Below is a statement from Mayor Nenshi on the severance package paid to ENMAX's outgoing CEO:
Today, we learned of the $4.6 million severance paid to ENMAX’s outgoing CEO.
The decision regarding the amount of severance was made by the ENMAX board of directors in accordance with its contractual obligations under the CEO’s Employment Agreement.
The issue in this situation is whether the negotiated contract was appropriate in the first place. City Council will be meeting with the ENMAX board of directors this month. Executive and board compensation, along with ENMAX’s governance practices, will be at the top of the agenda.
Your City Council sees fixing the governance of ENMAX as a major priority, and we are working to do so in the best interests of Calgarians.
We remain committed to the customers of ENMAX who will continue to receive safe, reliable, and cost-competitive energy just as they always have. We strongly support ENMAX’s employees who work hard every day to serve their fellow citizens.
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