Executive compensation at Boralex increased nearly 24% over the past year, the Quebec-based company announced yesterday.
Boralex’s top five bosses collectively earned more than $5.5 million in 2022, compared to $4.46 million last year, according to the circular issued for the annual meeting of shareholders, the will take place on May 10th.
Patrick Decostre, CEO of the renewable energy producer, saw his base salary increase nearly 9% to more than $546,000. There was also nearly $493,000 in stock awards, nearly $125,000 in options and a cash bonus of nearly $470,000.
Boralex’s other two highest-paid executives over the past year were European Vice President Nicolas Wolff, who earned $1.07 million, and Chief Financial Officer Bruno Guilmette, who earned $1.03 million.
Lower profits
Boralex reported net income of $8 million on sales of $818 million in 2022. As of 2021, the company had earned $26 million on sales of $671 million.
Boralex shares gained 17.7% in 2022. Since the beginning of 2023, however, the stock is down 6%.
The installed capacity of Boralex’s plants was more than 3 megawatts at the end of 2022, or 21% more than a year earlier.
In December, the company announced its largest acquisition in its history, a 50 percent interest in five wind farms totaling 894 megawatts in the United States for $340 million.
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