A joint statement from The City of Calgary and ENMAX Corporation regarding the results of Mayor Naheed Nenshi Review of ENMAX Corporation
Following several meetings between Mayor Naheed Nenshi and ENMAX Board Chair Cliff Fryers, it was agreed that a formal review of ENMAX’s Mandate, Business Strategies, Principles of Compensation and the Shareholder/ Board Relationship would be undertaken.
Three in-camera working sessions between the ENMAX Board of Directors and City Council, with Council sitting as the Shareholder of ENMAX, were held in February through April to discuss and reach consensus on the following:
The endeavour of the discussions was to achieve alignment between the Council and the Board on the direction of ENMAX. The Council and Board recognize the need for strong two way communication with increased openness by the Board and increased support from Council.
As a result of these exchanges between the City and ENMAX, agreement was reached on a framework for moving forward together. The following Ten Principles form the basis of that agreement:
* City Council will undertake its own review regarding Councilor positions remaining on the Board of Directors. The review will be completed by the end of 2011.
As a result of the alignment achieved with this Review the ENMAX Board is:
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