Despite the company’s fall on the stock market and the reduction of its dividend by 50%, Innergex’s senior executives have seen their remuneration and bonuses increase.
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CEO Michel Letellier saw his total compensation increase from $2.23 million in 2022 to $2.34 million in 2023, an increase of 5%. His performance bonuses totaled $1.67 million in 2023, also up 5%.
According to the company’s circular, the amount of bonuses paid is mainly based on the overall performance of the company and to a lesser extent on individual performance.
All senior management received increased salaries and performance bonuses, including Jean Trudel, Chief Financial Officer and Pascale Tremblay, “Head” of Asset Management, whose total compensation was increased. respectively $1.25 million and $1.03 million in 2023.
Remember that Innergex had a difficult year, with the stock losing 45% of its stock market value during 2023. The stock went from a high of $32 in January 2021 to just over $8 in April.
The company also cut the dividend paid to shareholders by 50% last February. This amount will increase from 18 cents per share to 9 cents each quarter, for a total of 36 cents per share annually.
Hydro-Québec’s investment plummets
As a result, the investment of nearly $775 million made since 2020 by Hydro-Québec – the largest shareholder – in Innergex continues to plummet.
The state-owned company also recorded a loss of $284 million in its latest annual report to reflect the new value of this investment. Hydro-Québec had until recently invested in Innergex at an average cost of $19.12 per share.
Like many companies in its sector, the Longueuil-based company, which owns and operates hydroelectric plants, wind farms, solar parks and energy storage facilities, has seen its financing costs jump following the strong rising interest rates. It was also affected by weather hazards.
Despite the requests of NewspaperHydro-Québec refused to comment on the matter.