On April 18, 2024, Algonquin Power & Utilities Corp. announced that its Board of Directors intends to add Brett Carter and Christopher Lopez to the Board. The Company stated that during the first quarter?s ordinary nominee review process for its 2024 annual meeting of shareholders, Masheed Saidi had advised the Board that she does not intend to stand for reelection.

In addition, Kenneth Moore, the Chair of the Board, has informed the Board of his intention to retire effective as of the annual meeting and he will therefore not stand for reelection. The Company added that as a result, following the annual meeting, the Company?s Board would continue to be comprised of 9 directors. The Company stated that in connection with the Board appointments, the Company and Starboard Value LP have entered into a cooperation agreement dated April 18, 2024.

Pursuant to the Agreement, Starboard Value has withdrawn its previously announced director nominations for election and agreed to support the Company?s nominees for election at the annual meeting. The Company stated that Starboard Value and the Company have also entered into a non-disclosure agreement for purposes of sharing information and having discussions relating to the pursuit of a sale of the Company?s renewable energy business and the Company?s CEO search.