The Alberta Teachers’ Retirement Fund said its new agreement with the Alberta Investment Management Corp. is aligning the best interests of both organizations, following several months of negotiations.

According to a press release from the Alberta Teachers’, the agreement ensures the teachers’ board maintains full control over the strategic investment policy for the pension plans’ assets and governs how the AIMCo will fulfill its responsibility in implementing that policy. The release also noted the agreement provides meaningful accountability measures and a commitment to collaboration and transparency regarding how the plan’s assets are managed.

Read: AIMCo, Alberta Teachers’ sign investment management agreement

In the release, Sandra Johnston, board chair of the Alberta Teachers’, said the agreement “respects the role of [the Alberta Teachers’] and enshrines its fiduciary responsibilities to the plans. It has the right mechanisms for accountability within our new legal framework and includes protections and remedies that [the Alberta Teachers’] will use if needed.”

The agreement comes after months of negotiations between the two parties, following a ministerial order by the Alberta government that transferred assets from several of the province’s public pensions — including the Alberta Teachers’ — to the AIMCo. According to the Alberta Teachers’ 2020 annual report, its assets are valued at $19.1 billion.

Read: Alberta government facing backlash after changing terms of public sector pensions

In January, in an emailed statement to Benefits Canada, Dénes Németh, director of corporate communications for the AIMCo, said it “remains committed to collaborating with our clients to reach a mutually satisfactory agreement that improves the terms of our partnership. AIMCo is committed to always acting in a manner that best serves its clients’ interests. We work closely with all our clients to ensure that our capabilities and investment decisions are all focused on doing just that.”