Loblaw says 92 per cent of shareholders support pay boost, but shareholder advocacy group expresses concern over raise, says company’s performance is driven ‘predominantly by inflation’
at the company’s annual meeting, despite public criticism of the move at a time of high food inflation.
In its proxy statement to shareholders, Loblaw reported Mr. Weston made $8.4-million in 2022, up sharply from $5.4-million in 2021. Much of that increase came because Loblaw took on a greater share of Mr. Weston’s pay at George Weston Ltd. Mr. Weston returned to the president’s job at Loblaw in mid-2021, and Loblaw took on 70 per cent of his pay, versus 40 per cent previously.
“No significant compensation concerns have been highlighted,” ISS said. Glass Lewis found eight positive features of the compensation program, versus two negative features, relating to goals and metrics in the company’s long-term performance plans.However, one shareholder advocacy group was urging a “no” vote. The Shareholder Association for Research & Education represented an investor concerned with Loblaw’s pay.
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