Enmax chairman apologizes after meeting

Calgary Mayor Naheed Nenshi says the city-owned utility, Enmax, will be more transparent in its business practices.

Nenshi and the new city council met with the Enmax board of directors on Friday in a semi-annual shareholders' meeting.

After the meeting, Nenshi told reporters that the city asked for and received a number of commitments from the company.

"First, that we will, shall we say, showcase these technologies in a more conventional way than has been done in the past," Nenshi said.

The lavish business parties Enmax president and CEO Gary Holden has held at his house featuring rock star entertainment had previously been defended by Enmax board chairman Cliff Fryers as a way to showcase Enmax projects.

Fryers, appearing with Nenshi after the meeting, apologized on behalf of Enmax for the fact that "we missed some things around the edges."

"We're going to recognize in a far better way that we're a symbol of the City of Calgary and that we have certain requirements we have to live up to in doing that," said Fryers.

"The questions that have been asked are entirely appropriate. The concerns that have been raised are entirely appropriate."

Holden sees a vote of confidence in meeting

The way compensation levels are set and which peer groups are used for the purpose of comparison will be some of the aspects of the business that will be disclosed, said Nenshi. That disclosure would also make its way into the hands of taxpayers, he said.

"We will be expecting to see material from them that operates at the very highest standards of disclosure in Canada over the course of the next six weeks or so," Nenshi said.

He added that Enmax would continue to exercise discipline over cost control.

Ald. Andre Chabot told the media after the meeting that while he doesn't take issue with Holden's base salary, he is concerned with the way bonuses are awarded and approved at the company.

"It's not something that currently falls under the authority of council to make that decision, and I think that's something that should be reviewed," Chabot said.

Holden earned $2.7 million last year, including base pay and bonuses.

Holden attended the meeting and reporters caught up with him outside.

He said Enmax loves transparency and that he believed he received a vote of confidence from council at the meeting.

He summarized the message he received as being, "Keep up the good work."

"It's a great job, I love the company," Holden said. "We're doing a great thing."