2024 Canada Proxy Season Review

Below are key takeaways from ISS’ recently released 2024 Proxy Season Review: Canada. The full report is available to institutional subscribers by logging into ProxyExchange then selecting the Knowledge Center and its Library tab and to corporate subscribers by logging into Compass then selecting Governance and the Governance Library or Governance Exchange tab.

• Compensation: There was a slight increase in average support levels for say-on-pay resolutions from 91 percent to 93 percent while the number of failing MSOP votes remained consistent with the previous year at four. The size and number of outsized equity grants to CEOs declined from 2023. 
• Climate: The number of shareholder proposals targeting climate matters on ballot at large issuers increased to 33, as of mid-August. This represents the highest volume in the past five years.
• Shareholder Proposals: The overall number of shareholder proposals on ballot (or withdrawn) increased following a pullback in 2023. E&S-related proposals continue to constitute a majority of on-ballot shareholder proposals.
• M&A: Transaction volumes in the first half of the year continue to remain well below long-run averages and set an all-time low for the past 10 years.
• Regulatory: The OSC released a six point Strategic Plan 2024-2030 in May aimed at the continued evolution of the regulator’s approach.

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By:
Karl Bossi, Jessica Wang, Anqi Xu, Shehrbano Khan, Shekinah Solomon, Nicholas Stiege, John Vizikas