Laurentian investors approve executive pay structure

Say-on-pay vote follows positive trend set by CIBC and RBC shareholders

Laurentian Bank shareholders have voted overwhelmingly in favour of the bank's executive pay structure.

Shareholders voted 99.1 per cent in favour of the bank's executive compensation proposal in a non-binding vote held at the bank's annual general meeting.

The approval is the third such positive vote by Canadian bank shareholders, following on the heels of say-on-pay votes by CIBC and Royal Bank of Canada shareholders.

All of Canada's big banks, and some financial firms, have agreed to carry out non-binding votes where shareholders can approve or disapprove of the way the bank pays top executives.

The votes will guide the board of directors, which still have final say on executive compensation.

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