Wednesday, January 19, 2011

More companies asked to adopt say on pay

SHARE (Shareholder Association for Research and Education) and Meritas Mutual Funds are continuing their successful say on pay executive compensation campaign. In the last quarter, SHARE received positive responses on the issue from Inmet Mining Corporation, Nexen Inc. and Talisman Energy Inc., who have all indicated that they will adopt a say on pay vote within the next two years.

Six companies, Algonquin Power and Utilities Corp., Ballard Power Systems Inc., Kinross Gold Corporation, Research in Motion Inc., Shoppers Drug Mart Corporation and Stantec Inc. have received shareholder proposals filed by Meritas Mutual Funds asking them to adopt say on pay.

During the fourth quarter of 2010, SHARE corresponded with 33 companies on key ESG issues, according to its Q4 2010 Shareholder Engagement Activity Report. Almost 70% of the dialogue was characterized as “positive” or “on track” by SHARE analysts. As well as say on pay, SHARE focused on employment, human rights, toxic chemicals and sustainable forestry.

On human rights, SHARE sent letters to six companies requesting information about company policies, practices and reporting procedures in relation to specific human rights issues commonly affecting resource extraction firms. The firms were IAMGOLD Corporation, Inmet Mining orporation, Nexen Inc., Teck Resources Limited, TransCanada Corporation and Yamana Gold Inc.

As part of SHARE’S work on toxics, a shareholder proposal has been filed with Shoppers Drug Mart Corporation on behalf of Meritas Mutual Funds and the BCTF Salary Indemnity Fund asking the company to report to shareholders on initiatives to reduce or eliminate PVC and phthalates from proprietary products and packaging.

For more, download the SHARE report.

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