Stockholders reverse 2022 compensation rejection for both firms in ‘say on pay’ votes held during annual meetings
Stockholders at BlackBerry Ltd. and CI Financial Corp. have approved the companies’ approach to executive compensation in “say on pay” votes at their annual shareholder meetings, a reversal from rejections in 2022.
Both CI and BlackBerry faced negative recommendations in 2022 from major proxy advisers, which advise institutional investors on how to vote their shares. In 2023, both Institutional Shareholder Services and Glass Lewis & Co. Inc. recommended “yes” votes, leading to the turnaround. BlackBerry has given chief executive officer John Chen two huge stock grants in his 10 years at the helm, but has paid him a fraction of that amount in other years. Mr. Chen made about US$3-million in each of the past four years, but the company valued his pay in the year ended in March, 2019, at nearly US$110-million.
Glass Lewis said CI’s “improvements to the compensation program structure in combination with the alignment of pay with performance is noteworthy.” At BlackBerry, three directors, including Mr. Chen, had more than 20 per cent of votes withheld. Board chair and major investor, Prem Watsa of Fairfax Financial Holdings, had 18.89 per cent withheld.
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