Say-on-Pay support continued to improve in 2026, with both TSX and TSX 60 companies seeing modest increases in average support and a growing proportion of companies receiving over 90% shareholder approval. Our latest analysis examines key voting trends, notable year-over-year changes in support, and the evolving influence of proxy advisors, including upcoming changes to Glass Lewis' voting framework.

As of October 1, 2026, Say-on-Pay (SoP) support edged up modestly for both TSX and TSX 60 companies compared with 2025. The more notable shift was in how many issuers are clearing 90% support: across the TSX, that share is now well above the 75% to 79% range seen from 2020 to 2024, while TSX 60 companies have returned to the high support levels (87% to 89%) last observed from 2020 to 2022. Failed votes also declined, with only one TSX company failing its vote to date. This improvement in Say-on-Pay support, including the growing proportion of companies receiving support above 90% and fewer failed votes, likely reflects the recent strength of market performance. When shareholders are satisfied with TSR performance, executive pay generally becomes less of a focal point.

Starting in September 2027 (impacting the 2028 proxy season) Glass Lewis will be replacing its single benchmark policy with four new voting perspectives, including:

All four perspectives share the same underlying methodology, but differ in how they weigh demonstrated financial and TSR performance against sustainability and governance practices. Ahead of the 2028 proxy season, Boards will want to understand their shareholder base and have a view on the relative strength of their shareholder returns.

All data summarized from Diligent’s Market Intelligence Voting Module.