Click here to access ENMAX 101 to learn more about our company.
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.
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.
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.
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.