Enmax board of directors chairman Cliff Fryers, left, and Calgary Mayor Naheed Nenshi spoke to the media after Enmax's semi-annual shareholders' meeting in November. CBC

Senior executives at the city-owned utility are taking a 20 per cent pay cut, says Calgary mayor Naheed Nenshi.

Enmax held its annual general meeting Friday, following months of controversies, including the firing of CEO Gary Holden after CBC News revealed he had accepted a trip to Monaco paid for by a company that does business with the utility.

Nenshi announced the pay cut for senior executives Friday, adding that Enmax's board members will also see their pay cut "significantly," but the amount hasn't been determined.

Holden's 2010 pay was also revealed for the first time in documents – $2.9 million, with $700,000 in salary and the rest in bonuses.

City council hasn't been engaged in overseeing Enmax, but that will change, said Nenshi, who had promised change at the utility when he first took office in the fall.

Council members are currently discussing what kind of board the city's largest financial asset needs and who should be on that board, including whether aldermen should be involved.

"Enmax regarded itself as a corporate island. It is not an island," said board chair Cliff Fryers on Friday.

Nenshi warned that more changes are coming to the utility, but he didn't go into detail.

A shake up of board membership isn't in the cards for this summer. Existing board members have agreed to stay on until the fall.

Meanwhile, Enmax is still searching for a new chief operating officer. Interim CEO Charles Ruigrok is expected to receive a six-month contract extension.