Proxy advisory firm Glass Lewis recently released its Proxy Paper Guidelines for the 2014 proxy
season in Canada. These guidelines, which contain a number of
updates to Glass Lewis' proxy voting policies on director and
executive compensation, shareholder rights and defences, and other
similar governance matters, are applicable to all shareholder
meetings to be held in the 2014 proxy season. The key updates to
the proxy voting guidelines are summarized below.
Director and Executive Compensation
Pay-for-Performance Analysis
Glass Lewis' previous pay-for-performance analysis was based
on comparing a company's pay and performance to a peer group of
similarly-sized companies in the same sector. For the 2014 proxy
season, Glass Lewis has developed a proprietary quantitative
pay-for-performance model, which is intended to evaluate the link
between the pay of the top five executives at Canadian companies
against company performance. This model will benchmark
