The objective of this study is to examine the arguments Canadian companies targeted by shareholder activists to convince shareholders to vote against proposals aimed at disclosing the CEO-pay ratio. The analyses focused on a sample of 39 proposals submitted from 2008 to 2020 inclusively. These show that companies unanimously advise their shareholders to vote against these proposals. The arguments put forward can be categorized into three of the four rhetorical strategies of legitimation developed by Lindblom (1994). Shareholders appear to take these arguments into account since an average of only 7 % of the votes were cast in favour of these proposals.
- Pay ratio
- Shareholder Activist
- Compensation
- Social Justice
- Legitimacy
Mots-clés éditeurs : Social Justice, Shareholder Activist, Legitimacy, Compensation, Pay ratio
Mise en ligne 12/29/2023
