THE BANK OF NOVA SCOTIA | Advisory Vote on Executive Compensation at THE BANK OF NOVA SCOTIA

Status
Withdrawn
AGM date
Previous AGM date
Resolution details
Company ticker
BNS
Lead filer
Mouvement d'éducation et de défense des actionnaires (MÉDAC)
Resolution ask
Report on or disclose
ESG theme
  • Governance
ESG sub-theme
  • Remuneration or pay
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Canada
Resolved clause
It is proposed that the Bank inform the shareholders of the actions it has taken to ensure that the next advisory vote on executive compensation in 2021 does not receive a rate of votes against as high as 39.2%.
Supporting statement
It is proposed that the Board of Directors disclose the corrections it has made to its compensation policy to address the concerns of the 39.2% of shareholders who voted against its compensation policy. Other institutions have faced similar situations and have used various measures to correct the situation, including greater dialogue with shareholders and various other stakeholders, the appointment of new directors, a review of compensation policies, etc. What actions has the Board of Directors taken to prevent such a situation from recurring and, above all, to rebuild shareholder confidence in their financial institution? What new guidelines has the Human Resources Committee been given to rectify the situation? At stake are the credibility and good repute of its Board members, as evidenced by the high percentage of abstentions received by five members of the Board.

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