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HBC Faces Shareholder Blowback Over Exec Pay

BNN Bloomberg

TORONTO -- Hudson's Bay Company faced a fight from some of its most prominent investors Tuesday over its decision to award executives with multi-million-dollar pay packages despite two years of weak sales and sizable losses for the retailer. The Ontario Teachers' Pension Plan, British Columbia Investment Management Corp. and the California Public Employees' Retirement System (CalPERS) said they voted against the company's remuneration practices that include a $54.8 million pay package for the retailer's executive chairman Richard Baker. The "say on pay" vote -- a non-binding motion that is growing in popularity at Canadian companies and aimed at ...

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