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2023 Director Compensation Trends

S&P TSX Composite Index

Executive Summary

Market Trends

Emerging Issues

Currency – conversion of U.S. peer data into Canadian dollars, paying all directors in U.S. dollar and/or paying in the currency of residence (e.g., U.S. directors in U.S. dollars)

Committee chairs – less differentiation in Committee Chair compensation as the scope of other committees (e.g., HR and Governance) continues to increase relative to the Audit Committee

Equity compensation – granting restricted share units instead of deferred share units to provide increased liquidity once share ownership guidelines are met

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