As CEO, Gary Holden had the ability to abuse the spending of company money. Opposed to always spending company money responsibly, Holden chose to use it to fund elaborate and private house parties where famous rock stars performed. On top of Gary Holden spending precious company dollars on said parties, he also abused his pay package receiving $2.7 million opposed to Enmax’s proceeding CEO who only earns $1.6 million. While Holden was able to sneak under the radar and continue exploiting company money for quite some time, an Enmax employee eventually emailed the City of Calgary (the sole shareholder) explaining exactly how Holden was abusing his position. It did not take long after the email was sent for the media, and soon all of Calgary to discover Holden was spending company money irresponsibly.

The true extent of the former chief executive officer’s ignorance towards business ethics became apparent after he sent out a company-wide email to his employees not only defending his actions but suggesting Enmax would “pursue legal action against an unnamed senior employee who first leaked the information.”

Holden spent far more company money on his parties and on himself than he should have, illustrating the extent to which he neglected business ethics. Enmax and its stakeholders were negatively affected due to Gary Holden’s lack of business ethics.

http://www.cbc.ca/news/canada/calgary/story/2010/11/04/calgary-enmax-nenshi-email-pay-critical.html

http://ca.news.yahoo.com/trust-responsibility-watchwords-enmax-ceo-says-030500106.html