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ARTICLE · 21 SEPTEMBER 2011

At A Glance: Say-On-Pay In Canada In 2011

Hugessen
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Approximately 70 companies in Canada, including a majority of the TSX 60, held a say-on-pay vote in 2011, making it the first year that a significant number of management advisory votes on executive compensation were submitted to shareholders.

CanadaCorporate/Commercial Law
Ken Hugessen
Ken Hugessen
Catherine McCall
Catherine McCall
Scott Munn
Scott Munn
Georges Soare
Georges Soare

Introduction

Approximately 70 companies in Canada, including a majority of the TSX 60, held a say-on-pay vote in 2011, making it the first year that a significant number of management advisory votes on executive compensation were submitted to shareholders. Leading up to the proxy season, many issuers and boards were concerned about the ramifications of say-on-pay and what might be in store:

  • How willing would shareholders be to vote against management and would shareholder concerns about executive compensation manifest itself through high levels of negative votes?
  • How should boards and compensation committees interpret and respond to different levels of shareholder support?

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