‘Say on pay’ garners favourable results

Pay vote extended to non-financial institutions
By Sarah Dobson
|Canadian HR Reporter|Last Updated: 04/19/2010

With a vote of 99.2 per cent, shareholders at Laurentian Bank overwhelmingly endorsed the bank’s executive compensation on March 16. The advisory or “say on pay” vote — a first for Laurentian — was non-binding, so the board of directors could take the results into account during deliberations on further modifications to policies, procedures or decisions concerning executive compensation.

“Nothing on the other side led us to think that there would be some shareholders that had concern with our program,” said Gladys Caron, vice-president of communications and investor relations at Laurentian in Montreal.

And the Mouvement de défense et d’éducation des actionnaires (MÉDAC), which represents shareholder interests, had recommended shareholders vote in favour of Laurentian’s approach, she said.