{"id":23572,"date":"2023-05-04T17:43:54","date_gmt":"2023-05-04T17:43:54","guid":{"rendered":"https:\/\/share.ca\/?p=23572"},"modified":"2023-05-04T17:49:27","modified_gmt":"2023-05-04T17:49:27","slug":"statement-on-executive-compensation-proposal-at-loblaw-companies-inc","status":"publish","type":"post","link":"https:\/\/share.ca\/blog\/statement-on-executive-compensation-proposal-at-loblaw-companies-inc\/","title":{"rendered":"Statement on Executive Compensation Proposal at Loblaw Companies Inc."},"content":{"rendered":"\n\n<div id=\"anvil-wyswyg-block_e3a04059d2fb48f0991362e2d0f2adf2\" class=\" anvil-wyswyg\">\n\n    <div class=\"row row-center\">\n    <div class=\"columns-8 content-container\">\n        \n        <div class=\"contents\">\n             <h3><em>SHARE Director of Shareholder Advocacy, Anthony Schein, released the following statement regarding the \u201csay on pay\u201d vote at Loblaw Companies Ltd on May 4, 2023<\/em><\/h3>\n<p>At a controlled company such as Loblaw, management\u2019s \u2018say on pay\u2019 proposals can\u2019t be defeated. But independent investors can still use the vote as an accountability mechanism rather than a rubber stamp for spiralling executive compensation.<\/p>\n<p>In the past two weeks I have spoken with large Loblaw shareholders, including Canadian and international pension funds and asset managers, each of whom has been scrutinizing Galen Weston\u2019s pay package \u2013 and many of whom indicated they intended to vote \u2018no\u2019.<\/p>\n<p>This week alone, the CEO of Imperial Oil saw his pay increase, even while the company continues to lag on climate change and on board diversity, and while it shirks responsibility for the environmental impact of the Kearl Oil Sands spill. The Loblaw PEO\u2019s compensation increased to more than 340 times front-line worker pay, even in the midst of an inflation-fuelled affordability crisis in Canada.<\/p>\n<p>Our job, even as minority investors, is to be active stewards, to hold executives and boards accountable, and to call a halt to pay without purpose.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.theglobeandmail.com\/business\/commentary\/article-galen-weston-loblaw-pay-raise-for\/?login=true\" target=\"_blank\" rel=\"noopener\"><em>Read more from Schein in The Globe and Mail.<\/em> <\/a><\/p>\n<p>To schedule an interview, please contact Anthony Schein at <a href=\"mailto:aschein@share.ca\">aschein@share.ca<\/a> or 647 802 6586.<\/p>\n                    <\/div>\n\n    <\/div>\n    <\/div>\n    <style>\n        #anvil-wyswyg-block_e3a04059d2fb48f0991362e2d0f2adf2 {\n            color:#212121;\n            background: ;\n            padding-top: 20px;\n            padding-bottom: 20px;\n        }\n         #anvil-wyswyg-block_e3a04059d2fb48f0991362e2d0f2adf2 .row  {\n            justify-content:center;\n        }\n    <\/style>\n<\/div>\n\n\r\n\r\n    <div id=\"post-selector-block_695aa382a0a226c1b6b7cc214d70fb2c\" class=\"post-selector-wrapper  publication post-selector\">\r\n\r\n        <div class=\"row row-center\">\r\n\r\n            <div class=\"columns-6 block-grid-1\">\r\n\r\n                \n\n<article class=\"loop-item publication\">\n\n\n    <div class=\"columns-12 image-column\">\n                <img decoding=\"async\" src=\"https:\/\/share.ca\/wp-content\/uploads\/2023\/04\/dennis-siqueira-dWzRegf99aA-unsplash-scaled.jpg\">\n            <\/div>\n\n    <div class=\"columns-12 content-column\">\n\n\n\n\n        <h3 class=\"loop-title\">Proxy Alert: Advisory resolution on approach to executive compensation (Say on Pay) at Loblaw<\/h3>\n        \n        <h4 class=\"single-optional-subheader\"><\/h4>\n\n        <p>Loblaw Companies increased total compensation for its Principal Executive Officer and largest shareholder, Galen Weston, by 55% in 2022, bringing his total annual compensation to 340 times that of a front-line grocery worker. SHARE recommends voting AGAINST. <\/p>\n                    <a href=\"https:\/\/share.ca\/wp-content\/uploads\/2023\/04\/23-04-19-Loblaw-Proxy-Alert-Final.pdf\" class=\"read-more\" target=\"_blank\">View PDF<\/a>\n            <\/div>\n\n\n<\/article>                \r\n            <\/div>\r\n\r\n            \r\n\r\n        <\/div>\r\n\r\n        <style>\r\n            #post-selector-block_695aa382a0a226c1b6b7cc214d70fb2c {\r\n                background: ;\r\n                padding-top: 20px;\r\n                padding-bottom: 20px;\r\n            }\r\n        <\/style>\r\n    <\/div>\r\n","protected":false},"excerpt":{"rendered":"<p>SHARE Director of Shareholder Advocacy, Anthony Schein, released the following statement regarding the \u201csay on pay\u201d vote at Loblaw Companies Ltd on May 4, 2023<\/p>\n","protected":false},"author":8,"featured_media":23573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[50,1],"tags":[],"class_list":["post-23572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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