Enbridge CEO Greg Ebel's $23.7M payout makes him Alberta's highest-paid executive in 2024
Enbridge president and CEO Greg Ebel, whose compensation included almost $13 million in share-based awards, climbed to No. 1 on the list of Alberta's highest-earning executives in 2024.
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At $23.78 million, Ebel was closely trailed by Canadian Pacific Kansas City president and CEO Keith Creel, a perennial top earner who received $23.57 million in total pay last year.
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In 2023, Ebel ranked third among all top executives in Alberta, earning $18.7 million, while Creel was second behind Suncor's Rich Kruger at just over $20 million.
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Ebel, who was named president and CEO of the Calgary-based pipeline giant in January 2023, had a base salary of about $2 million last year. He received $12.74 million in share-based awards — often meant to incentivize executives to align their interests with shareholders — and almost $8 million more in stock options and other bonuses.
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As CEO, Ebel is paid 'for the results he delivers for the company and shareholders,' said Enbridge in an emailed statement.
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'Our compensation philosophy is rooted in pay-for-performance. As such, 89 per cent of our (CEO's) pay is 'at-risk.' That is, payouts are not guaranteed, and the value of at-risk components depends on how well the company performs.'
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Supporting Ebel's compensation package for 2024 was the delivery of record financial results, achievement of distributable cash flow within the company's financial guidance range and the garnering of over 37 per cent total shareholder return, according to Enbridge.
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Total shareholder return is a way of measuring financial performance, an indicator of the total amount shareholders reap from an investment.
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Enbridge added that its executive compensation is benchmarked against industry peers across North America, such as Chevron, Suncor and others.
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'Several of our senior executives, including our CEO, are compensated near the 50th percentile in this industry peer group,' its statement read.
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