Alberta Premier Danielle Smith speaks to reporters in Ottawa, on April 12.Spencer Colby/The Canadian Press

Alberta Premier Danielle Smith and federal Finance Minister Chrystia Freeland don’t have a lot in common. But they do share at least one view: that governments could play a bigger role directing pension investments to the benefit of domestic industries and economic priorities.

Canadians, no matter who they vote for, should be worried that these two political heavyweights share any common ground in this regard.

It became clearer in the federal budget last week as Ottawa appointed former Bank of Canada governor Stephen Poloz to lead a working group to explore “how to catalyze greater domestic investment opportunities for Canadian pension funds.” The group will examine how Canadian pension funds can spur innovation and drive economic growth, while still meeting fiduciary and actuarial responsibilities.

This idea has been in discussion since it was highlighted in the fall economic statement. In March, dozens of chief executives signed an open letter urging federal and provincial finance ministers to “amend the rules governing pension funds to encourage them to invest in Canada.”

Rewind to last fall, and it was Alberta’s plans that were dominating........

© The Globe and Mail