Shareholder Relationship
ENMAX’s Shareholder, The City of Calgary
ENMAX is a private corporation incorporated under the Alberta Business Corporations Act whose sole shareholder is The City of Calgary. Calgary’s City Council acts in the capacity of the Shareholder on behalf of Calgarians.
ENMAX Board of Directors
ENMAX is governed by its Board of Directors, comprised of industry, business and community leaders elected annually by our Shareholder. Our Board is accountable to our Shareholder to ensure we operate in a prudent and transparent manner that reflects ENMAX’s commitment to accountability and corporate responsibility.
ENMAX’s Board selection and appointment process is guided by a skills matrix to ensure we have the director expertise and experience required to govern ENMAX effectively.
Shareholder Engagement
Ongoing communication and engagement with The City of Calgary as the Shareholder is an integral part of ENMAX's philosophy of good governance. We regularly communicate with our Shareholder on a variety of business matters and our Board and executive team meet with Calgary's City Council quarterly, including convening an annual public Shareholder Meeting and annual meeting to review our business plans. The Chair of our Audit and Finance Committee also meets with The City's Audit Committee annually.
Creating Shareholder Value
ENMAX does not receive funding from The City of Calgary—we generate our own revenue and profits, and maintain a separate financial standing and credit rating. The following table sets out the dividends ENMAX has declared and paid to The City of Calgary since 2009.
| YEAR | DIVIDEND GENERATED ($MILLIONS) |
|---|---|
| 2023 | 95 |
| 2022 | 82 |
| 2021 | 62 |
| 2020 | 58 |
| 2019 | 54 |
| 2018 | 50 |
| 2017 | 40 |
| 2016 | 48 |
| 2015 | 47 |
| 2014 | 56 |
| 2013 | 60 |
| 2012 | 67 |
| 2011 | 55 |
| 2010 | 55 |
| 2009 | 61 |
Corporate Governance
