Say-On-Pay Shareholder Voting

Copyright 2009, Blake, Cassels & Graydon

LLP

Originally published in Blakes Bulletin on Securities

Regulation, June 2009

The push for a shareholder Say-on-Pay vote on the compensation

practices of public companies has made in-roads in Canada and is

likely to gain further momentum in 2010.

Say-on-Pay shareholder proposals were submitted for

consideration at the most recent annual meetings of the major

Canadian banks and as a result, in early 2009, Royal Bank of

Canada, Bank of Montreal, Scotiabank, Canadian Imperial Bank of

Commerce and The Toronto-Dominion Bank announced that they will

give shareho...

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