May 23, 2025

TSX60 Series

May 2025 Say on Pay Update

Say on Pay support remains strong among TSX60 companies, with average shareholder approval at 93.8%. All companies received over 80% support.

Download Laulima's article here

Download Laulima's article here

TOPIC: EXECUTIVE COMPENSATION

Say on Pay | TSX60 – a Preliminary Look

Support Remains Strong in 2025

Overall support remains strong with shareholder support for Say on Pay averaging 93.8%.
All companies received more than 80% support, including three with notable improvements from last year.

Average SOP Votes For¹

Total¹: 93.8%

Financials: 94.5%
Energy: 96.1%
Materials: 93.8%

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Select Notable Improvements

Barrick = +19% YOY; 2024 results reflected Glass Lewis’ against recommendation due to disconnect between pay and safety performance, 2025 vote followed shareholder engagement which led to refinement to incentive plan scorecards.
Gildan = +9% YOY; 2024 results held in the context of a proxy contest, 2025 vote followed shareholder engagement where reasons for the Special Aspiration Incentive Plan were discussed.

SOP Votes For | # of Companies

All companies > 80% support

33 companies > 90%
7 companies > 80% and < 90%

Increased support vs. prior years:

2 companies < 80% in 2024
4 companies < 80% in 2023

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Stay tuned for more on TSX60 executive compensation trends.

For more information, contact us at info@laulimaconsulting.com.

¹ Based on 40 TSX60 companies as of May 16, 2025.

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