Shopify's stock price dropped 18-per-cent May 8 after the company released weak financial guidance numbers. The shares are down 64 per cent from their all-time Toronto Stock Exchange high.Institutional Shareholder Services and Glass Lewis & Co. say there’s a disconnect between Shopify’s pay and the company’s performance. They cite a stock-option award the company gave chief operating officer Kaz Nejatian that made up nearly all of hisin 2023.
The two advisers also recommend “no” votes on changes to two long-term, stock-based incentive plans that require shareholder approval. They describe the costs of the plans and the number of shares Shopify may need to issue as “excessive.”Shopify did not reply to a request for comment. In its proxy circular to shareholders, it says it aligns the interests of its executives with shareholders by making a majority of compensation in the form of long-term, equity-based incentives.
In its management information circular, Shopify says the compensation committee of its board of directors made the stock awards “to ensure Mr. Nejatian is focused on fostering sustained performance and increasing shareholder value over an extended horizon.”
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