Innergex Renewable Energy Management

Management criteria checks 2/4

Innergex Renewable Energy's CEO is Michel Letellier, appointed in Oct 2007, has a tenure of 16.5 years. total yearly compensation is CA$2.34M, comprised of 27.8% salary and 72.2% bonuses, including company stock and options. directly owns 0.51% of the company’s shares, worth €5.63M. The average tenure of the management team and the board of directors is 3.3 years and 6 years respectively.

Key information

Michel Letellier

Chief executive officer

CA$2.3m

Total compensation

CEO salary percentage	27.8%
CEO tenure	16.5yrs
CEO ownership	0.5%
Management average tenure	3.3yrs
Board average tenure	6yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Michel Letellier's remuneration changed compared to Innergex Renewable Energy's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	CA$2m	CA$652k	-CA$104m
Sep 30 2023	n/a	n/a	-CA$35m
Jun 30 2023	n/a	n/a	-CA$21m
Mar 31 2023	n/a	n/a	-CA$67m
Dec 31 2022	CA$2m	CA$627k	-CA$87m
Sep 30 2022	n/a	n/a	-CA$44m
Jun 30 2022	n/a	n/a	-CA$84m
Mar 31 2022	n/a	n/a	-CA$18m
Dec 31 2021	CA$2m	CA$614k	-CA$197m
Sep 30 2021	n/a	n/a	-CA$183m
Jun 30 2021	n/a	n/a	-CA$155m
Mar 31 2021	n/a	n/a	-CA$199m
Dec 31 2020	CA$2m	CA$583k	-CA$39m
Sep 30 2020	n/a	n/a	-CA$97m
Jun 30 2020	n/a	n/a	-CA$95m
Mar 31 2020	n/a	n/a	-CA$99m
Dec 31 2019	CA$2m	CA$550k	-CA$56m
Sep 30 2019	n/a	n/a	CA$9m
Jun 30 2019	n/a	n/a	CA$2m
Mar 31 2019	n/a	n/a	CA$17m
Dec 31 2018	CA$1m	CA$537k	CA$26m
Sep 30 2018	n/a	n/a	CA$14m
Jun 30 2018	n/a	n/a	CA$13m
Mar 31 2018	n/a	n/a	CA$20m
Dec 31 2017	CA$1m	CA$527k	CA$24m

Compensation vs Market: Michel's total compensation ($USD1.71M) is above average for companies of similar size in the German market ($USD1.29M).

Compensation vs Earnings: Michel's compensation has increased whilst the company is unprofitable.

CEO

Michel Letellier (58 yo)

16.5yrs

Tenure

CA$2,341,503

Compensation

Mr. Michel Letellier, MBA, is an Independent Director of Canadian National Railway Company since October 1, 2022. He has been the Chief Executive Officer and President of Innergex Renewable Energy Inc. sin...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Michel Letellier	President	16.5yrs	CA$2.34m	0.51% CA$ 5.6m
Jean Trudel	Chief Financial Officer	2yrs	CA$1.25m	0.16% CA$ 1.8m
Yves Baribeault	Chief Legal Officer & Secretary	13.3yrs	CA$665.28k	0.014% CA$ 151.7k
Alexandra Pepin	Chief Human Resources Officer	3.8yrs	CA$585.54k	0.0016% CA$ 18.2k
Pascale Tremblay	Chief Asset Officer	2.7yrs	CA$1.03m	0.0042% CA$ 46.2k
Niko Nikolaidis	Vice President of Investments & Financing	no data	no data	no data
Naji Baydoun	Director of Investor Relations	no data	no data	no data
Karine Vachon	Senior Director – Communications	no data	no data	no data
Guillaume Jumel	VP & MD of France	3.3yrs	no data	no data
Jaime Pino	VP & MD of Chile	3.3yrs	no data	no data
Alex Couture	VP of Development Canada	no data	no data	no data

3.3yrs

Average Tenure

Experienced Management: 3IX's management team is considered experienced (3.3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Michel Letellier	President	21.5yrs	CA$2.34m	0.51% CA$ 5.6m
Monique Mercier	Independent Director	8.5yrs	CA$129.50k	0.0046% CA$ 50.8k
Richard Gagnon	Independent Director	6.9yrs	CA$136.00k	0.0057% CA$ 63.1k
M. Daniel Lafrance	Independent Chairman	14.1yrs	CA$190.00k	0.029% CA$ 325.6k
Ouma Sananikone-Fletcher	Independent Director	5.2yrs	CA$109.50k	no data
Marc-Andre Aube	Independent Director	less than a year	no data	0.029% CA$ 321.2k
Nathalie Francisci	Independent Director	6.9yrs	CA$119.00k	0.00049% CA$ 5.4k
Louis Veci	Non-Independent Director	4.2yrs	no data	no data
Pierre Brodeur	Independent Director	3.9yrs	CA$125.00k	no data
Radha Curpen	Independent Director	1.3yrs	CA$7.92k	no data
Ramon Pancratio Dizon	Director	no data	no data	no data

6.0yrs

Average Tenure

62yo

Average Age

Experienced Board: 3IX's board of directors are considered experienced (6 years average tenure).

Innergex Renewable Energy Management

Management criteria checks 2/4

Key information

Recent management updates

Innergex Renewable Energy Inc., Annual General Meeting, May 08, 2024

Insufficient new directors

President recently bought €88k worth of stock

Independent Director recently sold €3.2m worth of stock

Innergex Renewable Energy Inc. Announces Executive Changes

Innergex Renewable Energy Inc., Annual General Meeting, May 10, 2022

Recent updates

Innergex Renewable Energy Inc. to Report Q1, 2024 Results on May 08, 2024

Upcoming dividend of CA$0.09 per share

Innergex Renewable Energy Inc., Annual General Meeting, May 08, 2024

No longer forecast to breakeven

Full year 2023 earnings released: CA$0.51 loss per share (vs CA$0.43 loss in FY 2022)

New major risk - Revenue and earnings growth

No longer forecast to breakeven

Innergex Renewable Energy Inc. to Report Q4, 2023 Results on Feb 21, 2024

New major risk - Revenue and earnings growth

Forecast breakeven date pushed back to 2025

Upcoming dividend of CA$0.18 per share at 8.0% yield

Innergex Renewable Energy Inc. Declares Cash Dividend, Payable on January 15, 2024

New major risk - Revenue and earnings growth

New major risk - Revenue and earnings growth

Innergex Renewable Energy Inc. to Report Q3, 2023 Results on Nov 08, 2023

Now 21% undervalued after recent price drop

Now 21% undervalued after recent price drop

Second quarter 2023 earnings released: EPS: CA$0.10 (vs CA$0.13 loss in 2Q 2022)

Innergex Renewable Energy Inc. to Report Q2, 2023 Results on Aug 08, 2023

Upcoming dividend of CA$0.18 per share at 5.5% yield

Insufficient new directors

Innergex Renewable Energy Inc. Announces Dividend on Common Share, Payable on July 17, 2023

Full year 2022 earnings released: CA$0.43 loss per share (vs CA$1.09 loss in FY 2021)

Forecast breakeven date moved forward to 2023

Upcoming dividend of CA$0.18 per share at 5.0% yield

President recently bought €88k worth of stock

Full year 2022 earnings released: CA$0.43 loss per share (vs CA$1.09 loss in FY 2021)

Innergex Renewable Energy Inc. entered into an agreement to acquire 60 MW Sault Ste. Marie solar portfolio in Northwestern Ontario from Fengate Asset Management for approximately CAD220.

Innergex Renewable Energy Inc. to Report Q4, 2022 Results on Feb 22, 2023

Upcoming dividend of CA$0.18 per share

Innergex Renewable Energy Inc. (TSX:INE) acquired remaining 37.75% stake in Portfolio of Six Operating Wind Farms in Elmore County, Idaho for $47.5 million.

Independent Director recently sold €3.2m worth of stock

Third quarter 2022 earnings released: EPS: CA$0.11 (vs CA$0.097 loss in 3Q 2021)

Innergex Renewable Energy Inc. Announces Dividend, Payable on January 16, 2023

Now 23% undervalued after recent price drop

Innergex Renewable Energy Inc. to Report Q3, 2022 Results on Nov 07, 2022

Innergex Renewable Energy Inc. (TSX:INE) completed the acquisition of remaining 30.45% stake in 131MW French Wind Portfolio from Desjardins Group Pension Plan.

Innergex Renewable Energy Inc. (TSX:INE) entered into an agreement to acquire remaining 30.45% stake in 131MW French Wind Portfolio from Desjardins Group Pension Plan for CAD 96.4 million.

Upcoming dividend of CA$0.18 per share

Forecast breakeven date pushed back to 2023

Second quarter 2022 earnings released: CA$0.13 loss per share (vs CA$0.23 profit in 2Q 2021)

Innergex Renewable Energy Inc. Revises Production Guidance for 2022

Innergex Renewable Energy Inc. to Report Q2, 2022 Results on Aug 03, 2022

Upcoming dividend of CA$0.18 per share

Innergex Renewable Energy Inc. (TSX:INE) completed the acquisition of Aela Generación S.A./Aela Energía SpA from Actis LLP and Mainstream Renewable Power Limited.

Now 20% undervalued after recent price drop

Innergex Renewable Energy Inc. Announces Dividend on Common Share, Payable on July 15, 2022

First quarter 2022 earnings released: CA$0.18 loss per share (vs CA$1.24 loss in 1Q 2021)

Innergex Renewable Energy Inc. to Report Q1, 2022 Results on May 10, 2022

Innergex Renewable Energy Inc. Announces Executive Changes

Upcoming dividend of CA$0.18 per share

Innergex Renewable Energy Inc., Annual General Meeting, May 10, 2022

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Innergex Renewable Energy Inc. has completed a Follow-on Equity Offering in the amount of CAD 150.00525 million.

Innergex Renewable Energy Inc. Decides to Maintain the Annual Dividend for 2022

Innergex Renewable Energy Inc. (TSX:INE) entered into a agreement to acquire Aela Generación S.A./Aela Energía SpA for $686 million.

Innergex Renewable Energy Inc. (TSX:INE) entered into a agreement to acquire Aela Generación S.A./Aela Energía SpA for $686 million.

Innergex Renewable Energy Inc. (TSX:INE) acquired 50.6 MW San Andrés solar farm in Northern Chile for $25.7 million.

An unknown buyer acquired 51% stake in 200 MW Flat Top Wind Project In Central Texas from Innergex Renewable Energy Inc. (TSX:INE).

Upcoming dividend of CA$0.18 per share

Third quarter 2021 earnings released: CA$0.10 loss per share (vs CA$0.059 profit in 3Q 2020)

Upcoming dividend of CA$0.18 per share

Innergex Renewable Energy Inc. announced that it has received CAD 43.4948 million in funding from Commission Hydroélectrique du Québec

Innergex Renewable Energy Inc. (TSX:INE) and Hydro-Québec International, Inc. entered right into a Membership interest purchase agreement to acquire Curtis Palmer, a 60 MW run-of-river hydroelectric portfolio from Atlantic Energy Solutions, Inc. (OTCPK:AESO) for CAD 390 million.

Innergex Renewable Energy Inc. announced that it expects to receive CAD 43.4948 million in funding from Commission Hydroélectrique du Québec

Second quarter 2021 earnings released: EPS CA$0.23 (vs CA$0.023 loss in 2Q 2020)

Innergex Renewable Energy Inc. (TSX:INE) acquired Empresa Electrica Lican, S.A. for a total enterprise value of $40.5 million (CAD 50.5 million).

Innergex Renewable Energy Inc. (TSX:INE) entered into a stock purchase agreement to acquire the remaining 50% interest in Energía Llaima SPA for CAD 88.4 million.

Upcoming dividend of CA$0.18 per share