Bank of Montreal and Bank of Nova Scotia shareholders today defeated proposals that called for an annual non-binding shareholder vote on executive pay, according to Shareholder Association for Research and Education, an association that works with institutional investors on corporate governance and social responsibility issues. The Bank of Montreal vote was 66% to 34% and Bank of Nova Scotia vote 61% to 39%.
The Ontario Teachers Pension Plan, Toronto, voted against the proposal, according to a statement by the C$106 billion (U.S. $108 billion) plan.
Ralph Marranca, director-media and public relations for the Bank of Montreal, and Ann DeRabbie, senior manager-public affairs of the Bank of Nova Scotia. couldnt be reached for comment. Both banks are based in Toronto.