Company: ENBSF
Filing Date: 2025-03-11
Form Type: 10-K/A
Source: 0001193125-25-052058
Chunk: 24

Company: ENBRIDGE INC
Filing Date: 2025-03-11
Form: 10-K/A
Chunk 24
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�Broadly defined to consider multiple dimensions, including financial (e.g., market capitalization, cash flow, enterprise value, assets, capital employed) and non-financial measures (e.g., breadth of operations)                                                                                                                                                                                                                                                             |

| Geography   •  A North American compensation peer group is used because the President & CEO and other NEOs’ responsibilities are primarily North American in scope, which is generally where we compete for top talent   •  The majority of our business assets and operations are within the U.S. and Canada, and our shareholders include both U.S. and international institutions   •  The U.S. market offers more comparable peers from an industry and/or size/complexity perspective; accordingly, our peer group is weighted more heavily towards the U.S.   •  Most Canadian companies are not sufficiently comparable to Enbridge in terms of industry and/or size/complexity, and therefore only appropriate Canadian peers are included in the peer group |

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Annual peer group decision making Enbridge’s compensation peer group is reviewed annually by the HRC Committee and is comprised of Canadian and U.S. companies in the energy and infrastructure space. The peer group used for determining compensation in 2024 was unchanged from 2023.

| 2024 compensation peer group       |
| Canada                             |
| Canadian National Railway Company  |
| Canadian Natural Resources Limited |
| Suncor Energy Inc.                 |
| TC Energy Corporation              |
| U.S.                               |
| Chevron Corporation                |
| ConocoPhillips                     |
| Dominion Energy Inc.               |
| Duke Energy Corporation            |
| Energy Transfer LP                 |
| Enterprise Products Partners L.P.  |
| Haliburton Company                 |
| Kinder Morgan Inc.                 |
| NextEra Energy, Inc.               |
| Occidental Petroleum Corporation   |
| Phillips 66                        |
| SLB                                |
| The Southern Company               |
| The Williams Companies, Inc.       |
| Union Pacific Corporation          |

Peer group comparison Our compensation peer group contains companies that are generally similar in size to Enbridge, primarily in terms of enterprise value, and secondarily market capitalization and assets. Enbridge is considerably larger than the majority of the companies in our industry, and size constraints were relaxed in certain instances to include companies similar to Enbridge in terms of operational profile. The following chart summarizes Enbridge’s placement compared to our North American peer group and indicates that Enbridge ranks above the median in all the selection criteria relative to