I have my trip! While the leaders of Innergex are already pocket staggering profits thanks to the sale of their business for $ 2.8 billion at the deposit and placement fund, the board of directors offers them a $ 3 million starting gift.
A double reward that raises serious questions about ethics and governance in our public institutions.
For what? Because, according to the council, its senior leaders deserved a small reward! I do not invent it, it is written in all letters.
Dixit the arrangement plan between Innergex and the Caisse de Dépôt: “The Council has approved bonuses linked to the operation to certain members of senior management and key employees of the company and its subsidiaries, in particular in order to reward their contribution to the arrangement and the additional work they must carry out in this regard, and to recognize the role they played to maximize the value in the context of the arrangement.”
The happy leaders of Innergex rewarded are:
- Michel Letellier (President and CEO: $ 350,000)
- Jean Trudel (Chief Financial Management: $ 236,500)
- Pascale Tremblay (head of the active management: $ 217,000)
- Alex Couture (main vice-president/development: $ 153,500)
- Yves Baribeault (Chief Directorate of Legal Affairs/Secretary: $ 130,000)
- 41 other key employees share $ 1.91 million
We still speak here of senior leaders who are very well remunerated for their job. In 2024, for example, Michel Letellier’s remuneration was still $ 2.77 million; That of Jean Trudel at $ 1.46 million; And that of Pascale Tremblay at $ 1.32 million.
We will agree on one thing: the $ 3 million bonuses that the Innergex council paid to its senior leaders, he necessarily drew them from the company’s chests. This is obviously the deposit fund, the buyer of Innergex, who, in the end, is indirectly to pay them.
These $ 3 million premiums are all the more unjustified since the members of the Board of Directors and the senior executives of Innergex were going to collect juicy individual profits with the public purchasing offer (OPA) of the Caisse de Dépôt.
Profits of $ 15 million
The deposit box paid $ 13.75 per share to put the grapple on all the titles in the circulation of Innergex. This price included a bonus of almost 80% compared to the average share of the share ($ 7.66) during the 30 days preceded the agreement occurred last spring.
With the actions, options and UAD (deferred action units) that the administrators and managers of Innergex had, they were able to share the total sum of $ 15 million of profits from the value they held before the acquisition of Innergex by the Caisse de Dépôt.
The nine members of the board of directors shared $ 2.2 million in profits. Same amount of profits or almost ($ 2.3 million) to share for five of the seven senior managers.
For its part, the number 2 of Innergex, that is, the chief executive department, Jean Trudel, saw the value of his innergex portfolio appreciates almost $ 2.7 million.
The big winner of the control of the Caisse de Dépôt on Innergex is the president and chief executive, Michel Letellier.
He saw the value of his own actions, options and UAD of Innergex jump by some $ 7.8 million.
Between us, did he really need the board of directors to pay him a bonus of $ 350,000 to reward him to have contributed to the sale of Innergex at the Caisse de Dépôt?
Answer: Absolutely not!
It should be noted: Letellier and his colleague Trudel “rolled” their actions in the new Innergex subsidiary of the Caisse de Dépôt, whose new name is renewable acquisition INGX inc.
Hydro reduces its loss
Thanks to the generous bonus of 80% that the deposit fund paid to get their hands on the titles in the circulation of Innergex and also buy the actions block held by Hydro-Québec, Hydro was able to considerably reduce the losses on paper that it had accumulated with its 40.5 million Innergex shares.
Hydro-Québec had spent some $ 775 million to acquire this block of shares, which represented 19.9% of Innergex titles in circulation.
Before the acquisition of Innergex by the deposit box, this block of shares was only worth $ 310 million, or $ 465 million less than the price paid by Hydro. The deposit fund finally bought them for $ 556 million.
The repurchase of said block by the deposit fund allowed Hydro-Québec to reduce the said losses by $ 246 million that the Crown corporation had accumulated on paper with the actions of Innergex.
In short, with the money of “our” low wool (the deposit box), we, Quebecers, have compensated $ 246 million in losses that “our” Hydro-Québec had recorded on its placement in Innergex.
The cherry on the sundae? Our Legault government has just injecting $ 500 million from our taxes into our deposit box so that it gives it the equivalent or almost in the Innergex actions that the deposit fund acquired from our Hydro-Québec by pouring a bonus of 80% compared to the price that the action was worth before its OPA on Innergex.
A little depression with that!
