Canadian firms set a record in 2021 for failed say-on-pay votes

All received between 38-per-cent and 43-per-cent support for their approach to compensation, except for RioCan, which mustered just 24.1 per cent.

Similarly, Vermilion Energy said in a statement that “we were not satisfied with the response we received” in 2021, and the company’s response, including any changes to pay plans, will be revealed in its 2022 proxy. RioCan saw the largest drop in support, plummeting 55 percentage points, from 79 per cent in 2020 to 24 per cent in 2021. That is the second-lowest Canadian say-on-pay figure in a decade, according to a Glass Lewis report on the 2021 proxy season. In 2013, Barrick Gold received 15-per-cent support on its say-on-pay motion.

Chemtrade chief financial officer Rohit Bhardwaj said the company replaced the chair of its compensation committee and hired a new outside compensation consultant . It is revising the peer group of companies it uses to benchmark its CEO pay; adding performance share awards to its long-term incentive plan so they make up 60 per cent of awards; tweaking its severance packages in the event of a takeover; and introducing ESG targets in its incentive plans.

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