Most of Canada’s large cannabis companies faced shareholder blowback in 2024 for the millions of dollars their chief executive officers made after years of stock-price declines.
Tilray Brands Inc. TLRY-T, Canopy Growth Corp. WEED-T, Aurora Cannabis Inc. ACB-T and SNDL Inc. SNDL(formerly known as Sundial Growers Inc.) all had significant numbers of shareholders either oppose their executive compensation packages in advisory say-on-pay votes last year or signal their displeasure by withholding votes for directors who sit on board compensation committees.
Some companies faced both actions.
In all cases, shareholders seemed to take their voting cues from proxy advisers Institutional Shareholder Services (ISS) or Glass, Lewis & Co. LLC, which made negative recommendations on the companies.
At Tilray, CEO Irwin Simon has long topped the industry in pay, even though his US$10.14-million in the year ended May 31, 2024, was down from the US$15.66-million and US$19.46-million of the two prior years. Stock awards made up less than half of his 2024 pay after providing more than half of it in 2023 and nearly all of it in 2022.
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