Ontario Teachers Pension Plan Board, Toronto, will endorse a proposal to change the way corporate and bank executives the fund invests in are paid. The plan, put forth by a Quebec-based shareholders rights group, demands that the exercising of stock options by executives be tied to the performance of the executives bank or company against a peer group. "The problem with fixed-price options is that they pay out even when the company is underperforming its competition, said Lee Fullerton, spokeswoman for the C$73 billion (US$48 billion) plan. "Bad executives are still rewarded, and at the same time, executives whove done well in down markets are not rewarded. The plan endorses the proposal partly because shareholder value is diluted when stock options are exercised, she said. The first test of the proposal will be at the Royal Bank of Canadas annual meeting Feb. 23. The bank is opposed to the proposal.