On March 22, 2024, Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) issued a statement in response to director nominations submitted by Starboard Value LP for election to its Board at the company’s 2024 Annual General Meeting. The nominations come as Algonquin undergoes a major strategic overhaul, which includes pursuing the sale of its renewable energy business, searching for a permanent CEO, and streamlining its operations to focus on a more efficient and simplified strategy. The company reiterated its commitment to maintaining open communication with shareholders and welcomed constructive input that supports long-term value creation.

Algonquin’s Corporate Governance Committee will evaluate Starboard’s proposed nominees in accordance with its standard procedures. A formal recommendation regarding the election of directors will be provided in the company’s upcoming management information circular, which will be filed with Canadian securities regulators and the U.S. Securities and Exchange Commission. Shareholders are not required to take any action at this time. While no specific transaction has been announced, the strategic review and planned asset divestiture are significant corporate developments that could impact shareholder value and company direction.

J.P. Morgan is serving as financial advisor to Algonquin. Legal counsel to Algonquin includes Blake, Cassels & Graydon LLP and Weil, Gotshal & Manges LLP. Starboard is being advised by Goodmans LLP.