance, December 2, 2014
^Alberta Heritage Savings Trust Fund Third Quarter 2014–2015 (PDF) (Report). Department of Treasury Board and Finance, Government of Alberta. December 2014. p. 23. Archived from the original (PDF) on March 14, 2015. Retrieved March 7, 2015.
^Fawcett, Max (May 5, 2014), "Money for Nothing: The Province vs. Non-renewable resource revenue: Alberta governments have a long history of squandering non-renewable resource wealth. Why that needs to stop – now", Alberta Venture, archived from the original on March 17, 2015, retrieved March 7, 2015
^Bennett, Dean (February 3, 2014). "Alberta Debt Debate To Resume Monday". The Canadian Press via Huffington Post. Edmonton. Retrieved March 7, 2014.
^Priaro, Mike (February 2, 2015), "Jim Prentice's government should revitalize Peter Lougheed's legacy" (PDF), Inside Policy, The Macdonald-Laurier Institute, retrieved March 7, 2015
^Alberta Treasury 2020, p. 1.
and 22 Related for: Alberta Heritage Savings Trust Fund information
Investment Fund (ISIF) - Sovereign Wealth Fund, Ireland - SWFI". Sovereign Wealth Fund Institute. Retrieved 12 June 2023. AlbertaHeritageSavingsTrustFund Annual...
instruments. Sovereign wealth funds are entities that manage the national savings for the purposes of investment. The accumulated funds may have their origin...
Lougheed's notable accomplishments were the limited Alberta Bill of Rights, and the HeritageTrustFund. Don Getty, one of Lougheed's long-time cabinet ministers...
Committees on Resource Stewardship, Legislative Offices and the AlbertaHeritageSavingsTrustFund. Additionally, he is co-chair of the Caucus Outreach Committee...
diversification to reduce Alberta's dependence on the cyclical energy industry, such as the AlbertaHeritageSavingsTrustFund, and also left the province...
defeated in the 1986 Alberta general election. During the second session the government introduced The AlbertaHeritageSavingsTrustFund Act (Bill 35) creating...
Committee. Previously he served on the Standing Committee on the AlbertaHeritageSavingsTrustFund as well as the Standing Committee on Private Bills and Private...
Permanent FundAlbertaHeritageSavingsTrustFund Prosperity certificate - a similar dividend paid by earlier Social Credit governments in Alberta "Millions...
large holdings. In 1976, Lougheed created the AlbertaHeritageSavingsTrustFund as a "rainy day" fund for oil and gas royalties. He also placed a significant...
Committee on the AlbertaHeritageSavingsTrustFund and the Special Standing Committee on Members' Services. She previously was Alberta's Minister of Seniors...
the AlbertaHeritageSavingsTrustFund and member of the Special Standing Committee on Members’ Services and the Standing Committee on Alberta's Economic...
was built by the Alberta Government in 1983 as part of economic diversification using money from the AlbertaHeritageSavingsTrustFund. In 2011 the facility...
was dissolved. Other promises included the creation of the AlbertaHeritageSavingsTrustFund, reduction of personal income taxes by at least 28 per cent...
various committees, including the Standing Committee on the AlbertaHeritageSavingsTrustFund and the Select Special Ethics and Accountability Committee...
diversification to reduce Alberta's dependence on the cyclical energy industry, such as the AlbertaHeritageSavingsTrustFund, and also left the province...
Global Information
