CALGARY – Enmax chairman Cliff Fryers apologized publicly Friday for some of the publicly-owned utility’s behaviour and said it will start fully disclosing executive and board pay by late December.
Mayor Naheed Nenshi and council have committed to not making any adjustments to board compensation until May and will, for now, keep their hands off the other aspects of what aldermen and corporate brass agree is a successful power company.
"We have, however learned a few lessons over the last little while," Fryers told reporters after a four-hour private shareholders meeting between council and Enmax directors.
"We’re going to increase our disclosure, we’re going to recognize in a far better way that we’re a symbol of the city of Calgary, and we have certain requirements we should live up to in doing that."
Fryers wouldn’t say specifically what mistakes were made.
"The fact is we missed some things around the edges, and we’re very sorry for that, and we’ll continue to go forward and correct that as we go forward," he said.
Ald. Andre Chabot said Enmax leaders privately showed regret to aldermen for the expensive parties-cum-rock-concerts at CEO Gary Holden’s house that were meant to showcase alternative-energy technologies.
"We will, shall we say, showcase these technologies in a different way than has been done in the past," Mayor Naheed Nenshi said.
The debates about Enmax pay and some of those excesses overshadowed what was a routine Enmax meeting to discuss the firm’s solid third-quarter results and strategic direction to city council, who serve as the city-owned utility’s shareholders.
A string of reports by CBC News about Enmax executives’ pay and perks have triggered public outcry and have drawn the new mayor’s scorn.
Holden was paid $2.7 million last year in salary and bonuses – on top of his company car and driver – while board chairman Fryers takes home $180,000 a year for the part-time post, out-earning the mayor.
What’s more, the mayor has taken company brass to task for not independently reporting any of those figures, relying instead on a much lower level of disclosure than private-sector companies.
The mayor said that within six weeks, Enmax will fully release its top executives’ and directors’ compensation, how those figures were arrived at, as well as details about bonus pay.
After the news reports made public the compensation numbers, Holden sent a memo to all Enmax employees that blasted the media and suggested legal action to stop information leaks.
Nenshi has demanded Enmax improve its governance practices, and also end some of the public utility’s lavish practices. But he also said there’s no rush for council to tinker with board compensation until the annual general meeting in May, when the pay levels are normally set.
Juno-winning band Blue Rodeo was reportedly booked to play at this year’s staff Christmas party, but Enmax leaders cancelled the pricey gig in wake of controversy about past concerts-cum-parties for employees and at Holden’s own solar-panelled house on Calgary’s outskirts.
The company last year posted annual revenues of $2.3 billion. Its assets, including Enmax’s growing stable of wind generators and gas-powered plants, total $3.7 billion.
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