It's my understanding that GFL (industrial sector) was added to the BE portfolio in May 2025. Were there a total of two purchases totalling a 2.5% new position weight for that equity?
GFL's CEO is Patrick Dovigi and 5i considers it a big plus that Dovigi is also the founder of GFL.
1) can you please compare his pay package to those of the CEOs at WM, WCN and RSG?
2) in light of 2 above, can you shed any light about the governance of GFL and profitability of that company when C-suite compensation is factored into your thinking?
3)Dovigi's 2024 compensation seems out-sized by many factors. Was there a specific reason for that in 2024 or does relative overcompensation persist over multiple years at GFL?
Thanks in advance,
There was an initial add of 1.5% in early April (found here) and a subsequent add in May (here).
Patrick Dovigi received a salary of $2.3M in 2024, Ronald Mittelstaedt from WCN received a $1.1M salary in 2024, Jon Ark from RSG received $1.2M in 2024, and James Fish from WM received $1.4M in 2024.
GFL's governance structure includes an experienced management team with an average tenure of 6.4 years and a seasoned board averaging over 7 years of service. Dovigi holds about 3.2% ownership in the company.
Dovigi's total compensation in 2024 was $67M, and in 2023 it was $68.5M, compared with $16.8M in 2022. Much of this increase was due to share-based awards (RSU grants) and 'all other compensation' (life insurance and gross up payments).
While the amounts may seem large, it is a $24.7B company which generates $5.5B in annual sales. Largely, we do not focus too much on individual compensation, but rather the broader trends of profitability (margins have been improving), sales growth (good top-line growth).