The Canadian Coalition for Good Governance (CCGG) has stated that it recommends all companies adopt "say on pay" as an important aspect of dialogue between shareholders and boards, "giving shareholders an opportunity to express directly to the board their satisfaction with the prior year's compensation plan and actual awards.
It was also disappointing to see controversial guidelines issued by the Canadian Coalition for Good Governance being quoted without comment, such as those urging corporate board members to own a minimum number of shares in the company.
In January 2008, the Canadian Coalition for Good Governance (CCGG) announced that it would not support any regulatory changes or recommend universal backing for resolutions proposing mandatory advisory shareholder votes on executive compensation.
In particular, in Canada, the public materials from the following organizations state that they will vote against option repricings: Ontario Teachers' Pension Plan, Ontario Municipal Employees Retirement System (OMERS), CPP Investment Board, Canadian Coalition for Good Governance, Public Sector Pension and Investment Board, British Columbia Investment Management Corporation and Ethical Funds.
Recommendations The Canadian Coalition for Good Governance has stated that it will not propose or support recommendations for regulatory changes that will mandate advisory shareholder votes on compensation reports for Canadian issuers, nor will it recommend universal support for all say on pay resolutions that are brought forward.
Recently, the Canadian Coalition for Good Governance (CCGG) issued a press release accompanying a study stating that it will not recommend the implementation of mandatory advisory shareholder votes on executive compensation for 2008.
Critics and regulators, including the Bank of Canada, the Canadian Securities Administrators (CSA), the Uniform Law Conference of Canada (ULCC), the Canadian Coalition for Good Governance (CCGG) and the Public Interest Advocacy Centre, have observed or expressed concern about these differences.
