BTB Leadership Evolution
BTB Real Estate Investment Trust Confirms 2026 Trustee Election Results and Chairman's Retirement
BTB Real Estate Investment Trust (BTB.UN) has elected nine trustees at its 2026 Annual General Meeting, held June 16 in Montréal. All nominees passed with roughly 94% of votes cast, according to AP News. The results cap a major governance shift at the REIT, which manages 74 properties totalling 6.0 million square feet across Canada.
The meeting also marked the end of an era. Jocelyn Proteau retired as Chairman of the Board after 20 years with BTB — a tenure that spanned the REIT's growth from a start-up to a firm with over $1 billion in assets, Ottawa Citizen reported.
All Nine Trustees Elected With Strong Unitholder Support
A total of 22,153,298 units were represented in the vote. Every nominee cleared 93% support. Armand Des Rosiers led the slate at 94.34% in favour. Darcy Morris, the newest face on the board, received 94.03% support — the second-lowest on the slate but still a clear mandate, according to Montreal Gazette.
The full voting breakdown is available on the SEDAR+ website. The election followed the Management Information Circular dated May 12, 2026, which laid out the full nominee slate in advance of the AGM, AP News reported.
Activist Investor Darcy Morris Joins the Board
Darcy Morris is the Co-Founder and CEO of Ewing Morris & Co. Investment Partners, an independent Canadian private wealth firm based in Toronto. His seat on the board is the direct result of an aggressive shareholder push. In late 2025, Ewing Morris launched a partial tender offer for BTB units, first at $3.80 per unit, then revised to a final offer of $4.10, according to The Whig.
The offer was oversubscribed. Ewing Morris ended up acquiring 8,243,100 units — roughly a 9.85% stake in the REIT. The firm stated its goal was to bring a "private equity mindset" to BTB. Morris is an experienced public company board member, and his appointment is seen as the culmination of that engagement strategy, Toronto Sun reported.
Carol Paradine Brings Audit Oversight Credentials to the Board
Carol A. Paradine is the other high-profile new trustee. She served as CEO of the Canadian Public Accountability Board (CPAB) from March 2018 to March 2026. CPAB oversees the auditors of public companies in Canada. She also represented Canada on the board of the International Forum of Independent Audit Regulators, Clinton News Record reported.
Her appointment signals a likely push for tighter audit controls and ESG reporting at BTB. Analysts say this could help attract institutional investors who have historically avoided the REIT due to its small market cap and less formal governance structure.
Proteau Retires After 20 Years as Chairman, New Leadership Awaits
Jocelyn Proteau's retirement closes a defining chapter for BTB. Management called his two-decade contribution "remarkable." He helped steer the REIT through its entire public life, from its founding in 2006 to a portfolio now worth over $1 billion, Ottawa Citizen reported.
With the chair now vacant, Vice-Chairman Jean-Pierre Janson is seen as the leading internal candidate to take the role. The new board also has a clear strategic agenda. BTB recently set up a $30 million at-the-market equity program and is targeting a 50% industrial weighting in its portfolio, up from its current mix, Cochrane Times Post reported.
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