Encana Corp. said Thursday it plans to establish its corporate domicile in the United States and change its name, marking a shift away from its Canadian roots.

The move comes at a time when Canada’s competitiveness, particularly when it comes to the energy sector, is under intense scrutiny.

Below, business leaders weigh in on the oil and gas company’s decision.

We can't afford to let Canadian companies redomicile elsewhere: Business Council of Canada CEO

Encana plans to establish corporate domicile in the United States. Business Council of Canada CEO Goldy Hyder joins BNN Bloomberg to weigh in on this and what it suggests about Canada's business landscape. He says that Canada has become complacent. This news come a day after the Business Council of Canada unveiled its recommendations to boost Canada's competitiveness.

“Obviously it’s very unfortunate news. Any time that you lose a Canadian company to another country, we have to ask ourselves, ‘Why is that happening?’ Unfortunately, that’s been a message you’ve been hearing from business for the last decade or so.”

Goldy Hyder, CEO, Business Council of Canada


Encana to redomicile to the U.S., change its name

Colin Cieszynski, chief market strategist at SIA Wealth Management, weighs in on Encana’s move to redomicile to the United States and stray from its Canadian identity.

“The change in domicile itself … that’s more of a legal thing. To me, the bigger issue is the name change. Encana, when it came out about 20 years ago, was a shortened term for energy in Canada. Well now you’re taking Canada right out of it. So that to me is a pretty big statement about where they think they’re going.”

Colin Cieszynski, chief market strategist, SIA Wealth Management


Encana to establish a corporate domicile in the U.S.

Bill Harris, partner and portfolio manager at Avenue Investment Management, reacts to Encana planning a corporate domicile in the United States. He says it's the result of a less-than friendly regulatory and tax environment in Canada. Harris also says the huge losses in energy stocks has sparked an early start to tax-loss selling in the sector.

“Encana is ‘Energy Canada.’ A great Canadian success story. Really, a big contributor to all the shale gas drilling and all the technology — and now it’s all going to the U.S.”

Bill Harris, partner and portfolio manager, Avenue Investment Management


Albertans feeling 'deep hurt' they don’t have a future here: Former Encana CEO

Gwyn Morgan, former CEO of Encana, discusses the growing sense of Western alienation after the Liberals didn’t secure a single seat in Alberta or Saskatchewan.

"The move of Encana's head office to the U.S. deeply saddens me. I spent 30 years building Encana into what was the largest‎ Canadian headquartered energy company. I was privileged to lead a highly dedicated team with a shared passion for our mission. Today, my first thoughts are with them.”

Gwyn Morgan, founder and former CEO, Encana