Canadas five major banks will face say-on-pay shareholder proposals this proxy season, the first among Canadian companies, said Laura ONeill, director-law and policy at the Shareholder Association for Research and Education, a Canadian not-for-profit group that works with pension funds and other institutional investors on corporate governance and social responsibility issues.
Canadian Imperial Bank of Commerce will face the proposal at its Feb. 28 annual meeting, according to the association. Royal Bank of Canada will have its annual meeting Feb. 29, followed by Bank of Nova Scotia March 4, National Bank of Canada March 10, and Toronto Dominion Bank April 3.
Meritas Mutual Funds introduced all of the proposals, calling for an annual shareholder advisory vote on executive compensation.
The Canadian Coalition for Good Governance, an organization including pension funds and money managers, said in a statement that it will not propose or support recommendations for regulatory change that will mandate advisory shareholder votes1 on compensation reports for Canadian issuers, nor will it recommend universal support for all say-on-pay resolutions that may be brought forward in the 2008 proxy season.