Thought Capital

Canadian businesses are facing unprecedented uncertainty, driven by shifting trade dynamics, increasing geopolitical turbulence, and broader economic pressures. When it comes to executive compensation, Boards are tasked with navigating this complex environment and making thoughtful decisions that balance accountability to their shareholders with fairness to their management teams. Boards may find themselves questioning the resilience of their organization’s incentive programs and scorecards (many of which were just approved a few months ago) in light of the shifting economic and geopolitical realities.

On. Off. On again. Off again. The first 100 plus days of the US presidency have been uncertain, to say the least. This uncertainty, on top of the existing macroeconomic and geopolitical situation, is challenging Boards’ long-term focus in the face of short-term volatility.

Gold hit an all-time high of $3,500 in April 2025, and the bull market is showing no sign of slowing down. This environment presents an opportunity for mining sector HR Committees and management teams to test whether incentive plans are performing as intended throughout the commodity cycle. Below we offer a few incentive design tools that help maintain the integrity of incentive plans.

Family offices come in different shapes and sizes – they can be quite varied in their purpose, and may include functions spanning investment management, accounting / tax planning, philanthropy, and general personal finance advisory for family members. Given the complexity and uniqueness of these organizations, it can be challenging to define “what does success looks like”.

When it comes to proxy disclosure, companies must strike a delicate balance—providing enough detail to build trust and transparency while maintaining a competitive edge.

In Clarity, Candor and Cutting the Clutter: The Philosophy of Proxy Disclosure, Hugessen’s Brian Lees and Owen Stott explore key considerations for shaping a disclosure philosophy that not only meets regulatory requirements but also enhances stakeholder confidence.

Whether you’re crafting executive compensation disclosures for the first time or refining your approach, this article offers valuable insights on how to frame the narrative, align with corporate priorities, and build credibility.  

In 2024, organizations faced unprecedented challenges as the rapid emergence of artificial intelligence and shifting geopolitical landscapes placed significant pressures on Boards, demanding agile adaptation to an ever-more complex business environment. Hugessen’s 2024 Director Pulse Survey builds on the insights of prior years, exploring how Boards are responding to these challenges. The survey examines the implications for incentive design, executive compensation, and overall Board effectiveness, shedding light on strategies for success defined by constant change.

How are Canadian boards evolving to meet increasing pressures from investors, regulators, and the public? This article explores the latest trends in board effectiveness practices and disclosures within the TSX Composite.

Institutional Shareholders Services (“ISS”) and Glass Lewis have updated their voting guidelines for 2025. The updated guidelines from ISS will apply to shareholder meetings for publicly traded companies on or after February 1, 2025, while those from Glass Lewis apply to meetings held on or after January 1, 2025. This briefing provides a summary of updates on compensation-related and select governance-related topics for Canadian issuers.

Hugessen Consulting is pleased to announce the appointment of Bridget McKellar as Partner, effective November 1^st, strengthening our leadership team in Toronto. Since our founding in 2006, Hugessen has built a reputation for delivering industry-leading expertise and cultivating deep, trusted partnerships with our clients. Bridget’s appointment reflects our dedication to upholding this legacy while expanding our capabilities to meet the evolving needs of our clients.

Based on the Say-on-Pay results as of October 20, 2024, we observe a slight increase in support levels relative to 2023, with Canadian issuers recording an average voting result of 92.4% (compared to 91% in 2023). TSX60 issuers more specifically have experienced a similar increase relative to 2023 with average voting results of 91.7%, compared to 89.8% in 2023. Four Canadian companies (one TSX60 issuer) failed their Say-on-Pay in 2024, three of which also failed in 2023 (OpenText Corporation, Aimia Inc., and First Majestic Silver Corp.).