Shareholders at Imperial Oil Limited and Linamar Corporation will be asked to vote on adopting an annual advisory “Say on Pay” vote on executive compensation at this year’s annual general meetings. According to a new report from SHARE, more than 71% of companies in the TSX Composite Index have now adopted “Say on Pay” votes and 52 of the TSX60 Index companies have adopted the practice. An amendment to the Canada Business Corporations Act (CBCA) proposed in the federal government’s new budget implementation bill, introduced April 8th, would require corporations incorporated under the CBCA to provide an annual Say on Pay vote.
