Business

Stephen Poloz joins board of pipeline company Enbridge

After running the Bank of Canada for almost seven years, Stephen Poloz has joined the board of directors at Calgary-based pipeline firm Enbridge Inc.

Poloz previously led Bank of Canada until this week

Stephen Poloz was governor of the Bank of Canada from 2013 until this week. (Chris Wattie/Reuters)

After running the Bank of Canada for almost seven years, Stephen Poloz has joined the board of directors at Calgary-based pipeline firm Enbridge Inc.

Poloz's last official day at the Bank of Canada was Tuesday.

He was replaced by Tiff Macklem, who started his job on Wednesday.

On Thursday, Enbridge announced that Poloz would join the company's board of directors.

"On behalf of the board of directors of Enbridge, we are very pleased to welcome Stephen to the Enbridge board. He has extensive business and financial experience, as well as expertise in global economics and public policy. He will be an excellent addition to our board and we look forward to his contributions," chair Greg Ebel said in a statement.

In addition to pipelines, Enbridge also has natural gas distribution and storage operations that serve retail customers in Ontario and Quebec and renewable power assets in North America and Europe.

Before leading the central bank, he was chief executive of Export Development Canada from 2011 to 2013.

Financial terms were not disclosed, but company filings suggest Poloz will earn at least $320,000 in total compensation from the job. That's based on the $320,079 that the lowest paid board member took in at Enbridge last year. 

He may make more, however. Ebel was paid $706,133 for his leadership role on the board last year. All other board members were paid between $320,000 and $391,000 last year.

It's not known exactly how much Poloz earned as head of the Bank of Canada, but based on government guidelines he earned between $463,100 and $544,800 in 2017, the most recent year for which data is available.

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