CIRI IR Issues Backgrounder - Say on Pay

Date Posted: October 2, 2013

CIRI has updated the IR Issues Backgrounder: Say on Pay.

While not mandatory in Canada, say on pay votes are mandatory in many peer jurisdictions, indicating that they could become mandatory in Canada eventually.

'Say on pay’ refers to the non binding, advisory vote by shareholders ‘for’ or ‘against’ the compensation paid to executives as described in the proxy circular. Voting allows shareholders to express their approval or disapproval of a company’s compensation policies. Excessive executive compensation unrelated to performance has become a lightning rod for shareholder discontent, particularly during the recession and with companies that were bailed out with taxpayer dollars. Mandatory say on pay voting has been implemented in various forms in numerous countries.

To view the complete Issues Backgrounder, click here.

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