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%

‍

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

‍

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.

‍

Read more articles

TSX60 - Executive Pay Insights - Stable & Evolving

The 2024 TSX60 compensation season highlights a landscape of stability with signs of continued evolution. Shareholder support for Say-on-Pay remained robust, while boards fine-tuned pay practices through modest salary growth, heavier reliance on LTIs, and careful use of discretion. ESG measures continued to gain ground, signaling that executive pay design is entering a new phase of balance between performance, sustainability, and accountability.

TSX60 Key Executive Compensation Observations - A Deeper Dive Into Long Term Incentive Plans

LTI is the largest component of executive pay, with increasingly more emphasis on the use of Performance Share Units. The most prevalent combination of performance metrics is comprised of Relative TSR and absolute financial performance. Stock options continue to decline in prevalence, with companies recently eliminating or reducing the weighting on stock options. RSUs continue to make up 20-25% of total LTI. Download Laulima's complimentary report on TSX60 Long-Term Incentive Plans to learn more.

Podcast: Act 1 - Building the Business Case for Job Architecture

Act 1 of our 6-part Job Architecture series explores why job architecture has become a critical business capability for modern organizations. Learn how a structured approach to roles, levels, and career frameworks can improve consistency, support talent mobility, strengthen trust, and provide the foundation for effective people programs.