OAKVILLE, ON - Algonquin Power & Utilities Corp. (TSX: NYSE:AQN) (NYSE: AQN), a diversified utility company, acknowledged today that it has received director nominations from activist investor Starboard Value LP for election at the upcoming 2024 Annual General Meeting of Shareholders.
The company, which is currently pursuing the sale of its renewable energy business and searching for a permanent CEO, stated it values shareholder communication and constructive input aimed at enhancing shareholder value.
Algonquin's Corporate Governance Committee is set to review Starboard's nominees following the company's established guidelines. The Board will issue its formal recommendations regarding the director elections in its management information circular, which will be filed with regulators and distributed to eligible voting shareholders.
The company advised its shareholders that no immediate action is required on their part at this time. Algonquin has appointed J.P. Morgan as its financial advisor, with Blake, Cassels & Graydon LLP and Weil, Gotshal & Manges LLP serving as legal counsel in these matters.
Algonquin Power & Utilities Corp., the parent of Liberty, boasts approximately $18 billion in total assets, delivering energy and water solutions across its portfolio to over one million customer connections in North America. The company has interests in over 4 gigawatts of renewable energy capacity.
This news article is based on a press release statement from Algonquin Power & Utilities Corp.
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