The Shareholder Engagement and Say on Pay Policy is meant to provide guidance on the say on pay advisory vote process. The policy states that the CCGG regards the say on pay shareholder advisory resolution as an important part of an ongoing integrated engagement process between shareholders and boards that gives shareholders an opportunity to directly express their satisfaction with the prior year's compensation plans and actual awards. The CCGG therefore recommends that boards follow the "best practice" of voluntarily adopting an advisory (i.e. non-binding) say on pay shareholder resolution.
The Board Engagement Policy states that the CCGG, on behalf of its members, will be meeting with chairs of boards and of compensation committees of a number of Canadian public companies each year to foster discussion on a number of issues, including compensation practices and board performance. These meeting are also intended to create a forum for discussion between boards and their shareholders with a view to better understanding compensation strategy and to provide CCGG members with information to assist them in making investment decisions and in voting at the company's next annual meeting. In 2009-10 the CCGG intends to meet with approximately 25 companies to be chosen based on criteria set out in the Board Engagement Policy. Those chosen will be notified by a letter from the CCGG requesting a meeting. Following each meeting, CCGG staff will prepare a written summary of the results of the meeting for the benefit of CCGG members.