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Canadian Imperial Bank of Commerce shareholders have voted in favour of the way the bank compensates its executives, staving off a showdown after the financial sector's first 'say on pay' vote.

Shareholders voted 92.89 per cent in favour of CIBC's pay practices, and 7.11 per cent against.

The country's nine largest financial institutions - the six biggest banks and three life insurers - are among the companies that agreed last year to give their shareholders a vote this year on a resolution approving how they compensate their top people.

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CIBC was the first up to bat, as its annual general meeting took place Thursday in Montreal. The votes are understood to be advice only, and not binding, so it remains to be seen what a company will do if shareholders disapprove.

CIBC chief executive officer Gerry McCaughey was paid $6.24-million in 2009, down from $8.16-million in 2008.

Richard Nesbitt, the head of wholesale banking, was paid $5.425-million in 2009, compared with $4.99-million the prior year (during which he joined the bank and did not work the full year).

Sonia Baxendale, the head of retail banking, made $3.15-million, up from $3.1-million.

Chief financial officer David Williamson made $2.3-million, up from $2.17-million.

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