Today, Calgary City Council met with the ENMAX Board of Directors for a special shareholder meeting. Due to recent media reports and events related to ENMAX, the shareholder (the citizens of Calgary represented by City Council), requested the special meeting to discuss issues of governance and strategy.
Statement from Mayor Naheed Nenshi:
I appreciate that the Board of Directors could accommodate my Council colleagues and me at this special meeting. We had a great discussion and will be working together over the next several months to ensure that ENMAX remains a great company for its employees, customers, and owners.
ENMAX’s Board has agreed to a number of changes in its governing principles, highlighting its responsibility to its owners—the citizens of Calgary—and the values of accountability, transparency, and prudence.
My Council colleagues and I are very pleased at this shift in tone and the changes that the Board is proposing in how the enterprise is run.
City Council reaffirms its support of ENMAX’s mandated strategy and of the organization’s execution on that strategy.
As part of its oversight responsibilities, Council—acting as the shareholder—will continue to exercise due diligence and ask questions. We will provide clear direction on issues such as governance, compensation, and financial position.
ENMAX is a strong company and will continue to serve the people of Calgary well as one of the best, most progressive energy providers in the world. We have faith in the employees of ENMAX, and customers will continue to receive safe, reliable, and cost-competitive energy as they always have.
Statement from Mr. Cliff Fryers, Chairman of the ENMAX Board of Directors:
Mayor and Council had some very legitimate questions, and we had a good discussion. We collectively agreed that there is real value in an ongoing dialogue between the shareholder and the Board. We value our shareholder’s support and look forward to working with them closely as we move forward with the ENMAX vision to create value for Calgarians and sustainable energy for all Albertans.