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Canadian CEO Pay Jumps Nearly 12 Percent as Shareholder Support Remains Strong
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Sustainable Finance Market & Regulatory Highlights | Q3 2026

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    Executive Compensation

    2026 Canadian Compensation Post-Season Review: CEO Pay Growth Gains Momentum Amid Strong Investor Support

    Shareholder support for executive compensation programs remained strong in Canada’s 2026 proxy season, even as higher long-term incentive awards drove median CEO compensation up by almost 12% year-over-year.

    ESG metrics remain a common feature of Canadian incentive programs, contrasting with more noticeable declines among U.S. companies. In 2025, approximately 64% of S&P/TSX Composite companies incorporated at least one ESG metric, compared with 35% of S&P 500 companies and 21% of Russell 3000 companies.

    Download the full report to discover:

    • Median Say-on-Pay support was approximately 96%, compared with about 93% for the U.S. S&P 500, and only one S&P/TSX Composite company reporting a failed vote.

    • Voluntary Say-on-Pay adoption appears to be reaching maturity, with approximately three-quarters of S&P/TSX Composite constituents now holding annual advisory votes.

    • Support levels for equity plan proposals declined as dilution increased. Plans with dilution levels below 5% received average support of 97%, compared with approximately 78% for those exceeding 15%.

    • The increase in compensation was driven primarily by higher long-term incentive awards, which now represent approximately 60% of median total CEO pay, consistent with boards’ increased emphasis on performance-based compensation and long-term retention.

    • Although ESG metrics remain prevalent, their use is concentrated within annual incentive plans rather than long-term programs, suggesting compensation committees generally view ESG performance as more suitable for annual measurement and assessment periods.