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Investor say-on-pay sought for banks, Sun Life, Nortel Add to ...

Eight major Canadian companies have been asked to put say-on-pay proposals on their shareholder proxy circulars in 2009. Meritas Mutual Funds said yesterday it has submitted the shareholder proxy resolution to Canada's five major banks as well as Nortel Networks Corp., Sun Life Financial Inc. and TMX Group Inc., operator of the Toronto Stock Exchange. The proposal asks that shareholders be given an advisory vote on the company's executive compensation report. The vote would not be binding, but would offer "valuable feedback" to a board of directors, Meritas said in a release yesterday. Meritas, an ethical fund manager, proposed the same resolution at five major banks in 2008. None passed, but the proposals averaged 40.5 per cent support. "With several results in the 40-plus per cent range last year on these votes, we expect positive votes again this year," said Meritas chief executive officer Gary Hawton.

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