In Focus: 2023 Canada Proxy Season Recap
August 25, 2023
As of June 2023, average shareholder support for board nominees at TSX Composite Index companies slightly declined, while the number of directors who failed to receive majority support also dropped compared to the previous year. With respect to pay, the number of say-on-pay failures ticked down and average CEO pay levels declined slightly from 2022 levels. On the shareholder proposal front, the number of proposals declined from last year’s high watermark. Only one management supported shareholder proposal garnered majority support.