Enbridge to let shareholders vote on exec pay

Enbridge said Thursday it will let shareholders have a say on executive pay. 

However, the vote will not be binding on the company.

Beginning with the 2011 annual meeting, the Calgary-based company said it would allow shareholders to vote on an advisory resolution on executive compensation.

"Offering our shareholders a 'say on pay' reflects Enbridge's commitment to shareholder engagement and to continuously improving our governance practices in view of emerging trends and best practices," Enbridge chair David Arledge said in a statement.

Enbridge CEO Patrick Daniel earned almost $6.5 million in base pay and performance-related compensation in 2008, according to company regularatory filings.

Four executive vice-presidents earned at least $2 million each.

Enbridge becomes the latest in a growing list of Canadian companies to adopt a non-binding "say on pay" policy. Many U.S. and European companies have adopted similar policies.

Enbridge, which operates the world's longest pipeline distribution system for crude oil and other petroleum liquids, saw its shares dip 38 cents to close at $47.27 on Thursday.