GFL faces opposition to compensation practices after paying CEO $68-million in 2023

A truck from Canadian waste management company GFL Environment al Inc. makes its rounds through a neighbourhood in Toronto on Nov. 5, 2019.paid founder and chief executive officer Patrick Dovigi $68.46-million in 2023, earning the ire of two major proxy advisory firms who say shareholders should express their displeasure with the GFL directors who approved the pay.

Last year’s say-on-pay measure received just 80.66-per-cent support. That means a little more than half of the shareholders of TSX-listed common shares, other than Mr. Dovigi and his two backers, voted “yes.” Mr. Dovigi received a $2.11-million salary and a $7.80-million bonus. The package includes a restricted stock award valued at $36.44-million. GFL says $10.17-million of those awards were for “amounts owed as a result of tax reassessments for historical periods.”

In its explanation for why shareholders should vote “yes” on the say-on-pay measure, GFL says its equity-based incentives “are intended to tie executive compensation to the performance of our subordinate voting shares, our business and the long-term interests of shareholders, while discouraging inappropriate risk-taking.”

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