Boralex Management

Management criteria checks 4/4

Boralex's CEO is Patrick Decostre, appointed in Dec 2020, has a tenure of 3.33 years. total yearly compensation is CA$2.05M, comprised of 30.5% salary and 69.5% bonuses, including company stock and options. directly owns 0.016% of the company’s shares, worth €314.07K. The average tenure of the management team and the board of directors is 2.3 years and 4.9 years respectively.

Key information

Patrick Decostre

Chief executive officer

CA$2.1m

Total compensation

CEO salary percentage	30.5%
CEO tenure	3.3yrs
CEO ownership	0.02%
Management average tenure	2.3yrs
Board average tenure	4.9yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Patrick Decostre's remuneration changed compared to Boralex's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	CA$2m	CA$626k	CA$78m
Sep 30 2023	n/a	n/a	CA$73m
Jun 30 2023	n/a	n/a	CA$32m
Mar 31 2023	n/a	n/a	CA$23m
Dec 31 2022	CA$2m	CA$546k	CA$30m
Sep 30 2022	n/a	n/a	CA$33m
Jun 30 2022	n/a	n/a	CA$57m
Mar 31 2022	n/a	n/a	CA$31m
Dec 31 2021	CA$2m	CA$503k	CA$17m
Sep 30 2021	n/a	n/a	CA$26m
Jun 30 2021	n/a	n/a	CA$40m
Mar 31 2021	n/a	n/a	CA$50m
Dec 31 2020	CA$1m	CA$382k	CA$55m
Sep 30 2020	n/a	n/a	CA$3m
Jun 30 2020	n/a	n/a	-CA$20m
Mar 31 2020	n/a	n/a	-CA$27m
Dec 31 2019	CA$800k	CA$359k	-CA$39m
Sep 30 2019	n/a	n/a	-CA$4m
Jun 30 2019	n/a	n/a	-CA$6m
Mar 31 2019	n/a	n/a	-CA$21m
Dec 31 2018	CA$552k	CA$269k	-CA$30m
Sep 30 2018	n/a	n/a	-CA$13m
Jun 30 2018	n/a	n/a	CA$1m
Mar 31 2018	n/a	n/a	CA$27m
Dec 31 2017	CA$500k	CA$244k	CA$22m

Compensation vs Market: Patrick's total compensation ($USD1.49M) is about average for companies of similar size in the German market ($USD1.62M).

Compensation vs Earnings: Patrick's compensation has been consistent with company performance over the past year.

CEO

Patrick Decostre (50 yo)

3.3yrs

Tenure

CA$2,052,267

Compensation

Mr. Patrick Decostre serves as the President, Chief Executive Officer and Director of Boralex Inc. since December 1, 2020. He served as Chief Operating Officer of Boralex Inc. since July 2019 until Novembe...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Patrick Decostre	President	3.3yrs	CA$2.05m	0.016% CA$ 314.1k
Bruno Guilmette	CFO & EVP	5.3yrs	CA$913.97k	0.012% CA$ 223.6k
Pascal Hurtubise	Executive VP & Chief Legal Officer	6.8yrs	CA$749.04k	0.0068% CA$ 131.0k
Hugues Girardin	Executive VP & GM of North America	1.5yrs	CA$815.97k	0.012% CA$ 229.5k
Nicolas Wolff	Executive VP & GM of Europe	2.3yrs	CA$889.92k	0.0073% CA$ 140.0k
Stéphane Milot	Vice President of Investors Relations	5.3yrs	no data	no data
Isabelle Fontaine	Senior Vice President of Marketing	1.5yrs	no data	0.0013% CA$ 24.5k
Marie-Josée Arsenault	Executive VP and Chief People & Culture Officer	2.3yrs	no data	0.0084% CA$ 160.5k
Adam Rosso	Senior Vice President of Development of North America	no data	no data	no data
Alain Pouliot	Senior Vice President of Asset Management of North America	no data	no data	no data
Rabindra Mishra	Deputy Managing Director of Development Europe	1.5yrs	no data	no data
Pascal Laprise-Demers	Senior Vice President of Corporate Strategy & Business Performance	1.5yrs	no data	0.0015% CA$ 28.2k

2.3yrs

Average Tenure

Experienced Management: B3H's management team is considered experienced (2.3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Patrick Decostre	President	3.3yrs	CA$2.05m	0.016% CA$ 314.1k
Patrick Lemaire	Director	17.8yrs	CA$125.00k	0.032% CA$ 622.8k
Marie Giguere	Independent Director	6.4yrs	CA$154.00k	0.0029% CA$ 56.0k
Ines Kolmsee	Independent Director	1.9yrs	CA$87.68k	0.00025% CA$ 4.8k
Alain Rheaume	Independent Chairman of the Board	13.3yrs	CA$219.50k	0.0049% CA$ 93.4k
Zin Smati	Independent Director	2.9yrs	CA$141.66k	0.0078% CA$ 149.2k
Lise Croteau	Independent Director	5.9yrs	CA$159.13k	no data
Dany St-Pierre	Independent Director	7.9yrs	CA$138.50k	0.0015% CA$ 28.6k
Marie-Claude Dumas	Independent Director	4.9yrs	CA$160.63k	0.0042% CA$ 80.1k
Andre Courville	Independent Director	4.9yrs	CA$159.13k	0.0060% CA$ 115.4k
Dominique Miniere	Independent Director	less than a year	no data	no data

4.9yrs

Average Tenure

63yo

Average Age

Experienced Board: B3H's board of directors are considered experienced (4.9 years average tenure).

Boralex Management

Management criteria checks 4/4

Key information

Recent management updates

Boralex Inc., Annual General Meeting, May 15, 2024

Boralex Inc. Announces Appointment of Dominique Minière to Its Board of Directors

Boralex inc. Announces the Appointment of Mihaela Stefanov as Senior Vice President, Enterprise Risk Management and Corporate Social Responsibility

President recently bought €69k worth of stock

Boralex Inc., Annual General Meeting, May 10, 2023

Boralex Announces Management Changes

Recent updates

Boralex Inc. to Report Q1, 2024 Results on May 15, 2024

Full year 2023 earnings released: EPS: CA$0.76 (vs CA$0.29 in FY 2022)

Upcoming dividend of CA$0.17 per share

Third quarter dividend of CA$0.17 announced

Boralex Inc., Annual General Meeting, May 15, 2024

Boralex Inc. Declares Quarterly Dividend, Payable on March 15, 2024

Boralex Inc. to Report Q4, 2023 Results on Mar 01, 2024

Boralex Inc. Announces Appointment of Dominique Minière to Its Board of Directors

Upcoming dividend of CA$0.17 per share at 2.2% yield

Boralex Inc. Announces Quarterly Dividend, Payable on December 15, 2023

Third quarter 2023 earnings released: CA$0.03 loss per share (vs CA$0.43 loss in 3Q 2022)

Boralex Inc. to Report Q3, 2023 Results on Nov 09, 2023

Now 22% undervalued after recent price drop

Upcoming dividend of CA$0.17 per share at 2.0% yield

Second quarter 2023 earnings released: EPS: CA$0.19 (vs CA$0.097 in 2Q 2022)

Boralex Inc. to Report Q2, 2023 Results on Aug 14, 2023

Boralex inc. Announces the Appointment of Mihaela Stefanov as Senior Vice President, Enterprise Risk Management and Corporate Social Responsibility

Upcoming dividend of CA$0.17 per share at 1.7% yield

First quarter 2023 earnings released: EPS: CA$0.41 (vs CA$0.49 in 1Q 2022)

Boralex Inc. Announces Quarterly Dividend, Payable on June 15, 2023

President recently bought €69k worth of stock

Full year 2022 earnings released: EPS: CA$0.30 (vs CA$0.17 in FY 2021)

Upcoming dividend of CA$0.17 per share at 1.8% yield

Boralex Inc., Annual General Meeting, May 10, 2023

Boralex Inc. Declares Quarterly Dividend, Payable on March 15, 2023

Boralex Inc. to Report Q4, 2022 Results on Feb 24, 2023

Boralex Inc. acquired 50% interest in five operating wind farms of EDF Renewables from EDF Renewables Inc. for CAD339.7 million.

Upcoming dividend of CA$0.17 per share

Third quarter 2022 earnings released: CA$0.44 loss per share (vs CA$0.20 loss in 3Q 2021)

Boralex Inc. Announces A Quarterly Dividend, Payable on December 15, 2022

Boralex Announces Management Changes

Now 21% undervalued after recent price drop

Boralex Inc. to Report Q3, 2022 Results on Nov 09, 2022

Independent Director recently bought €55k worth of stock

Upcoming dividend of CA$0.17 per share

Second quarter 2022 earnings released: EPS: CA$0.10 (vs CA$0.13 loss in 2Q 2021)

Boralex Inc. to Report Q2, 2022 Results on Aug 03, 2022

Boralex Inc. (TSX:BLX) acquired Infinergy Limited.

Upcoming dividend of CA$0.17 per share

First quarter 2022 earnings released: EPS: CA$0.49 (vs CA$0.33 in 1Q 2021)

Boralex Inc. Announces Board Changes

Boralex Inc. to Report Q1, 2022 Results on May 11, 2022

Full year 2021 earnings: EPS in line with expectations, revenues disappoint

Energy Infrastructure Partners signed an agreement to acquire 30% stake in Assets and Development Pipeline of Boralex Inc. (TSX:BLX) for €532 million.

Upcoming dividend of CA$0.17 per share

Boralex Inc., Annual General Meeting, May 11, 2022

Resolute Forest Products Inc. (NYSE:RFP) agreed to acquire 34.5 MW Senneterre power plant from Boralex Inc. (TSX:BLX).

Boralex Inc. Announces Quarterly Dividend, Payable on March 15, 2022

Upcoming dividend of CA$0.17 per share

Third quarter 2021 earnings released: CA$0.20 loss per share (vs CA$0.061 loss in 3Q 2020)

Upcoming dividend of CA$0.17 per share

Second quarter 2021 earnings released: CA$0.13 loss per share (vs CA$0.062 loss in 2Q 2020)

Independent Director recently bought €115k worth of stock

Boralex unveils updated strategic plan and corporate objectives for 2025

Upcoming dividend of CA$0.17 per share

Independent Director has left the company

First quarter 2021 earnings released: EPS CA$0.33 (vs CA$0.42 in 1Q 2020)

Boralex Inc. Announces Quarterly Dividend, Payable on June 15, 2021

NorPaper Avot-Vallée S.A.S. acquired 12 MW Blendecques Cogeneration Plant from Boralex Inc. (TSX:BLX).

Independent Director recently sold €57k worth of stock

Limekiln Optimisation to Benefit Local Outdoor Access Users by Infinergy and Boralex

Full year 2020 earnings released: EPS CA$0.55 (vs CA$0.43 loss in FY 2019)

Revenue misses expectations

Boralex Inc. Announces Executive Changes

Boralex Inc., Annual General Meeting, May 05, 2021

Boralex Inc. (TSX:BLX) acquired Sky High Solar Farm in New York State from Delaware River Solar, LLC.

Boralex Inc. (TSX:BLX) acquired a 30% stake in Moose Lake Wind Farm from Aeolis Wind Power Corporation for CAD 3.5 million.

New 90-day high: €29.00

Boralex Inc. (TSX:BLX) acquired remaining 49% stake in 3 Quebec Wind Farms from Caisse de dépôt et placement du Québec.