Stockholders at BlackBerry Ltd. and CI Financial Corp. rejected the companies’ approach to executive compensation in “say on pay” votes at their annual shareholder meetings on Wednesday.
According to research by Kingsdale Advisors done at the request of The Globe and Mail, only one company has had say-on-pay failures two years in a row since 2010: Copper Mountain Mining Corp., which flunked in 2019 and 2020. The votes are advisory in nature and non-binding, which means shareholders do not have the power to override a board of director’s compensation decisions.
According to Globe research, CI chief executive Kurt MacAlpine saw one of the largest jumps in total compensation last year for CEOs in the Canadian wealth-management sector. Both ISS and Glass Lewis said CI Financial should have done a better job at disclosure, shareholder engagement and improving the pay plans after the failed 2021 vote.
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