Bernard Lemaire's compensation as chairman of alternative energy producer Boralex Inc. has dropped by 25 per cent over the past two years, according to a regulatory filing.
The former CEO of Boralex and its majority shareholder, Cascades Inc. , earned a total of $648,031 in 2011, down from $867,773 in 2009, the Montreal-based wind, hydro, thermal and solar power producer said ahead of its May 9 annual meeting.
While his base salary has remained constant at $250,000, Mr. Lemaire's cash bonus has decreased to $187,000 from $415,000 two years ago.
His base salary was paid half in cash, along with 42,017 options based on $1 of options per 35 cents in salary to take stock market volatility into account.
From 2004 to 2009, his total salary was paid exclusively in options, "thus maintaining his complete alignment of interest with the shareholders," Boralex said in its proxy circular.
As of March 9, Mr. Lemaire owned 13.2 million shares or about 14 per cent of Boralex. Cascades owned 34.9 per cent.
In 2010, Mr. Lemaire received $702,935, including a one-time special payment of $50,000 because of his work on the acquisition of Boralex Power Income Fund.
His 2011 remuneration included $191,031 in option-based awards.
Mr. Lemaire has been chairman since 1995. He was CEO for three years until September, 2006.
Meanwhile, Boralex chief executive Patrick Lemaire earned $1.1-million in total compensation last year, up 2.6 per cent from 2010 and eight per cent from 2009.
Patrick Lemaire's base salary increased 5.6 per cent to $364,500. His option awards increased to $280,125 while the cash bonus dropped to $410,000. The value of his pension accrual was $28,249, while other compensation was $20,000.
Boralex's net earnings in 2011 were $2.9-million, or eight cents per share, on revenues of $194-million. That compared with earnings of $35.1-million, or 93 cents per share, on revenues of $102.8-million in 2010 when the company recorded an extraordinary gain of $36.8-million.
Boralex operates an asset base with an installed capacity of nearly 500 megawatts of power in Canada, the northeastern United States and France. It hopes to add another 400 megawatts over the next few years.