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

The full paper is available for download from ISS-Corporate’s resources page.

Key takeaways

• Shareholder support for executive compensation programs was strong in Canada’s 2026 proxy season, with median Say-on-Pay support reaching approximately 96%, compared with approximately 93% for the U.S. S&P 500, and only one S&P/TSX Composite company reporting a failed vote.
• Median CEO compensation increased by almost 12% year-over-year, driven primarily by higher long-term incentive awards, which represent the largest component of executive pay.
• Equity plan proposals generally received strong shareholder support, although dilution remained an important factor in voting outcomes.
• ESG metrics remain a common feature of Canadian incentive programs, contrasting with more noticeable declines among U.S. companies. Prevalence declined modestly as companies refined performance measures and disclosure practices.
• Voluntary Say-on-Pay adoption appears to be reaching maturity, with approximately threequarters of S&P/TSX Composite constituents now holding annual advisory votes.

Median CEO pay rose significantly across S&P/TSX Composite companies during the 2026 proxy season, with Say-on-Pay outcomes reflecting broad investor approval. Boards also maintained the use of ESGrelated performance measures and navigated evolving equity compensation practices amid scrutiny of executive pay and governance practices.

Proxy voting outcomes suggest that investors generally viewed compensation programs favorably, particularly where companies demonstrated a clear link between pay and performance while balancing broader governance and shareholder considerations.