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2026 Canada Proxy Season Review

Below are key takeaways from ISS’ recently released 2026 Canada Season Review.

The full report is available to institutional subscribers by logging into ProxyExchange then selecting the Knowledge Center and its Library tab and to corporate subscribers by logging into Compass then selecting Governance and the Governance Library or Governance Exchange tab.

  • Compensation: Average support levels for say-on-pay proposals increased to 93.4 percent, while three say-on-pay proposals failed to receive majority shareholder support as of YTD 2026. The median CEO total compensation at S&P/TSX Composite Index companies reached a new high for fiscal 2024, rising 17.5 percent year over year.
  • Climate: The decline in climate-related shareholder proposals proceeding to a vote continued in YTD 2026, extending a trend that began in 2024. Proposal focus also shifted toward climate governance and oversight, with greater emphasis on board accountability and disclosure credibility rather than on specific climate targets or transition plan measures.
  • Shareholder Proposals: The total number of shareholder proposals, including withdrawn proposals, continued to decline in YTD 2026, extending a trend observed since 2024. Reflecting the decrease in climate-related proposals, environmental and social (E&S) proposals (39) were outnumbered by non-E&S proposals (52) in YTD 2026.
  • M&A: The number of M&A-related meetings reviewed by ISS during the first seven months of 2026 increased by about 13 percent from the previous year, with a 20 percent rise in acquisition-related transactions.
  • What’s Ahead: In March 2026, Bill C-15 introduced several amendments to the anti-greenwashing provisions under the Environmental Claims and the Competition Act, providing additional clarity on compliance requirements for environmental claims.

If you are not a subscriber, please contact sales@iss-stoxx.com (for institutional investors) or contactus@iss-corporate.com (for corporations) to learn more about accessing bespoke governance research.

Authored By

John Vizikas, Karl Bossi, Ela Morawska, Akylai Anarbaeva, Platon Yakushev

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