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Shareholder Relationship

Meet ENMAX Corporation’s Shareholder – The City of Calgary

Since 1905, through its subsidiaries and predecessors, ENMAX Corporation has provided electricity to Calgarians. ENMAX is a wholly owned subsidiary of The City of Calgary and Calgary’s City Council acts in the capacity of our sole Shareholder on behalf of all Calgarians.


Maintaining our tone at the top

As our sole Shareholder, City Council appoints our Board of Directors. ENMAX is accountable to our Shareholder, who is itself accountable to the citizens of Calgary, to ensure we operate in a prudent and transparent manner. Since 2011, we have disclosed our Tone at the Top principles, which reflect ENMAX’s commitment to accountability and corporate responsibility.


Putting our principles into action

Ongoing communication with The City of Calgary is an integral part of ENMAX’s philosophy of good governance. We seek approval on a variety of business matters, including:

        • Approval of our annual budgets;
        • Approval of significant transactions;
        • Appointment of ENMAX’s Board;
        • The approval of the peer group for Board compensation; and 
        • The appointment of our external auditor.
Our Board and executive team formally meet with Calgary’s City Council twice each year—in May, we convene a public Annual Shareholder Meeting and, in the fall, we convene an in-camera shareholder meeting to review our forward-looking business plans. We also hold special meetings, as required, to provide updates on our business or bring transactions forward for approval. The Chair of our Audit and Finance Committee also meets with The City’s Audit Committee annually.

In addition to serving as our Shareholder, we also have many commercial agreements and contracts in place with The City of Calgary for services such as streetlight maintenance, and providing customer care and billing for municipal water, recycling and waste disposal services.
 
 

Creating Shareholder value

ENMAX does not receive funding from The City of Calgary—we generate our own revenue and profits and, each year, we pay an annual dividend to The City of Calgary. ENMAX strives to pay a dividend that provides an appropriate cash return to The City, to reinvest profit to grow long-term equity value, and to have a predictable and objective basis for the determination of future dividends so lenders have confidence in our ability to pay interest and principal on debt. The following table sets out the dividends we have declared and paid to The City of Calgary since 2009.

YearDividend Generated
​2016$47,000,000​​
​2015$56,000,000​
2014$60,000,000
2013$67,500,000
2012$55,600,000
2011$55,600,000
2010$61,800,000
​2009​$55,000,000

All customers are free to purchase natural gas services from the default supply provider or from a retailer of their choice and to purchase electricity services from the regulated rate provider or from a retailer of their choice. The delivery of natural gas and electricity to you is not affected by your choice. If you change who you purchase natural gas services or electricity services from, you will continue receiving natural gas and electricity from the distribution company in your service area. For a current list of retailers you may choose from, visit www.ucahelps.alberta.ca or call 310-4822 (toll free in Alberta).

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