Canadians More Critical Of Executive Pay

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    Canadian shareholders are increasingly critical of the excessive nature of executive pay, including the historic 85 per cent vote against Barrick Gold’s executive pay package last year and strong shareholder opposition at Canadian Natural Resources Ltd. and Canadian Pacific Railway, says the ‘2013 Key Proxy Vote Survey’ from the Shareholder Association for Research and Education (SHARE). “More and more shareholders are voting against executive compensation packages,” says Catherine Smith, author of the 2013 report and SHARE’s manager of proxy voting services. “Although the majority of shareholders continue to vote with management, votes against executive compensation packages are on the rise. The average vote against compensation at Canadian companies was 10 per cent in 2013, compared to eight per cent in 2012 and six per cent in 2011.”