Power to Do More

2018 2018 Annual Report Annual Report @BoralexInc boralex.com POWER TO DO MORE NOTICE of Annual Meeting of Shareholders Management proxy CIRCULAR 2018 Our thanks to the employees who accepted to appear on the cover page: Van Anh Dang Vu (Kingsey Falls, Québec), Myriam Savage (Thetford Mines, Québec) and Ernani Schnorenberger (Lyon, France). PROFILE Boralex develops, builds and operates renewable energy power facilities in Canada, France, the United Kingdom and the United States. A leader in the Canadian market and France’s largest independent producer of onshore wind power, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types – wind, hydroelectric, thermal and solar. Boralex has ensured sustained growth by leveraging the expertise and diversification developed for more than 25 years. General HEAD OFFICE WEBSITE www.boralex.com Boralex Inc. Information 36 Lajeunesse Street Kingsey Falls (Québec) Canada J0A 1B0 @BoralexInc Telephone: 819-363-6363 Fax: 819-363-6399 [email protected] BUSINESS OFFICES CANADA UNITED STATES 900 de Maisonneuve Boulevard West 606-1155 Robson Street 39 Hudson Falls Street 24th floor Vancouver, British Columbia South Glens Falls New York Montréal, Québec Canada V6E 1B5 12803 Canada H3A 0A8 Telephone: 1-855-604-6403 United States Telephone: 514-284-9890 Telephone: 518-747-0930 Fax: 514-284-9895 201-174 Mill Street Fax: 518-747-2409 Milton, Ontario Canada L9T 1S2 Telephone: 819-363-6430 | 1-844-363-6430 FRANCE UNITED KINGDOM 71, rue Jean-Jaurès 21, avenue Georges Pompidou 52 Grosvenor Gardens 62 575 Blendecques Le Danica – Bâtiment B Terminal House, Room 501 France 69 486 Lyon Cedex 03 London SW1W 0AU Telephone: 33 (0)3 21 88 07 27 France United Kingdom Fax: 33 (0)3 21 88 93 92 Telephone: 33 (0)4 78 92 68 70 Telephone: 44 (0) 20 7596 1206 Fax: 33 (0)4 78 42 03 44 8, rue Anatole France 59 000 Lille 99, La Canebière France CS 60526 Telephone: 33 (0)3 28 36 54 95 13 205 Marseille Cedex 01 France Fax: 33 (0)3 28 36 54 96 Telephone: 33 (0)4 91 01 64 40 Fax: 33 (0)4 91 01 64 46 Notice of Annual Meeting of Shareholders Notice is hereby given that the annual meeting (the “Meeting”) of the shareholders of Boralex Inc. (the “Corporation”) will be held at 11:00 a.m. (Eastern Daylight Time) on Wednesday, May 8, 2019 at 900 de Maisonneuve Blvd. W., 8th Floor, Montreal, Quebec, for the following purposes: 1. to receive the consolidated financial statements of the Corporation for the financial year ended December 31, 2018, and the independent auditor’s report thereon; 2. to elect the directors of the Corporation; 3. to appoint the independent auditor of the Corporation; 4. to adopt a non-binding advisory resolution, the complete text of which is reproduced on page 9 of the Proxy Circular, accepting the Corporation’s executive compensation approach; 5. to transact any other business which may properly come before the Meeting or any adjournment thereof The accompanying Proxy Circular (the “Circular”) provides additional information on the matters which will be transacted at the Meeting. Registered shareholders at the close of business on March 11, 2019 will be entitled to vote at the Meeting. Shareholders who are unable to attend the Meeting and vote in person, kindly complete, sign and return the enclosed proxy. The attached Circular and proxy form contain instructions on how to complete and return your proxy. To be valid, proxies must be received by the Corporation's transfer agent and registrar, Computershare Investor Services Inc., no later than 5:00 p.m. (Eastern Daylight Time) on May 6, 2019, or, if the Meeting is adjourned, no later than 5:00 p.m. (Eastern Daylight Time) on the business day prior to the day fixed for the adjourned or postponed meeting. By Order of the Board of Directors, (s) Pascal Hurtubise Pascal Hurtubise Vice President, Chief Legal Officer and Corporate Secretary Montreal, Quebec March 12, 2019 1 | BORALEX – 2018 Management Proxy Circular Letter to shareholders On behalf of the Board of Directors, management and employees of Boralex, we look forward to welcoming you to the annual meeting of shareholders on Wednesday, May 8, 2019 at 900 de Maisonneuve Blvd. W., 8th Floor, Montreal, Quebec. This management proxy circular (the “Circular”) outlines the issues to be dealt with at the Meeting and provides information on the compensation of Boralex’s executive officers and on its governance practices. At the Meeting, members of Boralex’s executive officers will discuss the highlights of 2018 and talk about our plans for the future. If you are unable to attend the meeting in person, please fill out and return the attached proxy or voting instruction form in the envelope provided for that purpose. You may also vote on-line by following the instructions on the attached forms. We also take this opportunity to mention that Michelle Samson-Doel and Pierre Seccareccia will not be standing for re-election and will step down as directors at the annual meeting on May 8, 2019. We would like to thank them for the dedication, wisdom and leadership they demonstrated throughout their tenure on Boralex’s Board of Directors. Lastly, we ask you to read our annual report and this circular and exercise the voting rights attached to your shares represented by your proxy. We look forward to seeing you at the meeting and we thank you for your confidence in and support of Boralex. (s) Alain Rhéaume Alain Rhéaume Chair of the Board of Directors (s) Patrick Lemaire Patrick Lemaire President and Chief Executive Officer 2 | BORALEX – 2018 Management Proxy Circular Management Proxy Circular This management proxy circular (the “Circular”) is furnished in connection with the solicitation of proxies by management of Boralex Inc. (“Boralex” or the “Corporation”) for use at the annual meeting of shareholders or at any adjournment or postponement thereof (the “Meeting”), to be held at 11:00 a.m. on Wednesday, May 8, 2019 at the place and for the purposes set forth in the accompanying Notice of Meeting. All information provided in the circular is given as of March 11, 2019, unless otherwise indicated. Table of Contents Notice of Annual Meeting of Shareholders ................................................................................................................................................ 1 Letter to shareholders .................................................................................................................................................................................. 2 Management Proxy Circular ....................................................................................................................................................................... 3 Vote and proxies ............................................................................................................................................................................. 4 1.1 Voting Information .....................................................................................................................................................................4 1.2 Voting Securities and Principal Holders ..................................................................................................................................6 Business of the Meeting .................................................................................................................................................................. 7 2.1 Presentation of Financial Statements .....................................................................................................................................7 2.2 Election of Directors...................................................................................................................................................................7 2.3 Appointment of Independent Auditor ...................................................................................................................................8 2.4 Non-binding advisory vote on the Corporation’s approach to executive compensation ........................................... 9 Information on Nominees for Election as Directors .................................................................................................................... 10 Compensation of Board Members .............................................................................................................................................. 16 4.1 Reference Group .....................................................................................................................................................................16 4.2 Compensation Levels .............................................................................................................................................................17 4.3 Deferred Share Unit Plan ........................................................................................................................................................18 4.4 Shareholding Requirement ....................................................................................................................................................18 4.5 Summary Table of Director Compensation .........................................................................................................................19 4.6 Share-based Awards ...............................................................................................................................................................20

Load more